From Our Blog
Everything you need to know about Elrond EGLD Project
This Elrond EGLD project explained will cover its economics, sharding architecture, deflationary monetary system, and secure proof-of-stake consensus algorithm. In the end, you’ll have a clear understanding of the project’s goals and its promise of a more decentralized network.
Elrond EGLD project’s economics
The Elrond EGLD project has a promising future in the crypto world. The project is focused on democratizing the blockchain and creating a global financial system. Its EGLD token powers a decentralized internet-scale blockchain and its Metaverse economy. The project’s EGLD token is listed on Revolut and KuCoin, and it has recently partnered with Humans, a data and technology platform that builds AI models.
The Elrond project uses Proof of Stake (POS) to ensure a reliable network. Its POS consensus mechanism works on the same principle as bitcoin, although with a few differences. First, Elrond scales through shards, which are distributed among nodes. These nodes receive reward in the form of EGLD tokens.
Elrond describes itself as a blockchain platform for the new internet economy. The project plans to provide a secure, scalable, and interoperable blockchain architecture for enterprise use. It will use the EGLD token to fuel its activity, which will include smart contracts, staking, and other services. As a platform for a new digital economy, Elrond will allow users to create new assets and make low-cost transactions. In addition, it offers support for enterprise-grade Dapps and three programming languages: Ethereum, Python, and Xaa.
Elrond was designed by a team of 13 developers with experience from Microsoft, Google, NTT Data, and other companies. The team is headed by Romanian developer Beniamin Mincu. The project is one of the pioneers in the world of blockchain technology. It has raised $5 million in an ICO. The EGLD token is used for transactions, staking, and governance.
Elrond is a decentralized network that enables developers to access 2,000 petabytes of storage space and 7,000 IPFS servers. The Elrond network can handle thousands of transactions per second and is scalable by adding additional shards. Elrond’s economics are based on the fact that it can support a large number of transactions at once.
Its sharding architecture
The Elrond network is a sharded blockchain, whose purpose is to make transactions on a decentralized network more secure and scalable. It uses the SPoS consensus mechanism to select validating nodes to produce blocks. In turn, validators must verify the work of block producers and keep the network synced. Contributors to the network are rewarded with EGLD tokens. These tokens play an important role in the network and are used for sending and receiving transactions. In addition, staking EGLD allows users to vote on upgrades to the network and are rewarded with newly-minted EGL tokens proportional to the amount of EGLD they staked.
Achieving high transaction throughput requires a balanced sharding architecture. This approach reduces processing load by making nodes based on the same shard synchronize with each other. Additionally, each shard has its own ledger. Because transactions can be facilitated by the simultaneous access of multiple shards, this solution offers a higher level of security and performance than other solutions.
Elrond’s sharding architecture is made to prevent collusion between validators. It is a combination of network sharding and state sharding. In addition to this, Elrond is based on a distributed consensus group. Elrond also implements a Proof of Stake governance mechanism called Secure Proof of Stake, which keeps the network in sync. This sharding mechanism allows computers running Elrond software to secure the network and validate transactions. This method also allows Elrond to distribute newly minted EGLD coins.
Elrond is an internet-scale blockchain, and the platform’s sharding architecture increases its speed and scalability. With Elrond’s adaptive state sharding, a blockchain system is divided into several shards, each with its own ledger and history. This allows the network to scale efficiently without losing security. Further, sharding also protects against malicious attacks.
Its secure proof-of-stake consensus algorithm
Despite the fact that it is not a traditional cryptocurrency, Elrond is gaining traction in the cryptocurrency world, and is currently listed on many major cryptocurrency exchanges. The project was launched in 2017, and has since gone live. Currently, Elrond is one of the 46 largest coins in the market by market capitalization. Its circulating supply is valued at $1.1 billion, and its fully diluted cap is just under $1.5 billion. The Elrond ecosystem is comprised of over 100 projects, including:
Elrond uses a secure proof-of-stake (SPoS) consensus mechanism that helps lower the latency of the network. It does this by letting nodes in a shard determine who the consensus members are.
Elrond is aimed at making blockchain and cryptocurrency adoption mainstream. This is accomplished through a bespoke secure proof-of-stake consensus algorithm. The project also uses advanced sharding tech to maximize network efficiency. Its native digital currency, eGold (eGLD), also is used to power the Elrond network.
Elrond’s secure proof-of-stake algorithm enables the development of smart contracts in several programming languages. Moreover, Elrond uses a metachain that operates on a single shard and coordinates cross-shard operations. Elrond also has a dedicated smart contract execution engine built on WebAssembly. It supports all major programming languages, including Rust. Additionally, Elrond’s Rust smart contract framework is extremely sophisticated.
The Elrond network can support up to 15,000 transactions per second. Its native token, eGold, is used for voting, staking, and transacting on the network. Its transaction fees are competitive, as low as $0.001.
Its deflationary monetary system
The Elrond EGLD project has just launched its mainnet, and the developers want to create a borderless, global digital economy. This is possible thanks to a value transfer protocol that enables the deployment of decentralized applications. To celebrate the mainnet launch, Elrond released the Maiar dApp, which is both a wallet and has features that tie into Elrond’s goals.
Elrond is similar to Ethereum in its development space, but it is faster and cheaper to use. It is more than 15 times faster than Ethereum, and its transaction fees are less than $0.001. It also has a much stronger network, making it easier to passively make money with its PoS system.
Elrond’s staking reward varies, depending on market conditions, but at present, delegates can expect to earn anywhere from 15% to 19% of their eGLD holdings by June 2022. This rate is not guaranteed, and may change substantially.
