Elrond Network was founded in 2017, and the launch of the blockchain took place only in 2020. Elrond is a layer 1 that aims to solve the problem of scalability without sacrificing decentralization.
The technology behind Elrond
Let’s start from the consensus system of this blockchain, unlike many other chains, it uses an innovative SPoS. The Secure Proof of Stake is based on the famous Proof of Stake algorithm, used by many blockchains and soon by Ethereum. In a nutshell, SPoS is based on this: The validator is chosen randomly, and the validator gets a fragment in order to distribute the work equally. In return, he receives EGLD tokens as a bonus. As in all Proof of Stake, here too the validators must stake a sum of ELGDs.
The approach adopted by the Elrond blockchain is called Adaptive State Sharding. The network is divided into connected shards. The arrangement of the nodes changes every 24 hours, it is rebalanced on the basis of the previous configuration.
The blockchain has its own virtual machine called Elrond virtual machine. Compatible with EVM, this is always a great point, because it makes it compatible with applications developed on Ethereum.
The token of the network
The token is called EGLD, and has a current circulation of 21,883,053 out of maximum availability of 31,415,926 (data taken from coinmarketcap) — EGLD is used within the network also as a reward for validators.
Elrond entered the layer 1 war, he did it by entering with very interesting and good technology. The SPoS consent system is based on PoS but adds several new features. As well as the blockchain technology, which allows greater scalability decides to adopt a system based on sharding. In conclusion, Elrond is a very good project, with innovative technology and limited token availability.
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