Elrond (EGLD): A Good Investment or Not?

Elrond (EGLD): A Good Investment or Not?

Investment opportunities come and go. When you’re choosing for the right one, you must know how to spot a good opportunity. You must also understand the risks involved in any investment. So, is Elrond (EGLD) a good investment?

In this article, we’ll take a look at Elrond (EGLD) and try to answer that question. We will learn what Elrond (EGLD) is, how it works, and what the risks are. We’ll also see what experts have to say about Elrond (EGLD).

History of Elrond (EGLD)

Elrond (EGLD) is a blockchain platform that was launched in 2019. Elrond (EGLD) uses a new type of consensus algorithm called “Adaptive State Sharding,” which enables it to achieve high throughput and scalability. Elrond (EGLD) also has a built-in mechanism for cross-chain asset transfers, allowing it to operate as a bridge between different blockchain networks.

In the year of Elrond’s (EGLD) launch, Elrond (EGLD) had an Initial Coin Offering (ICO), which raised $769,473. Elrond’s (EGLD) ICO was one of the most successful in 2019, and it was ranked as the 9th largest ICO by funds raised.

In 2020, Elrond (EGLD) launched its mainnet, and Elrond’s (EGLD) native token, EGLD, began to be traded on cryptocurrency exchanges. Elrond (EGLD) also launched a cross-chain bridge called “Errywhere,” which allows users to transfer assets between Elrond (EGLD) ‘s mainnet and Ethereum’s testnet.

Elrond’s (EGLD) mainnet launch and cross-chain bridge represent significant milestones in the development of the Elrond (EGLD) platform. Elrond (EGLD) is quickly becoming a leading blockchain platform for enterprise applications.

What is Elrond (EGLD)?

Elrond (EGLD) is a re-brand of the cryptocurrency Erachain (ERC). This basically means that Elrond (EGLD) is a “hard fork” of Erachain (ERC). Elrond (EGLD) is one of the few blockchain platforms that are purpose-built for large-scale enterprise applications. Elrond (EGLD) ‘s token, EGLD, is listed on major cryptocurrency exchanges such as Binance and Huobi Global.

Elrond (EGLD) uses a new internet economy that is designed to be more efficient than the current internet protocol (TCP/IP). Elrond’s (EGLD) goal is to provide a “more scalable, faster, and secure” platform for dApp development and smart contracts.

Elrond (EGLD) Currency

Elrond (EGLD) has a native currency called eGLD. eGLD can be used to pay for Elrond (EGLD) services, or traded on exchanges for other currencies. This currency are based on the Elrond (EGLD) blockchain. Elrond (EGLD) also has an ERC-20 token called Elrond Gold (EGO), which is used to represent eGLD on exchanges that do not support the Elrond blockchain.

If you are looking to buy, sell or trade Elrond (EGLD) on an exchange, here is a list of popular exchanges that offer Elrond (EGLD) trading pairs: Binance, Kraken, Coinbase Pro, Bitfinex, and Kucoin.

Elrond (EGLD) can also be traded on decentralized exchanges (DEXs), which are powered by Elrond (EGLD). The most popular Elrond (EGLD) DEX is Elrond Dex.

If you are looking to store your Elrond (EGLD), there are several wallets that support Elrond (EGLD): Elrond Wallet, MetaMask, MyEtherWallet, Ledger Nano S, and Trezor.

Elrond Network

If you are looking to earn Elrond (EGLD), you can participate in Elrond Network’s staking program. Elrond Network uses a proof-of-stake (PoS) consensus mechanism, which means that Elrond (EGLD) holders can earn rewards for participating in the Elrond Network by staking their eGLD tokens. Elrond Network’s staking program is designed to be simple and user-friendly, so anyone can participate and earn rewards.

To start earning Elrond (EGLD), all you need to do is stake your eGLD tokens in the Elrond Network. Elrond Network will then use your staked eGLD tokens to power the Elrond Network and secure its transactions. In return for participating in Elrond Network’s staking program, you will earn Elrond (EGLD) rewards.

Advantages of Elrond (EGLD)

You can expect a lot of advantages if Elrond (EGLD) is used.

Here is a list of Elrond (EGLD) advantages:

  • Elrond is very fast: Elrond can handle up to 10,000 transactions per second.
  • Elrond is scalable: Elrond can scale to millions of users.
  • Very secure: Elrond uses a unique security model that makes it virtually impossible to hack and a secure proof-of-stake.
  • User-friendly: Elrond has a user-friendly interface that makes it easy to use.
  • Energy-efficient: Elrond uses a fraction of the energy of traditional blockchain systems

Elrond (EGLD) offers a lot of advantages that make it an attractive choice for businesses and individuals.

Disadvantages of Elrond (EGLD)

There are also some disadvantages of Elrond (EGLD).

