Elrond (EGLD): Fundamentals, technicals, tokenomics and future outlook

What is Elrond? Elrond, often referred to as internet-scale blockchain, is a smart contract blockchain that is fast, secure and highly scalable for distributed applications, enterprise use cases and the internet economy. Elrond is another blockchain that attempts to solve the scalability problems of Bitcoin and Ethereum. It uses the novel technology based on the state sharing approach and secure proof of stake model to differentiate itself and achieve scalability. Elrond eliminates electricity and computational waste and enables transaction parallelism compared to Ethereum. How does it Work? Elrond works based on adaptive sharding, where the advantages of the three different types of sharding, namely state, transactional and network sharding, are taken into consideration. Sharding is the process of splitting the blockchain into parts called shards so that the blockchain does get disturbed by bottlenecks. This process of adaptive sharding vastly improves the communications between shards and improves the overall scalability of the blockchain. In addition, the Elrond blockchain also adopts the secure proof of stake blockchain to reach a consensus. The blockchain contains its own Virtual Machine known as Elrond Virtual Machine that is built on WASM. This allows code to be written in C++, C, Rust, typescript and compile it in WASM. Furthermore, the Elrond has specific roles for individuals participating in the blockchain, such as validator, observer and Fisherman. Validators serve the purpose of processing transactions and securing the network; observers read and relay interfaces, while the Fisherman are nodes that verifiers blocks after they have been made. Growth So Far Total Value Locked of Elrond (Source: Defillama) Elrond has attained significant value in the network since the launch of the mainnet in mid-2020. As of today, the Elrond blockchain has a total of $1.06 billion value locked, most of which come from the Maiar dApp, which launched along with the mainnet launch of Elrond. Maiar is a wallet and payments application on mobile phones. Tokenomics EGLD, the native token of Elrond, has the following utilities and use cases attached to it: * Used as transaction fees on the blockchain * Used for staking token and securing the network * Governance of the Elrond blockchain Future Outlook Elrond is being built for the new internet economy, with scalability for real-world applications. The sharding technology used has placed scalability at 15,000 tps, which is exceptionally high. The recently launched $1.29 billion liquidity incentive program to supercharge the launch of the Maiar Dex has also brought new attention to the chain recently. The future roadmap of Elrond includes on-chain governance and much more. EGLD, the native token of Elrond is up 928.7% over the past year and is ranked 38th among all cryptocurrencies. Buy EGLD on BitYard today! Purchase EGLD and over 300 other cryptocurrencies on BitYard today! Click here for the detailed guide on how to purchase cryptocurrencies in BitYard. Check out our other crypto analysis below: * Terra (Luna): Fundamentals, technicals, tokenomics and future outlook * Theta Network: Fundamentals, technicals, tokenomics and future outlook * Hedera Hashgraph: Fundamentals, technicals, tokenomics and future outlook * The Graph: Fundamentals, technicals, tokenomics and future outlook If you enjoyed reading this article, make sure you follow us on our medium page to stay updated for more exciting content! As usual, none of this information is financial advice, and you should do your own research before investing in any of these projects mentioned in this article. --- Elrond (EGLD): Fundamentals, technicals, tokenomics and future outlook was originally published in BitYard Token Insight on Medium, where people are continuing the conversation by highlighting and responding to this story.
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