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