Here is a list of Elrond (EGLD) disadvantages: 

  • Elrond is still in development: Elrond is still under development and has not yet been released. This means that there may be bugs and glitches.
  • High risk investment: Elrond is a high-risk investment. This is because it is still in development and has not yet been released.
  • Low availability: Elrond is not yet widely available. This means that it may be difficult to find exchanges that support Elrond.

Elrond (EGLD) has some disadvantages, but overall it is an attractive choice for businesses and individuals.

Elrond Use Cases

The Elrond software and network offer a number of use cases that can be utilized by sectors or even individuals.

Here is a complete list on where and how you can use Elrond:

  • Payment network
  • E-commerce
  • Supply chain management
  • Identity management
  • Data analytics
  • Smart contracts

These are only a few examples on how Elrond can be used. Elrond is constantly expanding its use cases to offer even more value to its users.

Transaction fees on Elrond are very low when compared to other blockchains. This is due to Elrond’s unique architecture which enables high throughput and scalability.

How Elrond Works

Elrond’s blockchain network is composed of three types of nodes: Validator Nodes, Sentry Nodes and Elrond Network Nodes.

Elrond validator nodes are responsible for approving transactions and maintaining the Elrond blockchain network.

Elrond sentry nodes provide security for the Elrond network by monitoring the network for malicious activity.

Elrond network nodes provide the computational power required to run Elrond’s decentralized applications (dApps).

Elrond uses a unique consensus algorithm called the Elrond Protocol which is based on three components: The Elrond Virtual Machine (EVM), the Elrond Network, and the Elrond Blockchain. 

The Elrond Virtual Machine is a decentralized application platform that allows developers to build and run dApps on the Elrond network.

The Elrond Network is a peer-to-peer network that connects Elrond nodes together.

The Elrond Blockchain is a public ledger that stores all of the data related to Elrond’s transactions and dApps.

Elrond Price

EGLD price today is 62.64 USD, with a 24-hour trading volume of 1,608,585 USD. Elrond has a market cap of 1.40B USD. Elrond price changed by 3.610% in the last 24-hours. The circulating supply is 22,471,179 EGLD.

The total supply may rise to 25,971,179 EGLD if Elrond’s team hits certain development milestones. Elrond hit its all-time high of USD 169.72 on January 11th, 2021.

If you want to buy Elrond, always check the Elrond price in USD first to get the best deal. Note that the total token supply includes the team and foundation tokens, which are currently locked.

Elrond Foundation

A decentralized autonomous organization that is committed to Elrond’s (EGLD) success and ecosystem development. Elrond Foundation members are experienced professionals with a diverse range of skills and expertise.

Elrond Foundation and the Elrond blockchain aims to promote Elrond (EGLD) and its ecosystem through education, community outreach, and marketing initiatives. Elrond Foundation is also responsible for Elrond’s (EGLD) core development and maintenance.

It was initiated by Elrond (EGLD) in order to create a legally-compliant framework for managing Elrond’s (EGLD) operations, funds, and intellectual property. The Foundation is based in Singapore.

Elrond (ELGD) Roadmap

Since Elrond is a new blockchain technology, Elrond project is still in the development stage. Still, the team behind Elrond has released a detailed roadmap of Elrond project development. The roadmap is designed in such a way that it will give Elrond users and investors a clear understanding of Elrond project’s future plans.

Phase 1

The first phase of Elrond project is known as the Bootstrap Phase. This phase includes the launch of Elrond mainnet and Elrond Testnet. The Elrond mainnet will allow users to transact with real EGLD tokens. Elrond Testnet, on the other hand, is a testing environment for Elrond blockchain technology.

Phase 2

The second phase of Elrond project is known as the Expansion Phase. In this phase, Elrond team plans to launch Elrond’s first smart contract platform. This will allow developers to create decentralized applications (dApps) on Elrond blockchain. Elrond team also plans to launch Elrond’s cross-chain compatibility in this phase.

Phase 3

The third and final phase of Elrond project is known as the Elrond Ecosystem Phase. In this phase, Elrond team plans to launch Elrond’s Decentralized Autonomous Organization (DAO). Elrond DAO will be responsible for managing Elrond network. Elrond team also plans to launch Elrond’s decentralized exchange (DEX) in this phase. Elrond DEX will allow users to trade EGLD tokens and other Elrond-based assets.

This is the project’s roadmap that the developers are aiming to achieve.

Final Say

Elrond (ELDG) as stated before is a very interesting project that Elrond has been working on for a while now. Elrond (ELDG) is Elrond’s attempt to create a more efficient blockchain platform.

It is relatively new so you must do your own research to understand the project. Elrond (ELDG) is still in development but it seems very promising. I suggest you look into Elrond (ELDG) if you are interested in Elrond or blockchain technology in general.