Elrond

Elrond blockchain and Elron Token (EGLD) works under Elrond Network, a company based in Malta founded by Lucian Todea, Beniamin and Lucian Mincu in 2017. Elrond was launched with an Initial Exchange Offering (IEO) on Binance Launchpad in 2017 where they managed to raise $3.25 million. At this time, Elrond distributed ERD as their cryptocurrency which was later swapped to EGLD after their mainnet in July 2020.

Elrond uses Secure Proof-of-Stake (SPoS) as their consensus mechanism. Developers on Elrond blockchain use Elrond Integrated Development Environment (EIDE) to build customizable projects and dapps. The programs can be written in many programming languages like Rust, C, and C++.

Transactions on the Elrond blockchain are confirmed and processed using a process called ‘Adaptive State Sharding’. Under this process, a node is split into parallel and equal subsets by the validators. Block producers then aggregate transactions into blocks. The final step is for validators to accept, reject, and validate the blocks before adding them to the main blockchain. Validators can earn up to 36% APY for their tasks while EGLD holders who delegate their stakes can earn up to 29% APY in rewards.

Elrond has partnered with several companies like Samsung Blockchain, TypingDNA, SmartBill, Netopia, and Distributed System Research Laboratory in Technical University of Cluj. Elrond’s objective is to continue growing with more scalability and usability without compromising the speed and security.