A blockchain system for building fast transactions.
Elrond (EGLD) is a blockchain protocol that enables high-speed transactions within the network through the use of sharding. Elrond as a whole is an ecosystem for the development and operation of fintech, decentralized finance and Internet of Things projects. Blockchain smart contracts provide up to 15,000 TPS, 6-second latency, and the lowest cost fees.
The project began to be developed in 2017, its developers brothers Benjamin and Luciano Minku and Luciano Todea decided to create a blockchain that would solve the problem of scalability. All of the developers and founders already had experience in developing tokens and crypto projects. Article from project cryptodefix.com. The Elrond project itself was announced in 2019 and went live in July 2020.
The ecosystem is based on the EGLD token. It is used in fees payments, in staking and in rewarding validators. At the core of how the system works is its scalability, and it is achieved through sharding. Sharding allows data to be broken down into small chunks and distributed across multiple parts of the network, which consists of multiple nodes that process transactions. Elrond uses four kinds of shards, three of which are responsible for network and transaction performance, and one for navigating the remaining shards. The security of the network is ensured by the Proof-of-Stake consensus mechanism.
Features of Elrond
- High speed of transactions
- Low fees
- Use of sharding
- Proof-of-Stake mechanism
- EGLD Staking
- Developer tools
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