In today’s cryptocurrency news, the market is seeing some short-term value recovery, and leading the pack is EGLD, the native token of the Elrond blockchain network. As many tokens remain stuck at low values, a few tokens are seeing surges of recovery. With EGLD’s position as the native token of the innovative Elrond blockchain, which promises impressive transaction speeds and low fees in a time when many users are struggling to find such convenience, it stands to become an even bigger player in the crypto space.
What Is Elrond?
Elrond is a software that seeks to incentivize a distributed network of computers to run a smart contract platform that aims to prioritize scalability and low transaction fees. In this way, Elrond is designed to compete against major blockchains, such as Ethereum and Zilliqa, aiming to grow an ecosystem of decentralized applications and cryptocurrencies.
To do so, Elrond employs two unique features:
- Adaptive State Sharding – The process of splitting the Elrond infrastructure to support more transactions and programs.
- Secure Proof-of-Stake (SPoS) – The consensus mechanism devised to sync separate network components to a common ledger.
Further, developers will use the Elrond Integrated Development Environment to write and launch customizable programs that replicate goods and services on its platform. Elrond is powered by its native cryptocurrency, EGLD coin, which is used to interact with applications, send transactions, and incentivize actors supporting the network. For more regular updates from their team, you can check out Elrond’s Blog, which releases categorized updates for technologically or economically curious users.
Efficiency with Elrond
Elrond provides transaction efficiency through a technique called “sharding.” The blockchain is broken up into four major parts, known as shards. Three execution shards handle transactions simultaneously, while the fourth shard coordinates the information that the other three produce. With this layout, the Elrond blockchain holds the capability to process over 15,000 transactions every second, keeping transaction costs down to $0.001. With so many institutions finding frustration and low productivity with big blockchain platforms like Ethereum, Elrond’s reliability could be incredibly valuable to high-profile investors with enough successful stress testing.
The Future of Elrond
With so many users seeking a solution to slow and overly costly transactions on the blockchain, EGLD is seeing a larger jump than many other digital currencies. If blockchain-operating organizations choose to put their trust in Elrond rather than Ethereum, the blockchain’s native token stands to fly even further. The more that Elrond becomes a viable blockchain option, the more that big businesses will require sums of EGLD to fuel their transactions within the blockchain itself.
Elrond’s native token, EGLD, is rising faster than others in a difficult time for crypto. This could be due to the current frustration with the slow and expensive transactions that are offered by the Ethereum blockchain. Elrond offers the better, more cost-effective transaction solution that many blockchain projects are currently looking for. If well-known Ethereum-based projects begin to shift over to Elrond, the network and its token could see major success, with EGLD pushing its way above the top 30 types of cryptocurrency in the world.