Current MultiversX (EGLD) Price Update
Understanding Elrond’s Blockchain Innovation
Elrond represents a breakthrough in blockchain technology, utilizing sharding to facilitate impressively rapid transaction speeds. This innovative project positions itself as a comprehensive ecosystem for fintech, decentralized finance (DeFi), and the Internet of Things (IoT), paving the way for the next generation of internet technology. Notably, Elrond boasts a smart contract infrastructure capable of processing 15,000 transactions per second, with a minimal latency of six seconds and transaction costs as low as $0.001.
The Native Token: eGold (EGLD)
Elrond’s blockchain operates with its native token, eGold, or EGLD. This token is integral for paying network fees, staking, and rewarding validators within the network. Elrond’s mainnet was launched in July 2020, following its introduction in August 2019.
Founders and Vision
The inception of Elrond dates back to late 2017, orchestrated by the Mincu brothers, Beniamin and Lucian, alongside Lucian Todea. Their primary objective was to tackle blockchain scalability, a critical challenge impacting the industry. Prior to Elrond, Beniamin and Lucian Mincu founded MetaChain Capital, a digital asset investment fund, with Beniamin as CEO and Lucian as CTO. They also co-founded ICO Market Data, an initial coin offering information platform.
Elrond’s Unique Selling Proposition: Scalability
Elrond’s standout feature is its extraordinary scalability. It is the first blockchain network to implement state, network, and transaction sharding. According to their economic paper, Elrond intends to expand its ecosystem and position EGLD as a valuable store of value asset.
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