Elrond is “a highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases and the new internet economy.” Its goal is to improve blockchain speed, scale, cost, and user experience to create a digital economy accessible to anyone, anywhere. Elrond focuses on scalability, security, and efficiency, and being a developer-friendly platform to help accomplish goals.
Elrond’s Adaptive State Sharding is a critical feature that focuses on improving scalability. Typically, blockchain sharding has to consider advantages from the three main types of sharding: State, Transactions & Network. To build the most scalable blockchain, Elrond designed Adaptive State Sharding, which combines all three sharding types into a solution that “improves communication inside the shards and dramatically increases performance through parallel processing. This combined sharding type allows scalability without affecting availability, fast dispatching & instant traceability, and efficiency & adaptability. Elrond is the “first blockchain network in which state, network, and transaction sharding have all been implemented.”
Another key feature of the Elrond Network is the Secure Proof of Stake consensus approach. It eliminates Proof-of-Work computational waste and combines eligibility through stake and rating with random validator selection and an optimal dimension for the consensus group. It is innovative because validator nodes are selected for consensus out of a shard. The steps taken by the validators to complete the consensus process are done as efficiently as possible. The Secure Proof of Stake consensus protocol maintains a high-security level through random samplings of the consensus group and random reshuffling of nodes into other shards.
The Elrond Virtual Machine, named Arwen, is the third of the key features of Elrond that help it to create a new digital economy. Arwen is a dedicated smart contract execution engine built on WebAssembly (WASM). Smart contract developers have access to an expanded family of languages, which means you can write smart contracts in whichever language you’re familiar with. The Elrond VM is both stateless & features out-of-process execution. These features help Arwen be built to be as fast and secure as possible, without adding unneeded restrictions.
Together these three key features of the Elrond Network work together to create a “distributed transactional computation protocol which relies on a sharded state architecture and a secure Proof of Stake consensus mechanism.”
Elrond's Currency: EGLD
Elrond’s native token is eGold (EGLD) is used for everything from staking, governance, transactions, smart contracts, and validator rewards. The token went live in July of 2020, opening a new growth phase for the Elrond community. Similar to gold, EGLD is designed to optimize parameters that offer themselves to create a substantial store of value. However, EGLD was built to include mechanics and functionality that exceed those of gold. EGLD was designed with built-in scarcity to reinforce value and demand and strong staking incentive for validator adoption. The design behind the economics of eGold has positioned it to be “a new type of digital currency with unique properties that lend themselves to creating a robust digital store of value.”
EGLD was created and designed for simplicity and mass adoption. To achieve their goal of global adoption, Elrond supports developers building on the platform, allowing them to earn 30% of the smart contract fees as royalties.
BUY EGLD ON VOYAGER
Latest News and Partnerships
“Increased US Exposure To eGold Via Publicly Traded Crypto-Assets Broker Invest Voyager”
Elrond (EGLD) is now available on the Voyager app for purchase, increasing the Elrond Network’s US exposure. This is very exciting for the Elrond ecosystem as it can now reach even more US customers, thanks to the widespread availability of Voyager services. Elrond CEO Beniamin Mincu explained that Elrond’s listing on Voyager is significant because Voyager is a public company; thus, the successful transition from traditional to decentralized finance will help the regulatory framework evolve. Since Voyager is a publicly-traded company, it is “a powerful catalyst toward unlocking blockchain's multi-trillion-dollar potential.”
“Maiar - Onboarding the next billion people”
A digital wallet called Maiar, built on the Elrond Network will be launching at the end of January 2021. Maiar enables any phone user to get a working wallet in seconds. It does so by adding key innovations like advanced security and gamification. With Maiar, the transfer of value, ownership, and agency becomes possible globally, at near-instant speeds and with trivial costs. You can create your Maiar wallet anywhere without the need to remember a username, password. This wallet will be directly linked to your phone number, and sending money will be as easy as sending a message. The official launch of Maiar is on January 31st, and nearly 180K people have already preregistered.