Elrond, an update on this rising cryptocurrency (EGLD)

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Temps de lecture : 11 minutes

“The Internet Scale Blockchain”. This is how Elrond defines its activity on its official website. And it is not for no reason! Elrond is indeed a rather young crypto with a strong potential.

With innovative technologies like Secure Proof of Stake (SPos), Adaptive State Sharding and Battle of Nodes, the blockchain is hoping to appeal to investors worldwide.

Elrond has the will to offer decentralized applications to young companies. In fact, it is very present among companies and has been able to benefit from important and notable partnerships, notably with Samsung or Binance.

Featuring a scalable system, the Elrond blockchain intends to make its contribution to the cryptocurrency world’s development.

In this quick overview of Elton, you will understand the issues surrounding the Elrond blockchain. After presenting its evolution since the birth of the project, you will discover everything you need to know before investing in this crypto.

Presentation of Elrond in key figures

Real time chart of Elrond Gold (EGLD) in dollar

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Elrond’s current price

The price of Elrond has been generally rising since the beginning of 2021. The price of the EGLD token was just over $24.86 in January 2021. After several variations during the first four months of the year, the value of EGLD as of May 6, 2021 is 197.26 dollars. As a result, the token has recorded a 0.85% drop in 24 hours.

Find out  other cryptocurrencies’ price.

Elrond’s price history

If the project is initiated in 2019, it will not be online until 2020. Therefore, it is from that year that its price could be followed.

2020: As soon as it hits the market in 2020, the price of Elrond really jumps. This price increase occurred especially between May and August: the token experienced a growth in value of almost 5,000%!

Subsequently, one particular action has ensured the trajectory. It was the change from 20 billion tokens in circulation, to 20 million tokens. This drastic decrease logically caused another exceptional increase in the Elrond price, estimated at 1,200%.

Elrond’s stock market listing

In its first year of existence, Elrond offered a quarter of its shares for sale on Binance Launchpad, for a gain of $3.2 million.

Today, as of May 10, 2021, CoinMarketShare ranks Elrond 48th in the cryptocurrency rankings.

Elrond’s current market capitalization is $3,026,802,821 USD

Which factors influence Elrond’s value?

Crypto-currencies work in a very different way to traditional currencies. Since they are not dependent on a government or central bank, they are not subject to any monetary policy. If you want to invest in Elrond, here are the fluctuation factors to take into account:

The liquidity and reward when mining

As we saw earlier, the number of tokens in circulation logically influences the price of EGLDs. In addition, the reward given for mining/staking activity may attract more or less investors. Therefore, if many users are interested in Elrond, the price of the token can quickly increase.

The supply and demande factor

This factor is valid for all cryptocurrencies. Very concretely, if a cryptocurrency is more in demand than it is available, then the price will increase, and vice versa. Therefore, the number of tokens in circulation must also be taken into account. For Elrond, there are currently nearly 18,000,000 tokens.

The media’s influence

In reality, the media has a strong impact on investors’ decisions. Indeed, if the media treats the subject of crypto-currencies in a certain way, it can influence the trust that people put in cryptos. Bad news can understandably turn investors off very quickly. Negative news about Elrond, for example, could cause investors to flee the market, which would logically lead to a drop in the price of the token.

The global economic and financial situation

The onset of an economic or financial crisis will have an impact on all parts of the economy, and in particular on the price of cryptocurrencies. If inflation affects the country’s fiat currency, then economic actors will tend to move towards alternatives, such as Elrond, which will appear more secure.

The EGLD token reputation

On one hand, the cryptocurrencies, especially those in direct competition with EGLD, make the price of the token vary. On the other hand, the number of transactions made with this cryptocurrency, and therefore the number of users, affects the value of the assets.

Regulations and laws in place

The regulations put in place by a government towards a cryptocurrency necessarily have an impact on the value of the latter. Indeed, these can impose restrictions on cryptocurrencies, and this can vary from country to country.

Elrond forecasts and future

Elrond’s price forecast for 2021

For the year 2021, predictions are favorable for an increase in the token’s value. This is due to the increased demand for the token, coupled with a substantial capitalization.

