Egld Crypto: Is It A Smart Investment Decision?

Elrond (EGLD) is a cryptocurrency that entered the market in 2020. It has since undergone a rebranding and is now known as MultiversX (EGLD). The Elrond project has had a successful year, gaining popularity in the crypto market and beyond. The Elrond network is built to ensure resistance to known security problems and its native token, EGLD, ensures high scalability and security. The current price of EGLD is $28.60, with a 24-hour trading volume of $18,421,314. The price has fluctuated over the years, hitting a peak of $542.58 in November 2021 and a low of $6.54 in October 2020. So, is EGLD a good investment?

Elrond's Maiar app

Firstly, Maiar provides an intuitive and user-friendly interface for worldwide transfers, enabling users to send money anywhere in the world instantly and at the lowest costs. This feature alone makes it an attractive alternative to traditional banking, as it eliminates the typical delays and high fees associated with international transfers.

Secondly, the Maiar app supports staking directly within the app. Staking is a process where users delegate their coins for validation node operations, and in return, they receive rewards. In the case of Maiar, users can earn interest rates of up to 29% per year on their staked coins, significantly boosting their returns compared to traditional savings accounts.

Additionally, the Maiar app is designed to facilitate all the operations needed in day-to-day life. It serves as a digital home for users' financial activities, providing a secure and convenient platform to manage their assets. The app also includes innovative features such as an AI-powered assistant, AI-generated profile pictures, and 3D avatars, enhancing the user experience and making it more interactive.

One of the critical advantages of the Elrond network, which the Maiar app leverages, is its high transaction speed. Elrond can process 16,200 transactions per second, far surpassing Bitcoin's 5-7 transactions per second and Ethereum's 13-15 transactions per second. This scalability positions Elrond as a highly efficient and capable ecosystem, attracting existing projects to its network and fostering limitless possibilities for adaptability and development.

Overall, the Maiar app is a significant component of the Elrond ecosystem, offering users a secure, user-friendly, and feature-rich platform for their digital banking and investment needs. Its combination of worldwide transfers, staking capabilities, and high transaction speeds makes it a compelling choice for those considering investing in EGLD and participating in the Elrond community.

Elrond's transaction speed

Elrond achieves this speed through its use of Adaptive State Sharding, which splits the network's infrastructure into smaller fractions, allowing nodes to resolve fractions of transactions one by one, preventing congestion and enabling scaling. This sharding is performed through the use of a modified Secure Proof of Stake (SPoS) consensus algorithm, which protects the network from attacks and randomly selects validating nodes to achieve consensus. The choice of nodes is influenced by the number of locked tokens and the validator's rating, which is based on their activity and compliance.

The increase in throughput achieved through sharding means that each node in the network only needs to process a portion of all transactions, reducing the load on each node and increasing the overall transaction processing speed. Elrond's blockchain is also being developed with WebAssembly (WASM), an open-standard portable binary-code format, allowing for compatibility with a range of programming languages.

The combination of sharding and WASM technology has allowed Elrond to achieve significantly faster transaction speeds than its competitors, with the potential for further optimisation and increased speed in the future.

Staking

There are several providers that allow you to stake EGLD, such as Istari Vision and MultiversX. Istari Vision is one of the largest and most trusted staking providers worldwide, with highly available infrastructure and top node ratings. MultiversX, on the other hand, has seen a net increase in the number of eGLD staked on its network over the past 30 days.

To stake EGLD, you will first need to purchase it either directly from Elrond or on a cryptocurrency exchange. You will then need to transfer your EGLD tokens to an Elrond wallet. Finally, you can choose a validator and stake your EGLD tokens.

It is important to note that there is a lock-up period of 10 days when staking EGLD tokens. This means that investors will need to wait 10 days after initiating unbonding before they can trade their tokens again.

Partnerships and listings

Elrond, the project behind EGLD, has managed to secure partnerships with well-known and respected names in the crypto and high-tech industries, such as Binance, Samsung, Electric Capital, Woodstock, and many others. These partnerships have set a precedent for future listings on important platforms.

EGLD, or Electronic Gold, is the native token of MultiversX, a blockchain protocol that offers true horizontal scalability by utilising all aspects of sharding (network, transaction, and state). MultiversX is a high-throughput blockchain that aims to power the metaverse frontier. It is capable of 1000x throughput than most existing blockchains, allowing it to handle even the most aggressive wave of user adoption. The project describes itself as a technology ecosystem for the new internet, including decentralised finance, real-world assets, and the metaverse.

The trading volume of MultiversX (EGLD) is $23,275,444.77 in the last 24 hours, representing a 53.10% increase from the previous day. EGLD tokens can be traded on centralised crypto exchanges such as Binance, OKEx, Bitfinex, and BitMax. The most active trading pair, EGLD/USDT, has a trading volume of $4,482,373.98 in the last 24 hours.

MultiversX's native token was first made available through a private sale, and the company also held an initial exchange offering on Binance. The total token supply was reduced from 20 billion to 20 million during a token swap event in September 2020.

Community

The Elrond team is active in forums and has organised live sessions dedicated to the community. This two-way support is a defining feature of the Elrond community, which also helps with information and support and participates in the project's transparency.

The Elrond community is also instrumental in the project's next steps. The EGLD price might catapult to its potential high of $67.93 if the crew behind Elrond focuses on developments and community-building events.

The Elrond community is also global, with a presence in Romania, where the company is buying a bank to clear transactions in crypto.

The community has also been pivotal in the adoption of the Maiar app, which has been described as well-designed and user-friendly.

Frequently asked questions