What is the Elrond Project? Learn more about the Elrond project and the EGLD token

• Overview of the Elrond project
• What is the Elrond Project?
• What makes Elrond stand out?
• Some other outstanding features
• Elrond Technology Overview
• Elrond . Developers, Investors and Advisors
• Overview of the Elrond . ecosystem
• DEX
• Lending
• Stablecoins
• The infrastructure
• General comments about the Elrond ecosystem
• Overview of the EGLD . token
• What is EGLD token?
• What is the function of the EGLD token?
• Where can I buy EGLD tokens?
• The future of the Elrond project. Should I invest in Elrond tokens?
• summary

Overview of the Elrond project 

What is the Elrond Project?

Whether a developer belongs to a startup or an enterprise, integrating blockchain technology into a developer's current or future products can help increase efficiency, reduce costs, and enhance security, while creating new avenues for revenue growth. Therefore, choosing the right blockchain to build a developer's next projects can play an essential part in the success of that project.

Elrond is a high-throughput smart contract execution platform, with strong security capabilities derived from technological breakthroughs such as:

• Adaptive State Sharding as a scaling solution.
• A Proof-of-Stake (PoS) variant called Secure PoS for network security.
• Elrond also contains a WebAssembly-based virtual machine that can support the creation and execution of decentralized applications (Dapps).

The platform is currently up and running with 16,200 transactions per second (expanding to hundreds of thousands), 6 seconds latency and 0.001 USD transaction cost are the numbers that attract users to the platform. However, Elrond's appeal to businesses and startups comes from innovations in smart contracts, smart accounts, and tokens, which allow for the creation of a wide variety of products on-chain, with tools that help reduce development time and costs.

What makes Elrond stand out?

Elrond describes itself as a blockchain platform for the new Internet economy, decentralized applications and enterprise platform. The highlight of the project is its high scalability as it is the first blockchain network where state sharding, network and transaction are all implemented. According to Elrond's economic article, the project seeks to build its ecosystem and establish EGLD as a store of value asset.

To this end, the network runs on 2,169 validator nodes which are divided into four shards: 03 execution shards, capable of performing 5,400 transactions per second, and a coordinating shard known as the “metachain”. Elrond's adaptive state segmentation architecture completely shards state, transactions, and the network. It can scale by adding an additional shard when throughput needs are not being met. It was tested to run 263,000 TPS in a public environment with 1,500 nodes from 29 countries grouped into 50 shards.

To increase adoption, the project also supports developers building on the platform, allowing them to earn 30% of smart contract fees in the form of royalties.

The company maintained a supply of EGLD tokens to stake on the network for the first year, with validators receiving an annual percentage rate of 36%.  

By solving some of the toughest consensus and distribution problems in the blockchain space, Elrond is able to provide a very high level of performance on a network made up of underlying computers, resulting in costs for very low per transaction. In addition to performance and cost, Elrond stands out for the quality of its developer experience and, as a result, increased usability on the end-user side.

Some other outstanding features

• Highly Decentralized: Using sharding – methods Ethereum 2.0, Near and Harmony… to achieve parallel scalability with decentralization.
• High scalability: Adaptive State Sharding allows the expansion of multiple nodes participating in the network, by executing transactions in parallel.
• The efficiency of the blockchain is increased, the security risk is low: Elrond uses the Secure Proof of Stake (SPoS - improved from the POS consensus mechanism) consensus mechanism, which both increases efficiency and increases efficiency. security capabilities.
• High cross-blockchain interoperability.  

Elrond Technology Overview

Elrond is a high-throughput public blockchain that aims to provide security, efficiency, scalability, and interoperability. The two most important features that set Elrond apart are Adaptive State Sharding and Secure Proof of Stake consensus.

Elrond is a complete redesign of the blockchain architecture, with the aim of achieving global scalability and near-instant transaction speeds. Elrond's architecture is based on the following key innovations:

• Assess the adaptive state on all levels: Transaction, data, and network. The adaptive sharding mechanism performs shard merge and shard splitting while considering both the number of available validator nodes and also the network utilization.
• The secure Proof of Stake consensus mechanism , completed in just two communication steps, uses a multi-signature Boneh – Lynn – Shacham (“BLS”) modified between validators of the consensus group. Furthermore, the nodes inside the shard are randomly selected for the consensus pool without the possibility of knowing the composition of the pool in advance by more than one round.
• High resilience to malicious attacks due to periodic node restructuring between shards. Per epoch, up to 1/3 of the nodes in each shard are reshuffled into other shards to prevent collusion.
• The secure random source along with the BLS signing, makes it infallible and unpredictable.
• Elrond WASM VM – an exceptionally fast virtual machine for executing smart contracts written in any programming language that can compile to WebAssembly.
• Smart contracts on a shard state architecture, with load balancing across shards. This is a requirement for a high-throughput blockchain platform. Balancing smart contracts between shards allows Elrond to run multiple SCs in parallel, while calls between shards are handled by an asynchronous cross-shard execution.
• Fast completion of cross-shard transactions in seconds. Very high TPS is required for a high throughput blockchain solution. However, TPS is only half the picture, it is important to complete transactions quickly for cross transactions. Most modern blockchain architectures refuse to mention this aspect, but from the user's point of view, it is extremely important. The finality of fast cross segments is handled natively by Elrond at the protocol level, using routing algorithms and routing protocols. 

