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I've known and heard about Elrond (EGLD) last December 2020 when I was busy and addicted doing future trading in Binance, that time EGLD was only trading below $12, and seeing the price growth of Elrond made me regrets again that why I didn't bother to put in my spot account. Many traders in the group chat that I've joined closely looking and analyzing its charts with their technical analysis combined with fundamentals, they shared some insights about it but as a noob and was shocked doing leverage trading, I didn't bother to pay attention to it.
Too bad, Elrond had flown and reached an all-time high of $216.998 last February 8, 2021. The surge is also associated with the official launched of Maiar Wallet, its wallet.
Last September 03, 2020, Elrond officially began to swap ERD to eGLD. EGLD will be the native currency of the Elrond economy, all the ERD tokens were slowly swapped to eGLD tokens. EGLD is the abbreviation of eGOLD as the official ticker, which denotes the simplest and most spontaneously powerful metaphor of what Elrond currency aims to be.
Elrond is a blockchain protocol that used sharding, which offers extremely fast transaction speeds. It is a project that describes itself as a technology ecosystem for the new internet that includes fintech, decentralized finance, and the Internet of Things. The smart contract of its platform is said to be capable of 15,000 transactions per second with a six-second latency and only cost a $0.001 transaction fee.
Elrond blockchain has a native token which is known as eGold or EGLD that was used for paying network fees, rewarding validators, and staking.
The first announcement of Elrond was last August 2019 and its main net was live in July 2020.
Elrond was founded in late 2017 by Beniamin and Lucian Mincu brothers with Lucian Todea that gives a solution to the blockchain problems of scalability, which they believe to be the most crucial problem to face in the industry.
Previously before Elrond Beniamin and Luian Mincy co-founded MetaChain Capital an investment fund digital asset, Beniamin Mincu as the CEO and Lucian as chief technology officer. They also co-founded ICO Market Data, which is an aggregator of information around initial coin offerings.
Beniamin Mincu - was also formerly responsible for the blockchain platform NEM from 2014 to 2015 as a product, marketing, and community. He is also an early investor in some projects such as Zilliqa (ZIL), Tezos (XTZ), Brave, and Binance.
Lucian Mincu - had additional experience as an information technology engineer and security specialist that worked with Uhrenwerk 24, Cetto, and Liebl Systems.
Todea - formerly founded and act as CEO of Soft32 as he was a serial tech entrepreneur. Soft32 is a software review and download site that has partnered with mobility, a mobile payments application. He also invested in biometrics tech company the TypingDNA and accounting platform SmartBill.
Elrond being said that it describes itself as a blockchain platform for the new internet economy, enterprise use, and decentralized applications (DApps). The main selling point of Elrond is the high scalability, which states it was the first blockchain network in which state, network and transaction sharding has ever been implemented. According to its whitepaper, it strives to build up its ecosystem and establish EGDL as a store value asset.
Elrond network runs on 2,169 validator nodes that were split into four shards: three execution shards that are capable of 5,400 transactions per second each and one coordinating shards which is the Metachain to achieve its goal. Its adaptive state sharding architecture completely shards state, network, and transactions. It scales by the additional shard when the output demand is unmet. It has been tested to run 263, 000 TPS in a public environment with 1,500 nodes from the 29 countries grouped with 50 shards.
The company maintains its supply of EGLD tokens to stake in the network during the first year, while its validator nodes will receive a 36% annual percentage rate.
The project also supports its developer's building in the platform, which allows them to earn 30% of the smart contract fees as royalties, to increase its adoption.
Elrond used modified Boneh-Lynn-Schacham or BLS multi-signatures for strong cryptographic protection that Nodes communicate with one another.
Elrond uses a secure proof of stake algorithm which is nodes must stake their EGLD tokens to participate in the validation process, each validator was assigned a rating score based on its past activity that may influence if they'll be selected or not. If the rating of validators is too low, it will not be selected and must pay a fine. The Validators will be removed from the network and slashed their stake if they will continue acting in a manner that is against the integrity of the network.
Validators are selected randomly, in that way they can neither predicted nor modified based on their previous validation, in addition to this validators are shuffled between shards to the prevention of collusion.
Elrond price today as of writing this article is at $138.14 that has a 24-hour trading volume of $145, 226, 133. Elrond is down at 1.13% within the last 24 hours.
CoinMarketCap ranking is #37, that has live market cap of $2, 355, 611, 860. Circulating supply is 17, 052, 513 EGLD coins with a maximum supply of 31, 415, 926 EGLD coins.
A limited supply of EGDL is 20, 000, 000, with new tokens minted to rewards its network validators, it will never exceed its maximum supply of 31, 415, 926 EGLD, but this number will probably decrease as more and more transactions being processed.
Recently, Beniamin Mincu posted a tweet about the Elrond partnership with Netopia Payments which is 30,000 merchants to accept $EGLD. If you want to read more about the project you can follow Beniamin Mincu CEO and founder of Elrond. With lots of development coming on the Elrond network I can see that it has the potential to grow more in the future. Some famous traders at Youtube predicted that EGLD will reach $1,000 in the long run. But its just prediction based on their technical analysis, but who knows right?
As for my trade, I bought $EGLD at $140 at the middle peak last February 2, 2020, I was thinking that time it will reach $250 but it didn't as the market started to crash in the middle of February, the bears woke up and beat the bulls. It's just a small amount, I am still a novice trader with a small capital, but I also believe Elrond is good for a long term hodl.
Disclaimer: If you want to buy this coin make sure to DYOR as I am not a financial advisor. Cryptocurrency is highly volatility it comes with risk, so invest at your own risk and TAYOR too.
CrytoBUY: This is a blog in which I will tackle the coins I bought, whether it's a good coin or a shitcoin. This is for educational purposes for those who want to learn about other crypto coins. I just wanted also to tell you what coin/shitcoin I bought and tell you my experience on trading it. So, this is not financial advice, always remember to invest at your own risk and more on DYOR.
P.S don't mind the amounts on my trades, I am still a novice trader practicing with small amounts.