For next year, the estimates are equally pleasing, as the price of Elrond is likely to continue its growth momentum.

Elrond’s long-term price forecast

Regarding a long-term view, Wallet Investor indicates that Elrond is a very good investment: it gives it an A + rating. Thus, investing this year in Elrond, your ELGDs will increase in value by more than 935%, allowing for a considerable return on investment.

As for TradingBeasts, the site estimates that the price of the EGLD token could reach $231 by the end of 2021. It adds that the growth is expected to continue in the coming years. Thus, in 2024, the token should trade at a price around 458 dollars.

These are therefore predictions more than reassuring, but only time will tell.

All aboutElrond

Creation of Elrond

Elrond (EGLD) is a cryptocurrency created in 2017 in Romania, initiated by three engineers: Benjamin and Lucian Mincu accompanied by Lucian Tode. The Elrond blockchain is launched in mid-2019 and goes online in July 2020. As for the EGLD, this corresponds to the native currency of the Elrond system.

At the origin of the project, the desire to revolutionize the public blockchain. Very concretely, the project aims to focus on decentralization, security and scalability, which are often missing in the blockchain.

Benjamin Mincu describes the project’s initiative in these terms:

“The internet had two important inflection points for growth: the move from text to graphics through browsers like Mosaic and Netscape, and later the move from dial-up to broadband. Elrond will bring the same improvements in simplicity and performance to the blockchain space, enabling a new wave of growth.”

Key features of Elrond

With the functionality of handling 15,000 transactions per second and an EGLD token available on more than 10 platforms, this cryptocurrency has attracted more than 190,000 investors gathering about 100,000 accounts. Similarly, a transaction operated by Elrond is completed in no more than 5 seconds and costs less than $0.001.

What makes Elrond different from other cryptocurrencies

In addition to this, the Elrond team is looking to create a service that can meet global demand. The blockchain also has unprecedented scalability. Fast, low cost, and secure are the watchwords of this cryptocurrency. To deliver on these promises, the platform uses three main techniques: the Secure Proof of Stake (SPos), Adaptive State Sharding and Battle of Nodes.

The network is made up of users and nodes, as well as validators to confirm the creation of blocks.

If you’re interested in these kinds of features, check out: Pundi X

eGold (EGLD), Elrond’s token

Elrond uses the eGold token (EGLD), which is the native token of the network. This has not always been the case, as previously Ethereum-based tokens were used.

The Elrond Wallet

Furthermore, the innovative blockchain has its own wallet, named Elrond Wallet, in which you can store Elrond tokens in a completely secure way.

To conclude this short presentation, here are the main strengths and weaknesses to remember:

Investing in Elrond, the cons

  • A real lack of resources around the Elrond project
  • An initiative that will seem too ambitious for some investors.

Investing in Elrond, the pros

  • A worldwide network of partners, some of which are well known, such as Samsung
  • A strong potential in this project
  • The initiative to revolutionize blockchain
  • Several investment funds that have confidence in the initiative
  • Making cryptocurrencies accessible to everyone
  • The increased support of DeFi companies

How does Elrond work?

Elrond uses very specific methods: Secure Proof of Stake (SPos), Adaptive State Sharding and Battle of Nodes. These technologies are the core of this cryptocurrency.

Secure Proof of Stake (SPoS)

Several cryptocurrencies already use the Proof of Stake method. But Elrond goes further by proposing the Secure Proof of Stake, which guarantees an unmatched security.

Masternodes (or validation nodes), are chosen from among the blockchain shards. When blocks are set up, validation is done very quickly and via randomly chosen validators. It is precisely this speed of execution that forms a barrier to any fraudulent act. Thus, this very short time does not allow a potential malicious agent to adapt.

The icing on the cake: transparency is ensured via a block validator rating system, allowing each Elrond user to have the history of their actions.

Adaptative State Sharding

Once again, Elrond innovates on this point. If sharding has been used for a long time in the world of cryptocurrencies, its use is quite different with Elrond. Indeed, sharding divides the data and creates fragments. The purpose of this is to relieve the main network by using secondary networks.