Elrond . Developers, Investors and Advisors

Development team

Elrond was co-founded in late 2017 by brothers Beniamin and Lucian Mincu, along with Lucian Todea. The project is a solution to the blockchain scalability problem, which the team considers the most pressing problem facing the industry.

Prior to Elrond, Beniamin and Lucian Mincu co-founded MetaChain Capital – a digital asset investment fund, with Beniamin Mincu as managing director and Lucian Mincu as chief technology officer. The two also co-founded ICO Market Data, a company that aggregates information about initial coin offerings.

• Beniamin Mincu was also responsible for product, marketing and community for the NEM blockchain platform from 2014 to 2015, in addition to being an initial investor in projects like Zilliqa (ZIL), Tezos (XTZ), Brave and Binance. 
• Lucian Mincu has experience as an IT engineer and security specialist, having worked with Uhrenwerk 24, Cetto and Liebl Systems.
• Todea is a technology entrepreneur. Previously, he founded and was the CEO of Soft32 – a software review and download website, and a partner of the mobile payment application MobilPay. He's also an angel investor, having invested in biometric technology company TypingDNA and accounting platform SmartBill. 

In addition, the project has built a professional team of entrepreneurs, engineers and researchers to develop the project.

Investors

Elrond was invested with an amount of $1.9 million in a seed round led by Binance Labs, with the participation of institutional investors such as Maven 11 Capital, Electric Capital, MapleBlock Capital, Authorito Capital, Woodstock Fund, NGC and AU21. 

Elrond's Advisory Board

• Business Advisor – Alex Iskold: He is an executive at Techstars NYC. In addition, Alex is the founder and CEO at GetGlue, the founder and CEO of Information Labs, and the chief architect at DataSynapse. Alex is also a seasoned investor with over 90 startups. 
• Economics Advisor – Alex Tabarrok: He is a professor of economics at George Mason University. He holds the position of president of economics at Bartley J. Madden in central Mercatus. In addition, he co-founded Marginal Revolution University. Alex is also the co-author of Modern Economic Principles, and co-author of the Revolutionary Frontier Economy blog.
• Technical Advisor – Grigore Rosu: Grigore Roșu is a professor of computer science at the University of Illinois at Urbana-Champaign (UIUC), where he leads the Formal Systems Laboratory (FSL). Previously, he was a scientist at NASA. Here, he and his colleagues coined the term uptime verification.

Overview of the Elrond . ecosystem

Although in the picture, Elrond's ecosystem looks many and crowded, but most of the applications are only partners with Elrond, and have not yet deployed applications on this ecosystem. 

DEX

One of the most prominent DEX projects on the Elrond ecosystem is Maiar Exchange.

This is the largest DEX and the only native exchange of the Elrond ecosystem that is strongly supported by Elrond. The reason is because the team building the project is the Elrond construction team. The exchange has just launched the official mainnet not long ago, with the amount of TVL reaching ATH at $ 2.5 billion after only 2 weeks of launch.

The reason they achieved this impressive number is because the liquidity stimulus package worth $ 1.29 billion MEX token - the exchange's token - was opened and was extremely successful in the media, earning liquidity. extremely abundant. Currently, Maiar Exchange's TVL volume has decreased to 1.25 billion USD, partly because of the influence of the general market.

Because this is the main DEX puzzle piece in the Elrond ecosystem, it is possible that many more uses of this DEX will be integrated in the near future such as launchpad (when the team behind has a strong relationship with the builders in the system. , it is extremely easy for them to develop launchpad). This is a puzzle piece that needs attention on the Elrond ecosystem. The AMM DEX array is the first piece that needs to be completed in any ecosystem to be ready for the future boom of other segments.

Lending

Lending projects on the Elrond ecosystem currently do not have any applications that have been put into operation. They only announced cooperation with lending partners on other platforms, but no applications have actually launched products on Elrond yet:

• Oin Finance: A debt protocol lending protocol that generates stablecoins from collateralized altcoins.
• Equalizer: A flashloan app that extends to the Elrond ecosystem.
• ProDefi: A traditional lending app that lends and borrows crypto assets.

In general, the lending array on the ecosystem is still very rudimentary and has no original puzzle pieces, so it is not possible to further analyze this array on Elrond. Because there are no lending applications, the capital utilization on the ecosystem is still relatively low, because it is not possible to create investment leverage for a more continuous and stronger cash flow.

Stablecoins

USDC is the most used stablecoin on the Elrond system, as the only liquidity incentives or bridges on the system are using this stablecoin to develop applications and attract users. Currently, there is 560 million USDC on Elrond.

In addition, Elrond has implemented a stablecoin for projects that want to create their own token, the Elrond Standard Digital Token (ESDT).

The ESDT token model allows for true ownership of assets, advanced programmability, and low transfer fees, making it an essential foundation for building more powerful and efficient DeFi products.

