Elrond is a blockchain-based platform that enables users to design and develop decentralized applications and coins in order to establish a new internet economy. The project intends to address the pressing issue of traffic congestion on blockchain networks by providing scalability solutions. Elrond provides developers, corporations, and users with rapid transactions and a scalable environment, as well as a user-friendly experience and minimal transaction costs. According to reports, the network can process up to 15,000 transactions per second, making it one of the quickest blockchain networks on the market.

The native token, eGold, is a multi-purpose cryptocurrency with the ticker EGLD. On the network, EGLD is utilized for staking, voting, and transacting. It is the primary asset in the system of incentivization that pays network participants. Elrond is essentially a blockchain-based program that pays network users whose processing power supports the system of smart contracts that developers may utilize to construct decentralized applications and assets.

History

Lucian Todea, Beniamin, and Lucian Mincu founded and launched Elrond in 2017. The Mincu brothers also co-founded the ICO Market Data information aggregator and the MetaChain Capital digital asset investment firm. The Elrond team secured a private funding round that netted the project almost 2 million USD.

Elrond launched an ICO in July 2019 that raised about 3.2 million USD by selling 25% of its entire supply. Elrond was initially traded under the ticker ERD, however once the mainnet was published, the ticker was changed to EGLD (eGold).

How does it work

Elrond is a complex program for creating Dapps and developing digital assets that are supported by smart contracts. Elrond employs Adaptive State Sharding to scale the environment for developers and users. This is a function that separates the network's infrastructure to handle the growing number of apps and transactions on the ledger. It employs the Secure Proof of Stake consensus technique, a variant of the standard PoS protocol, to ensure that all sharded network partitions are joined into a working platform on the ledger. Elrond Integrated Development Environment allows developers to design decentralized apps that imitate products and services.

Total supply and circulation

At the time of writing, there are 22,823,310 EGLD in circulation and is also the total supply. Elrond began with a maximum supply of 31,415,926 tokens, which the circulating supply tends to approach through a steadily falling inflation rate that gives staking incentives for the first 10 years of the project.