Elrond is a blockchain-based platform that emphasizes scalability, security, and speed. Putting a new twist on existing technologies builds a powerful network to function at an “internet scale.”
If you have been in the crypto-verse for a while now, you’ve undoubtedly heard of the scalability trilemma.
The scalability issue: the three key qualities of a mature blockchain network (scalability, security, and decentralization) are hard to achieve simultaneously with today’s technology. Notably, proof-of-Work (PoW) is the consensus mechanism used by Bitcoin. For example, Ethereum, the world’s top blockchain network, is hampered by scalability issues primarily related to PoW. They are attempting to solve this issue by implementing Proof-of-Stake (PoS).
Since Ethereum co-founder Vitalik Buterin coined the phrase in 2015, an entire subsector of cryptocurrency initiatives has focused on resolving the scalability trilemma. Elrond is another project aimed to resolve this trilemma and, as such, is this article’s topic.
Elrond (EGLD) Fundamental Analysis
Creation
Elrond was developed in 2017 by Lucian Todea, Beniamin, and Lucian Mincu, with the support of Elrond Network, a Malta-based corporation committed to the project’s expansion.
The startup held private funding round in June 2019, receiving $1.9 million from multiple angel investors. Elrond held an Initial Exchange Offering (IEO) in the same month, raising $3.25 million in exchange for 25% of the total token supply.
Elrond’s cryptocurrency was initially known as the ERD coin. However, once the project’s mainnet opened in July 2020, the name was changed to EGLD coin. Afterward, the project conducted a transitory event in which investors could exchange their ERD for Elrond’s new EGLD coin.
What is Elrond (EGLD)?
Elrond is a blockchain network that allows several validators to process transactions more quickly, resulting in increased network scalability and transaction throughput.
Unlike Bitcoin, which can only process seven transactions per second, Elrond claims to be able to conduct over 10,000 transactions per second with minimal costs of $0.001 per transaction. Elrond has also committed to assisting with processing hundreds of transactions per second as demand develops. Because of its speed and scalability, Elrond might be a suitable blockchain for Decentralized Finance (DeFi) developers.
The Maiar Exchange
Maiar is an Elrond-powered digital wallet and global payment app redefining how we interact with money by allowing you to trade and securely store crypto on your phone.
Maiar’s digital identity layer begins with a service that maps a phone number to a wallet address while maintaining anonymity and enables users to send money to friends and family via their address book.
On April 30th, 2021, the Maiar exchange became operational as a web version for the first time. With the launch of the Maiar Exchange, a new economic engine has been launched, further extending the Elrond ecosystem.
Elrond NFTs
On the Elrond Network, over 223,000 NFTs have been created, with over 22,000 accounts owning at least one. Around 200 NFT projects have together captured the interest of the Elrond community, with more popping up every day, prompted by beautiful, cute, or amusing art.
NFTs may now be seen, transmitted, and received in the Web Wallet, and they have their own area in the Elrond Explorer, which displays a lot of information. NFTs are now available on the Maiar App, allowing you to manage your NFTs easily.
Below are NFTs that stand out the most:
Deadrare – a great layout, allowing you to follow project work, and already has a lot of collections listed.
eMoon – (no longer existing) was the first popular NFT marketplace on the Elrond Network, allowing NFTs to be sold on a dedicated website rather than Telegram groups or Twitter feeds.
Trust Market – a new exchange that appears to have a lot of features, including the ability to purchase and sell NFTs in any token listed on the Maiar DEX, including LKMEX. There are also good tutorials for first-time artists.
ESDT Tokens
ESDT stands for Elrond Standard Digital Token.
The Elrond network facilitates the issue of custom tokens natively, eliminating the requirement for contracts like ERC20 while yet addressing the same use-cases.
Transactions using custom tokens do not require the VM (Virtual Machine) because of the inherent in-protocol support. In practice, custom tokens are just as quick and scalable as the standard EGLD token.
Users also don’t have to worry about sharding when transacting custom tokens because the protocol uses the same handling techniques for ESDT transactions as it does for the EGLD token. As a result, sharding is performed automatically and is not apparent to the user.