What makes it different from other cryptocurrencies is that it uses the three most common types of sharding, i.e. transaction, network and state sharding. This combination makes sharding truly more efficient.

Battle of Nodes

Finally, Elrond uses a third important method: the Battle of Nodes. This consists in the implementation of a permanent test guaranteeing the security of the cryptocurrency. This technique allows to check that the blockchain does not have any defects. If a problem is discovered, the user who spotted it will be rewarded. This encourages the perpetuation of an increasingly secure network.

What is the purpose ofcElrond?

Revolutionizing blockchain

By combining the three methods seen above, Elrond is particularly fast and efficient. The team is also banking on an Internet-scale cryptocurrency that is constantly growing and evolving.

Ensuring a highly secure system

The same three methods that form the basis of Elrond are also factors that guarantee the high security of the platform.

Eligibility for staking and voting

Using their EGLD tokens, any user will be able to vote for the blockchain’s future, and approve or not any decisions. Also, tokens are eligible for staking. This means that EGLD tokens can earn their owner rewards based on the amount invested in EGLD.

Elrond’s partnerships

Elrond has many partners, in various fields, such as:

  • DeFi integration ( decentralized finance integration)
  • NFT (non-fungible tokens, i.e. not replaceable)
  • The gaming world (or video games)
  • Stable Coins, created for the purpose of being associated with the value of another cryptocurrency, commodities or even fiat currency.
  • Blockchain oracles (services offering information outside of “smart contracts”
  • And much more

The full list of the blockchain partners is available on Elrond’s official website.

It is for a reason that Elrond attracts so many partners. The blockchain is indeed evolving and innovative. We present you the most notable partnerships made with Elrond:

Samsung

In 2020, Elrond signed a partnership with Samsung. In fact, the electronics brand has had Elrond tokens in its wallet for some time. In this partnership, Elrond benefits from the millions of SamSung users. In return, Samsung agrees to develop decentralized applications on the cryptocurrency network, while keeping access to the tokens. The Samsung firm has even gone further. Indeed, some smartphones of the brand are designed to offer the game “Battle of Elrond”. This includes blockchain-enabled cell phones, such as the Galaxy S10.

Binance

A partnership with Binance was announced in May 2020. More than just a recognized cryptocurrency exchange site, Binance is one of the leading figures in the field. Binance not only provides development for the Elrond blockchain, but also an investment in the platform for the long term.

Just mining

In June 2020, Elrond announced its partnership with Just Mining, an expert in blockchain investment. Bringing together nearly 3,500 mining machines worldwide and around 5,000 masternodes, Just Mining is a great partner.

With this partnership, Elrond wanted to add expertise to its already well established ecosystem. Also, the company benefits from a large database of Just Mining’s customers, which is very useful for expanding the company’s customer base. Binance’s experience makes it a key platform for cryptocurrency, supporting its evolution. It is also a strong guarantee of quality to get this kind of partnership.

As an innovative company, Elrond attracts expert and well-recognized companies, both in the world of cryptocurrencies and in the technology field. This gives the currency credibility and quality. These partnerships can only augur a more than bright future for this evolving blockchain.

The ERC-20 token replaced by eGold (EGLD)

When the Elrond network was created, it was the ERC-20 token that was used. This one was a little bit particular since it was based on another crypto-currency, Ethereum.

Ethereum is the 2nd largest cryptocurrency in the world. It is one of the most popular cryptocurrencies. It also uses the blockchain system.

Later, the ERC-20 token was replaced by a 100% Elrond-derived token, the eGold (EGLD).

obtenir elrond

How to get Elrond tokens in 2021 ?

Broker and staking

To buy Elrond, you can go through a broker or staking for example.

If you also want to get other tokens, you can visit broker sites, such as eToro.

You can also get them from well-known crypto sites like Binance, crypto.com or OKex.

Site officiel du token EGLD

You can go directly to Elrond’s platform to buy EGLD tokens.

Keep your eGold tokens

Once your purchase is done, we advise you to keep your precious tokens in a wallet. In this regard, you have the choice to use the Elrond wallet or another wallet.

