Apart from other digital and virtual currencies, are you willing to grab some information about Elrond? The following are some frequently asked questions about Elrond that have been answered in this blog.
- What is Elrond?
- Team of Elrond creators.
- What is SPoS and Adaptive State Sharding in Elrond?
- What does the Elrond network consist of?
- Key features of Elrond?
- How to buy and sell eGold and EGLD tokens?
- What is Maiar?
- Is Elrond a good investment option?
Here are the answers to all the questions you have!
What is Elrond?
Among other Blockchain networks, Elrond aims to bring forward a faster and more efficient system that would make it stand with its biggest competitors. The goal of Elrond is to work as decentralized finance (DeFi) with its high-tech system. Elrond is a cryptocurrency that is used for transactions without any centralized system like banks and, etc. It serves interoperability and scalability to its users for security and privacy in transactions.
The most interesting part is that Elrond has named a lot of its features on Lord of the Rings, for instance, Elrond, Maiar, and Arwen.
Team of Elrond creators
The team of Elrond has worked diligently day and night to achieve their aims. The real creators and idea was put forward by Benjamin Mincu the CEO, Lucian Todea the COO, and Lucian Mincu the CIO at Elrond. All of these men are highly qualified and experienced at prominent firms. The team comprises 26 technological experts and a group of 7 advisors who share their vast knowledge and professionalism.
Key features of Elrond?
There are some key features of Elrond that entice cryptocurrency users. Here are some of the most important ones.
Elrond Tokens:
EGLD tokens are one of the most vital pillars in Elrond. Whether it is rewards, transactions, smart contracts, or transaction fees of Elrond all are done with EGLD tokens.
Validators:
These are nodes that are responsible for blockchain networking. Validators are of many types and work to store information, consensus rewards, and aid in transactions.
Nodes and Users:
The two things that keep the network running are users and nodes. The first is user that trusts Elrond for the work; whereas the latter, are the networking nodes that make the transactions and other matters possible.
Shards:
The element that allows multiple transactions simultaneously without any faults are due to the shards which are smaller networking units that work together but have their specific tasks. Consequently, the networking works smoothly.
What do Elrond validators consist of?
Elrond network runs on 3 basic nodes that are defined below:
Observer:
These are actually for storage of history. Observers do not stake Elrond Tokens and nor do they participate in mining. These are for relaying and keeping records and can have less, or as much as a complete history of records.
Validator:
The validating nodes in the Elrond provide many benefits to the users, but they have to stake some EGLD tokens for validation. In return, they receive rewards from the transactions made and can play an important role in consensus protocols. However, the rules are very strict regarding the validators.
Fisherman:
The responsibility of the fisherman’s node is to assess the blocks of transactions. When they trace any problem in the form of invalid blocks they are granted rewards.
What are SPoS and Adaptive State Sharding in Elrond?
If you want to know the secret about how Elrond works with such efficiency then it is because of the Secure Proof of Stake Consensus (SPoS) and Adaptive State Sharding Technology. Let’s get to know about them in detail.
Secure Proof of Stake Consensus (SPoS):
Elrond has brought a new dimension in PoS blockchain networking through Elrond SPoS. This has made the system swift as validator selection and staking aids optimal consensus group. The random selection is completely unbiased and more secure due to the random shuffling of nodes. With the latest SPoS system Elrond claims to determine a consensus group under 100 ms.
Adaptive State Sharding Technology:
Sharding is a technique employed by blockchain networks for scalability, as the better it performs the more transactions can take place simultaneously. Now, to understand there are three types of transactions i.e. Network, State, and Transaction. Elrond has combined all three into Adaptive State Sharding which has brought forward impeccable results.
The dynamic model of sharding allows transactions that are fast and calculated and occur without any security breach. No matter how many transactions are made; though more than expected or less, the system of sharding works steadily.
How to buy and sell eGold and EGLD tokens?
e-Gold is the cryptocurrency launched by Elrond after they merged ERD in it. In December 2020, the ERD coins of Elrond were swapped with eGold. Though the difference in the values was huge but the outcomes were extraordinary because the eGold buyers made a profit of 1500% in just three months. Both eGold and EGLD tokens can be used for transactions, transaction fees, and even contracts in Elrond.
If you are interested to buy eGold and ERD tokens then make sure you own a software or hardware cryptocurrency wallet that holds some money, or you can use your Visa card when you go to the website of Elrond for buying eGold. Next, get access to a Cryptocurrency exchange like Binance, eToro or check our 1inch Exchange Review and within a few clicks, you can trade your virtual currency.
What is Maiar?
Maiar is a digital wallet launched by Elrond which has gained trust and fame in very little time. The wallet is available as a mobile payment application like PayPal. The success of Maiar can be ideated with its market cap of up to one billion dollars. As the transactions are quick on Elrond and the Maiar wallet is accessible from any device so you can do it wherever and whenever you want.
Is Elrond a good investment option?
Elrond has some big plans for the future as they have announced the ‘100 days of hypergrowth’. The network would be having a partnership with Band protocol to make the system and networking smarter than ever. Since the prices of virtual currencies are always changing nothing can be predicted with surety, but Elrond has worked successfully and gained the trust of people.
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