Elrond Coin is a native cryptocurrency used within the Elrond platform to pay network fees, stake, and reward validators. Elrond was announced in August 2019 and launched its mainnet in July 2020.
Elrond is a blockchain protocol that aims to offer very fast transaction speeds by using sharding. The project is described as a technological ecosystem for the new internet, and it is reported that the platform can perform smart contract transactions at the rate of 15,000 transactions per second, with a six-second latency and a transaction cost of $0.001.
Elrond stands out with its high scalability, introducing itself as the first blockchain network to implement both network and transaction sharding. The network, consisting of 2,169 validators, is composed of three execution shards capable of processing 5,400 transactions per second each and a coordination shard called “Metachain.”
To increase adoption rates, the project also offers developers the opportunity to earn 30% of the fees generated from the smart contracts they build on the platform as royalties.
Elrond uses a secure proof-of-stake algorithm and has a validation process that involves the selection of validators and the elimination of those who consistently act against the integrity of the network. The founders of Elrond, brothers Beniamin and Lucian Mincu along with Lucian Todea, established the company at the end of 2017 as a solution to the blockchain scalability problem.
Despite current market trends, investors remain hopeful about the EGLD token. Elrond Coin ranks 50th according to CoinMarketCap data, with a trading price of $28.69 and a trading volume of $418,050,987 USD.