Elrond price is $0.00775590
As of the latest available information, the price of Elrond (ERD) is currently $ 0.00775590, representing a increased in value over the past 24 hours of +0.00%. It's important to keep in mind that cryptocurrency prices are highly volatile, and the value can fluctuate widely within short periods.
Elrond (ERD) is a blockchain protocol that aims to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance and the Internet of Things. Its native token, ERD, is essential for the network and can be used for paying network fees, staking, and rewarding validators.
Elrond was founded by brothers Lucian Mincu, Lucian Todea, and Beniamin Mincu. The team set out to create a blockchain that is highly scalable, fast, and secure, all while maintaining a low cost. They aimed to resolve the scalability issues faced by other blockchains, attaining this by implementing their version of sharding technology.
Elrond uses a novel form of sharding called "Adaptive State Sharding," which combines three commonly used sharding types (state, transactions, and network) to enhance communication inside the network and increase transaction speeds. Additionally, Elrond introduced the Secure Proof of Stake (SPoS) consensus mechanism to ensure security and efficiency in validating transactions and creating new blocks in the blockchain.
Secure Proof of Stake is Elrond's custom consensus mechanism which ensures a secure and fair consensus process without the high energy demands of traditional Proof of Work systems. SPoS selects validators based on their stake and rating to participate in the consensus group, thereby minimizing the risk of attacks while allowing for fast transaction throughput.
Elrond stands out for its high scalability, processing speeds of up to 15,000 transactions per second (TPS), and low transaction costs. These feats are impressive in the blockchain space and are achieved through its unique Adaptive State Sharding process and the SPoS consensus mechanism.
The Elrond network is secured by its SPoS consensus mechanism, which selects validators based on multiple factors, including the amount of ERD staked and the node's past performance. This method mitigates the risk of centralization and potential security breaches that can come from purely staking-based mechanisms.
There are currently 5.9B ERD tokens in circulation, out of a total supply of 20.0B. The maximum supply of ERD tokens is designed to provide scarcity and help maintain the asset’s value over time.
Elrond’s blockchain technology is state-of-the-art, featuring Adaptive State Sharding and Secure Proof of Stake that enable it to process a large number of transactions quickly and securely. These technologies work in tandem to optimize and balance the load on the network, enabling it to scale as demand increases.
Elrond (ERD) can be bought on a variety of cryptocurrency exchanges. Popular Binance are some of the marketplaces where you can purchase ERD. When buying cryptocurrencies, it is crucial to use reputable exchanges and practice secure storage methods.
The best practice for keeping your Elrond (ERD) tokens safe is to store them in a secure wallet. These can be hardware wallets, which are not connected to the internet and are therefore secure from online hacking attempts, or software wallets that come with reputable security measures. Always ensure to keep your private keys confidential and backup your wallet to protect against unforeseen data loss.
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