How Does Elrond Work?
Elrond’s goal is to use a scaling approach called Adaptive State Sharding to boost throughput or the number of transactions per second throughout the whole network. It also includes Secure Proof-Of-Stake, a new consensus method (SPoS).
To fully understand Elrond, you must first understand these two technologies and how they vary from existing sharding and consensus approaches.
Adaptive State Sharding
The best approach to blockchain sharding must take into account the benefits of all three forms of sharding:
- State Sharding – the ‘state’ or history of the whole network is divided into several ‘shards; or network segments. Each shard has its own history and ledger, and nodes (computers linked to the network) need to keep track of the shard’s current state. Thus, lowering the amount of hidden storage space needed.
- Transaction Sharding – transactions are mapped to shards for processing depending on parameters such as the sender’s address. Each shard executes trades in parallel with other shards. Each node in the network maintains a record of the network’s current status.
- Network Sharding – organizes nodes into shards and can improve communication by sending messages to a subset of nodes rather than the whole network.
By boosting communication among shards and increasing the network’s performance and efficiency, adaptive state sharding solves the scalability trilemma. This is accomplished by merging all three sharding types into a single solution that allows for parallel processing at all levels.
Shards are tiny parts of Elrond’s network that are used to scale the network. Each shard is responsible for a piece of the state (accounts, smart contracts, blockchain) and transaction processing. Each shard may only process a fraction of the transactions in parallel with other shards.
Secure Proof-of-Stake (SPoS)
Elrond’s method of achieving consensus is known as SPoS. It eliminates the PoW computational waste by combining eligibility through the stake. Here, a forger, like a miner, is more likely to create a block based on the amount of currency they hold and how long they’ve kept it compared to other forgers. The other thing is rating – the foundation for Proof-of-Stake with random validator selection and an optimal dimension for the consensus group.
To avoid collusion, Elrond’s BFT-like consensus process randomly samples the consensus group and shuffles nodes into different shards. It makes use of an unbiased, unexpected randomness source that the block proposer generates by signing the preceding random source.
Roadmap
Elrond Network plans to offer the most scalable, fast, and secure blockchain platform for real-world applications.
For 2022 they have several goals to achieve. Their roadmap shows that they achieved their goals for the first quarter of the year. Such as launching the NFT Marketplace or Web3 Payments.
For the rest of the year, they plan on launching the Elrond SuperWave, Maiar App 2.0, and many other things.
Tokenomics
- Current Supply –21,769,695
- Max Supply – 31,415,926
- Market Cap – $3,604,016,460
Elrond’s native token, EGLD, is associated with the following utilities and use cases:
- On the blockchain, they’re used as transaction fees.
- Used for staking tokens and network security.
- A set of rules governs the Elrond blockchain.
Elrond (EGLD) Price Analysis
According to CoinMarketCap, Elrond (EGLD) was trading at an average price of $6.54 during 2020, reaching its all-time low.
One year after its minimum price, in November 2021, Elrond reached its all-time high of around $542.58. Since then, the price started to decline dramatically and is currently trading for $62.00. Comparing the current price with its all-time high, we can say that the price declined around 88.57%.
Elrond has a market capitalization of $1 billion, thus, ranking #36 in crypto market rankings.
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Currency Prediction Elrond (EGLD) Price Prediction
After researching and analyzing the market, we expect Elrond’s price to be bullish in the coming years.
Currency Prediction Elrond (EGLD) Price Prediction 2022
We are very optimistic that the price of EGLD will increase significantly in the long run. As of 2022, we expect that by the end of the year the token can reach a maximum price of $249.62. However, it can also decline and reach a minimum of $206.72. We suggest that the average trading price for EGLD might be $215.83.
Currency Prediction Elrond (EGLD) Price Prediction 2023
With increasing acceptance and cooperation with other significant blockchain networks, we predict that the price of Elrond (EGLD) will skyrocket in 2023. If the market is in Elrond’s favor, the maximum price might reach $355.89. By the end of the year, we expect an average price of $300.57 and a minimum price of AROUND $287.94.