Can we mine Elrond ?

Most crypto-currencies can be mined. It is the case for the most famous one, Bitcoin.

Like some of its counterparts, Elrond is a cryptocurrency that can be used for staking. First, let’s go over the difference between mining and staking.

Mining

The activity of mining requires a particular knowledge as well as adapted equipment, i.e. very powerful computers and software. Concretely, it is what is used by the major part of the crypto-currencies to form the validation blocks. A miner can be alone, or can form a group (or “pool”). Often, to speed up the transactions, the mining activity is rewarded. The remuneration is mostly in the currency that has been mined. And must be sufficient to attract miners.

Staking

Staking is a slightly different technique than mining. This process requires the Proof of Stake and the purchase of tokens, kept in a wallet for a certain period. This conservation will give place to a reward, in the form of remuneration, a little like the traditional interests. Indeed, you receive a reward for backing the cryptocurrency you keep in your wallet. A major advantage of this technology is that it is accessible to the greatest number of people since it does not require special and/or expensive equipment.

Elrond’s staking

Concerning Elrond, it is the staking technique that is interesting for us. Several possibilities are offered to you as a user of the platform. You can act as a validator or as a “delegator”. The first role allows you to get an automatic reward. In the second role, you can ask for your due once a day.

Basically, all you need to do is have EGLDs (Elrond eGold) in your wallet. Following your staking activity, you will be able to win a reward, depending on your validator or “delegator” mission. Finally, if you register in the delegator waiting list, you will be able to share 4,000 EGLD each week among all the users registered in this list.

Information on Elrond’s next updates

The platform is currently thinking about a new feature for the year 2021 regarding staking. This is an important update to look out for!

Why and how to use Elrond tokens?

Why Elrond tokens?

By now, you’ve probably figured out all the implications of Elrond. From these implications come the reasons why you might want to use these tokens. Here are the main reasons:

  • Revolutionizing and democratizing blockchain. Elrond wants to both truly improve the blockchain while extending the accessibility of cryptocurrencies to the largest number of people. This will be done through a simple and easy to use interface. If you want to contribute to this pioneering project, then Elrond is for you!
  • A smart network: The blockchain is built on the basis of smart contracts. What differentiates them from traditional contracts is mainly the fact that they contain assets, which can later be automated. This same process can be found in another well-known crypto, Ethereum. However, unlike Bitcoin’s direct competitor, transactions with Elrond are cheap (less than 1 cent).

How to use Elrond tokens?

The main use you can make of your EGLD tokens is staking.

The best way to get a return on your Elrond tokens is to stake them. A very complete guide is available on the Elrond website.

First, you need to download the Metamask wallet with ERC20 ERD tokens and some ETH tokens to cover the transaction costs. You will then need to create an Elrond wallet. After that, there are two options, depending on whether you choose to be a validator or a “delegator”.

  • If you want to be a validator, you just have to choose the number of computers you want to connect to the network.
  • If you want to be a “delegator”, you just have to choose the number of tokens you want to invest.

Our opinion on Elrond: is it too late to invest?

As you may have understood, Elrond is a recommended and advisable token. More than that, it’s even a safe bet. The blockchain has bet on security and scalability, which proves to be a winning bet in the long run. Like many other crypto-currencies, one cannot predict in advance its trajectory on the market. The same is true for the right time to get tokens. However, taking into consideration the innovative features of the blockchain, Elrond has great potential. So it’s not too late to invest, it’s even time to get your tokens!

Elrond is really looking ahead and developing long-term goals. The team is well aware of the future weight of crypto-currencies in the world. That’s why they take this into account in their plans for the future. We therefore consider the token to be very interesting from an investment point of view.

Erlond is also aware of its weaknesses and is fixing them. If it was not possible to contact customer support, this mistake has for example been corrected. To make sure that it is available to everyone, the team has even developed step-by-step articles on its site explaining the procedure for the main questions that users would have. The forecasts are also extremely favorable for Elrond, which should confirm your choice to potentially invest in this token.

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