What is Elrond?

Sep 13, 2022
3 min read

This blog post will cover:

  • What is Elrond?
  • Where did Elrond come from?
  • What are the advantages of Elrond?
  • What are the disadvantages of Elrond?
  • How to buy Elrond on SimpleSwap?

What is Elrond?

EGLD or eGold is a coin issued by the Elrond smart contract platform. The main purpose of the platform is to create an ecosystem of decentralized applications by combining decentralization with cross-chain interoperability. Some people believe that Elrond may become a competitor of Ethereum and Zilliqa. The platform is built on the Secure Proof-of-Stake (SPoS) consensus protocol.
The other important feature of Elrond is called Adaptive State Sharding. It splits the network so that the nodes would have to process only a fraction of transactions. Elrond enables users to create applications, tokens, and smart contracts.
EGLD is a local cryptocurrency that is used to interact with applications and run smart contracts. This coin also serves as an incentive for users of the platform.

Where did Elrond come from?

Elrond was founded in 2017 by Lucian Todea, Beniamin and Lucian Mincu.
The team is a mix of entrepreneurs and technical experts that definitely gives a good basis for project development. The company is based in Malta.
In 2019 the company was able to raise $1.9 million that was donated by various investors. In summer 2019 Elrond also raised $3.25 million during the Initial Exchange Offering (IEO), which cost the company 25% of its total token supply. The first version of the coin was also created back then. It was called the ERD coin. However, after the launch of the mainnet in 2020 the team decided to change the coin. Thus EGLD appeared. All the investors received a transitory period to exchange the initial coin to the latest one.

What are the advantages of Elrond?

  • A variety of programming languages can be used to create apps on the platform
  • Sharding provides faster speed for transactions
  • A limited amount of coins ensures the increase of its price
  • SPoS helps to run the blockchain in syns and is more modern and reliable than PoS.

What are the disadvantages of Elrond?

  • Not innovative
    Some skeptics say that Elrond did not create anything innovative. However, it wins by combining the best of existing technologies to produce a better product.

How to buy Elrond on SimpleSwap?

If you have decided to become a part of the Elrond community, you need to purchase EGLD coins. SimpleSwap is happy to help you with it! Just follow our simple instructions below:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select EGLD in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient's Address. EGLD will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

We hope that this article answers your questions about the EGLD coin and the Elrond platform. Thank you for your attention!

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