Inexpensive token transfers are made possible thanks to the functionality built into the protocol, which allows the token to be transferred from one account to another without going through a smart contract and paying the associated fees. As a result, stablecoins and other tokens are transferable at a much lower cost than other blockchains, helping Elrond play an important role in the development of DeFi.

Stablecoins are an important part of each ecosystem, reflecting the level of development of that system. When money flows into the ecosystem, stablecoins will be the first place where the money flows. Elrond's $560 million level is not large, reflecting that the amount of money poured into the ecosystem is not at a high level, and there are not many applications to attract money flow from other systems. As the yield increases in the system, stablecoins will continue to pour into the Elrond ecosystem.

The infrastructure

Infrastructure projects on the Elrond ecosystem include: 

• Oracle: Oracles announced to cooperate with Elrond include Band Protocol, ChainLink, Razor, DIA...
• Arda: A graphing, explorer and compound farm application on the Elrond ecosystem.
• Bridge Ethereum – Elrond: The bridge application between Elrond and Ethereum. However, this application still has quite high requirements to use the application such as at least 2,500 USDC volume to use the bridge, the fee is 50 USD. Therefore, the number of users and money flow into the bridge is currently extremely low. 

• The only token that can be transferred between the two systems is USDC.
• The block explorers on the system like Elrond Explorer, Elrondscan...
• Maiar Wallet: Wallet to store assets and interact with Dapps in the Elrond ecosystem. 
• Elrond Wallet: A simple and beautiful crypto wallet where users can securely transfer, receive and store their Elrond tokens, and interact with Elrond Dapps.

• Elrond has the beauty of being able to see the growth of the project itself including Market Value, User Adoption, Staking Metrics, Usage, Exchanges, Dev Activity and Awareness on the project's own Elrond Growth without having to access the other search engine pages.

The existing infrastructure pieces on Elrond are still incomplete and there is a lack of bridges to effectively move money in and out of the system. A single bridge from Ethereum to Elrond is certainly not enough to stimulate the development of the system. In the future, it is necessary to flow money from systems such as Binance Smart Chain, Polygon, Avalanche, Fantom ... to Elrond.

General comments about the Elrond ecosystem

The essential elements that the Elrond ecosystem should add in the near future are:

• Bridge to more ecosystems for easy money flow into the ecosystem.
• Basic applications to improve include lending and yield.

In addition, a number of factors have been well done by Elrond to stimulate the development of the system, such as launching a liquidity stimulus package on Maiar DEX worth 1.29 billion USD to attract users, thereby earning volume. huge users and TVL.

In general, the basic elements of the ecosystem have begun to appear, take shape but are not complete, it is necessary to wait for other important pieces to appear before they can grow strongly in the near future. . However, that does not mean that this ecosystem has no opportunities, even the farming opportunities on the ecosystem are huge, with liquidity mining on Maiar DEX being implemented strongly.

Overview of the EGLD . token 

What is EGLD token?

The EGLD token is the native token of the Elrond Network ecosystem.

EGLD token details:

• Code: EGLD
• Blockchain network: Elrond Network
• Total Supply: 23,100,152 EGLD tokens
• Circulating Supply: 20,440,152 EGLD tokens

Token Allocation:

• Binance Launchpad sale: 25% of total supply
• Private Sale: 19% of total supply
• Development team: 19% of total supply
• Token reserve: 17% of total supply
• Project Advisory Board: 2.5% of total supply
• Ecosystem reward: 7% of total supply
• Advertising: 8.5% of total supply
• Community development: 2% of total supply

What is the function of the EGLD token?

• Use EGLD tokens to pay transaction fees inside the Elrond Network blockchain. Similar to how traders use ETH to pay Ether transfer fees inside Ethereum.
• Use EGLD tokens to stake in the system and become validators or masternodes that process transactions in the system.
• Use EGLD tokens to vote for validators.
• Token EGLD is used to reward validators who contribute to the system.

Where can I buy EGLD tokens?

Currently, the EGLD token is available on most of the major exchanges.

The future of the Elrond project. Should I invest in Elrond tokens?

In the next 3-5 years, we will see the most rapid financial transformation. Specifically, it is from a slow, 40-year-old traditional financial technology, to modern blockchain technology that enables transactions at the speed and scale of the Internet.

The Elrond project was born with the overarching goal of creating a backbone for high bandwidth, a transparent financial system, and extending universal access to anyone, anywhere.

This will be a multi-trillion-dollar market and will ultimately aim to have a significant impact on the GDP multiplier on the world economy. Increasing the speed and bandwidth of the global economy enables 1.7 billion users to connect and provides real new value creation tools. That could really allow the entire economy to grow by a factor of 10 or even 100.

summary

Elrond has all the prerequisites for future success: An experienced team, resources, strong partner network, and a well-developed token with low inflation.

Above is an article about Elrond – a blockchain platform. Hopefully through this article, everyone has had a better overview of the EGLD token. For more details about the project, investors can follow at the media channels:

Website | Twitter | Telegram | YouTube | Medium | Docs | Whitepaper

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