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<h2>What is Elrond</h2>

Elrond is a blockchain network constructed using the true state sharding scheme for practical scalability, minimising energy and computational waste while assuring distributed fairness through a secure proof of stake (SPoS) consensus. 

Elrond's network design has a strong emphasis on security with a high priority on security. It aims to provide resistance to recognised security concerns such as the Sybil attack. 

Elrond's worth stems from its technological potential, the project's technology, scalability, supply of enterprise-grade solutions for DApps and digital assets, and its use cases in general.

<h2>A Brief History of Elrond</h2>
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Elrond was founded in late 2017 by brothers Beniamin and Lucian Mincu, together with Lucian Todea, as a solution to the challenge of blockchain scalability, which they saw as the most serious issue confronting the industry.

The startup had a private funding round in June 2019, receiving US$1.9 million from multiple angel investors. That same month, Elrond staged an initial exchange offering (IEO) in which it raised $3.25 million in exchange for 25% of its entire token supply. GapMinder Venture Partners, Binance Labs, Electric Capital, Maven 11 Capital, and Brilliance Ventures are key investors in Elrond.

Elrond distributed its cryptocurrency as an ERD coin. However, following the project's mainnet debut in July 2020, Elrond renamed its cryptocurrency to EGLD coin.

The Elrond network can handle thousands of transactions per second while charging cheap fees. Elrond enables users to develop new assets, DApps, and make low-cost transactions.

<h2>How Elrond Works</h2>

The Elrond network builds smart contracts, <a target="_blank" rel="noopener noreferrer" href="https://crypto.com/university/decentralised-finance-defi-intro?utm_source=crypto.com+price+page&amp;utm_medium=referral&amp;utm_campaign=elrond&amp;utm_content=decentralised+applications">decentralised applications (DApps)</a>, and potentially whole blockchain protocols. The EGLD coin is the monetary unit that allows these actions. EGLD manages the network via staking, validator awards, and payment for transactions and smart contracts.

EGLD (‘Electronic Gold’) token is Elrond's native currency. It promotes Elrond's network by acting as a medium of exchange between users and developers (who pay transaction fees to utilise the network) and validators (who accept those fees as payment for their services).

Sharding works by dividing the whole network into parts, allowing nodes to handle just a subset of the network's transactions. Elrond's transaction processing technique is known as 'adaptive state sharding’, dividing nodes into subsets to verify transactions. 

Elrond is on the secure proof of stake (SPoS), a proof of stake (PoS) consensus mechanism that maintains the dispersed network of machines running its blockchain in sync. SPoS, like regular PoS, is used to secure the network and distribute freshly created EGLD coins by machines running the Elrond software. However, since Elrond's network comprises shards rather than a single chain, the SPoS consensus method is utilised to choose validating nodes to create blocks within a shard rather than the whole network.

<h2>What is Elrond Used for</h2>

Elrond is unique because of its usage of sharding in the form of adaptive state sharding, which divides the network into smaller parts so that nodes may verify transactions and network activities by resolving one division at a time. Elrond offers a robust ecosystem for developers, validators, DeFi exchanges, and businesses to create a new internet economy.

The Elrond project intends to develop a new digital economy in which decentralisation and scalability are essential characteristics of its blockchain technology. Elrond enables users to build new assets, decentralised apps, and conduct low-cost transactions. The project is particularly unusual because it allows for enterprise-grade DApps while enabling scaling and offering three programming languages to work.

Elrond's blockchain protocol for smart contracts and DApps can execute over 12,500 transactions per second with short block times (5 seconds), negligible transaction fees, and instant finality for cross-shard transactions in seconds. Elrond offers smart-contract royalties, in which 30% of the fees reallocate to the smart contract author.

MultiversX

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.css-13hqrwd{font-weight:var(--chakra-fontWeights-medium);will-change:transform;transition-property:color;transition-duration:1.5s;}$32.24 USD

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$32.24 USD