Blockchains that offer less fee, more speed, and security are the ones that are going to take off. Elrond protocol is a blockchain that aims to provide fast transactions speed using sharding. As they describe themselves they are the ecosystem for the new internet. For decentralized finances and Fintech and the Internet of Things, they are the platform. According to a report their smart contracts are capable of performing 15,000 transactions per second with a cost of $0.001. Elrond was announced in August 2019 and their mainnet went live in July 2020.
How is Elrond Different?
Elrond ecosystem has almost 2,169 validators. These validators are split in 4 shards. Three are executions shards and one is Metachain. The execution shards are capable of 5,400 transactions per second that can be scaled up in case requirements are more.
To help the adoption Elrond is providing developers and allows them to earn 30% of the smart contract fee.
The Native Token (EGLD)
The native token of Elrond network is Egld that is used in staking and paying network fees and rewarding validators. At the time of writing EGLD is being traded at the price of $291.66. The price has increased b almost 2.34% in the past 24 hours. EGLD is listed on coinmarketcap on the 37th spot and has a market dominance of about 0.22%. The past 4 months have been extremely bullish for the price. This month alone we have seen an increase of about 41.60% in the price of EGLD. 4 months ago EGLD was being traded at the price of around $65 and now it is near its All-Time High. EGLD has a limited supply with a base at 20M Egld and new tokens are minted to reward the validators.
Long Term Investment
People and investors are quite optimistic about the network. According to wallet investor EGLD is a very good investment. In a one year plan Egld is to be $482. In a five-year plan, EGLD is expected to reach a value of $1257 which is almost 4 times of what it is being currently being traded at. This is almost a 65% increase in a year. Nevertheless, Elrond surely has attained the attention of investors and that is the reason for its price.