On Monday (November 22), three days after decentralized exchange (DEX) Maiar went live, the price of $EGLD, the native asset of layer one blockchain Elrond, recorded another new all-time high of $478.99 at 10:09 a.m. UTC.
What Is Elrond?
According to Elrond’s documentation, Elrond, the mainnet of which went live in 2018, is “a distributed transactional computation protocol which relies on a sharded state architecture and a secure Proof of Stake consensus mechanism.” Although it can currently process around 15,000 transactions per second, theoretically it can be much faster than that (over 263,000 transactions per second has been achieved when using testnet).
Here is the Elrond team explaining what is special about Elrond:
“The Elrond network is the first to present a viable solution where all the three aspects of sharding – state, network and transactions – have been implemented at once. Combined with its “Adaptive” component, this novel architecture allows for dynamic network configuration to maintain a high level of security while scaling with demand.
“In addition to scaling through sharding, Elrond also approaches the consensus problem with a mechanism called Secure Proof of Stake, which mitigates potential attack vectors when compared to Proof of Work, while also enabling large throughput and fast execution.
“By solving some of the hardest consensus and sharding problems in the blockchain space, Elrond is able to provide a very high level of performance on a network made of inexpensive computers, resulting in a very low cost per transaction. In addition to performance and cost, Elrond also stands out through the quality of the developer experience and the resulting boost in usability on the end-user side.“
In June 2020, Elrond had its initial exchange offering (IEO) on Binance Launchpad (back then, its native token was called ERD).
$EGLD is the native asset of Elrond and is used…