Currency Prediction Elrond (EGLD) Price Prediction 2024
By 2024, we expect the Elrond (EGLD) price to reach a level comparable to its former all-time high. We can predict an average price of $462.89 by the end of the year. If everything goes as planned, we estimate Elrond’s maximum price to be approximately $506.78. Of course, there is a potential that the market would crash after a long bull run, which is common in the cryptocurrency market.
Currency Prediction Elrond (EGLD) Price Prediction 2025
EGLD has a lot of potential. With certain collaborations and improvements, the number of users, adoption, and if the market focuses its attention on Elrond, the price could skyrocket. We suggest that Elrond has the potential to reach a maximum value of $853.23 by 2025. However, if the market falls, we expect that the price of EGLD will turn around a little. Furthermore, 2025 is expected to end with an average price of $685.79, with a low of $643.47 and a high of $778.13.
Currency Prediction Elrond (EGLD) Price Prediction 2026
We at Currency Prediction expect that the price of Elrond will continue to increase even during 2026. This year might be real bullish, and the price can exceed our expectations. Moreover, we predict that the maximum price of Elrond in 2026 can reach $1,150.31 and the minimum price $912.47. If the market turns bullish, this price could increase even more, or in the opposite direction, the price can decrease. The average price for this year may be around $995.34.
Elrond (EGLD) Market Price Prediction
Elrond has a lot of potential as a coin, and the price is expected to increase significantly in the future. However, not every crypto expert thinks the same. Here is what some of them have to say:
Wallet Investor
Wallet Investor predicts that the price of EGLD can increase significantly in the next five years. They suggest that the price of EGLD can increase as high as 430%, where the price of one EGLD will rise from $167.74 to $889.02.
PricePrediction.net
PricePrediction.net predicts that the price of Elrond can increase dramatically high by the next seven years. They suggest that EGLD might reach $559.07 by the end of 2024. As of 2028, the maximum price can be $2,430.94. According to them, the price of EGLD will continue to rise and be bullish. As such, 2031 can end with a maximum price of $7,354.69.
Digital Coin Price
Digital Coin Price is considered to be a very reliable price prediction source. Also, what stands out the most from their price predictions, is that the prices increase slowly compared to other crypto prediction sites. Moreover, Digital Coin Price predicts that Elrond might not reach $500 until 2028. By 2031, the maximum price might be $918.63.
How To Buy Elrond (EGLD)?
If you want to purchase EGLD, follow these steps:
Step 1: Open an Exchange Account
The best and easiest way to buy Elrond (EGLD) is from a cryptocurrency exchange. After you find an exchange of your choice, you can create an account. You must verify your email address and identity in order to open an account on an exchange. Make sure you have a photo ID and your phone ready.
Step 2: Fund Your Account
Once you verify your account, you can continue to fund your account. You can deposit fiat currency using whatever option fits you best. However, the easiest way to fund your account is by using a credit/debit card.
Step 3: Purchase Elrond
Your funds can now be exchanged for Elrond. This is as simple as entering the amount you wish to buy and pressing buy.
Frequently Asked Questions (FAQs)
What is Elrond (EGLD)?
Elrond is a blockchain network that allows validators to process transactions quickly and more efficiently.
Is Elrond a Good Investment?
Elrond is considered to be a great long-term investment. If you want to invest in Elrond, now is the best time.
Will Elrond Ever Reach $500?
Yes. Elrond is expected to reach and even exceed $500 by the end of 2024.
Takeaways
- Elrond is a blockchain-based platform designed for scalability, security, and speed.
- Elrond was developed in 2017 by Lucas Todea, Beniamin, and Lucian Mincu, with the support of Elrond Network, a Malta-based corporation committed to the project’s expansion.
- Elrond is a blockchain network that allows several validators to process transactions more quickly, resulting in increased network scalability and transaction throughput.
- Elrond uses Adaptive State Sharding and Secure Proof-of-Stake (SPoS) method.
- Elrond Network plans to offer the most scalable, fast, and secure blockchain platform for real-world applications.
- Elrond (EGLD) has the potential to increase significantly in the future.