Elrond’s native token EGLD has recently risen by almost 17%. This positive performance makes the project worth looking at. Moreover, the company made multiple announcements this month, including the release of the Elrond Dev Hub, a library of useful resources for developers and programmers. The company also announced the launch of its first decentralized exchange, Jungle DEX, on July 1. The Jungle DEX will let users list and trade ESDT tokens and other cryptocurrencies.
The Elrond EGLD project has released a circulating supply of twenty billion eGLD tokens. These are a store of value and payment currency for the network. They also act as governance tokens, allowing holders to vote on the network’s decisions. The Elrond EGLD project’s deflationary monetary system is built upon a proof of stake protocol, which chooses a verification node and processes transactions in under 100ms.
Its real world integration
In an attempt to integrate blockchain technology into real world transactions, Elrond is collaborating with Nash, a decentalized cryptocurrency exchange, to explore the possibility of integrating Elrond’s EGLD project into the NASH payment platform. The two companies also plan to collaborate in Blockchain Research and education efforts.
Elrond is building a platform for real-world integration and has launched a test network that can process 10K transactions per second with minimal latency. The platform can scale linearly as more nodes are added to the network. This feature allows for transactions to be processed in parallel, which should result in a much higher throughput than centralized solutions.
Elrond is also planning to roll out new features and innovations to ensure the platform can be used by the real world. These improvements are expected to make it the fastest, most secure, and scalable blockchain platform on the market. As for the price, cryptocurrency is notoriously volatile, and even experts often miss predictions of future price trajectories. However, sound fundamentals will often drive a token’s price upwards. Coinpedia, for example, sees EGLD reaching $1,203 over five years. Coinpedia bases this prediction on Elrond’s continual improvement in scalability. The coin is also expected to reach a new all-time high of $721 by 2022.
Elrond is an advanced public blockchain project that is aiming to offer security, efficiency, scalability, and interoperability. Developed by a team of engineers and entrepreneurs, the platform aims to create a new digital economy. Users can use it to create new assets and make low-cost transactions. Its architecture allows it to scale by sharding and supports enterprise-grade Dapps.
Should you invest in cryptocurrency?
In an era where digital technology is the rule, cryptocurrencies seem at first sight to be a wise and beneficial investment. However, you need to be aware of the risks of such an investment before taking the plunge.
A cryptocurrency, what is it?
A cryptocurrency is a private and virtual currency, which does not pass through traditional financial institutions (for example, banks or payment processors like Paypal www.cryptos-monnaies.fr/paypal/). Cryptocurrencies aren’t like conventional currencies. They are not based on a physical entity nor directly exchangeable for tangible value. The dollar, for example, is directly exchangeable for gold, and it is precisely on this possible transaction that the confidence of its users rests.
Cryptocurrencies, on the other hand, are issued via a blockchain process, a kind of registry that includes the history of all financial transactions between users of the given cryptocurrency. This database is accessible and completely transparent to all users of the currency in question. Thus, users’ trust in a cryptocurrency is entirely based on this blockchain and the traceability of other users’ data.
A rogue currency?
Cryptocurrencies, not being supervised by conventional monetary institutions, are more vulnerable to fraud: Libra, Facebook’s cryptocurrency, is already the source of many scams, even one year before its launch. Between false platforms to help investment and the sale of counterfeit money, one thing is sure: crypto-currencies are continually developing the imagination of hackers.
A currency subject to computer errors
One of the main dangers associated with crypto-currencies is the computer bug. Indeed, a simple coding error can lead to hyperbolic losses. The crypto asset called Ethereum, for example, is particularly exposed to this type of dysfunction. In 2016, an Internet user detected a flaw in his algorithm and exploited it to divert the equivalent of 50 million dollars or nearly 5% of the total mass of ethers at the time. Although cryptocurrencies are becoming more and more secure following this incident, it is essential to keep in mind that risk 0r does not exist.
A volatile currency
Because they are not based on values as tangible and reliable as traditional currencies, cryptocurrencies are much more volatile, and their prices display vertiginous curves. Their costs vary upwards and downwards in a short period: Bitcoin, for example, collapsed by 10% in a matter of minutes last June. It is, therefore, vital to understand that investing in cryptocurrency is a risky investment.
Before investing in a cryptocurrency, make sure you meet the following conditions:
– Understand how cryptocurrencies work
– Do not invest more than you are willing to lose
– Verify that the sites used to mine/purchase cryptocurrency are reliable and verified, and if in doubt, contact a professional
Watch this video to understand more about Bitcoin and other crypto assets:
Towards the adoption of crypto: four recent announcements
The crypto-currency market is a wild and always changing industry. As such, we like to provide you with regular updates from our team.
Here are the latest notable improvements and news this market has brought us over the past month!
1- Pundi X brings the payment in crypto money to Panama
Singapore-based Blockchain company Pundi X announced the launch of the XPOS module (its cryptocurrency-enabled point of service device) in Panama and surrounding areas, in cooperation with the development company ChainZilla, as the leading distributor and liquidity provider. It will allow Panamanian merchants to accept payments in Bitcoin and other cryptocurrencies.
Thanks to XPOS, the Verifone X990 will be able to accept several cryptocurrencies, such as BTC, ETH, and others at all retailers where Pundi X Verifone X990 is installed.
2- More opportunities for ETH and DAI
London-based start-up Monolith has joined forces with Digix and MakerDAO, two DeFi (decentralized finance) companies. Through this collaboration, the Visa Monolith debit card user can use the Monolith mobile application to load their card in certain digital currencies, including ETH and DAI. Cardholders can then use these currencies “for their daily purchases, to pay bills or to send and receive money to friends and family, all powered by Ethereum.” The card could be used worldwide. To be more precise, crypto can theoretically be used in more than 65 million retail outlets worldwide.
Mel Gelderman, CEO of Monolith, said that MakerDAO and Digix “represented the best Ethereum decentralized finance projects” and that there had been “a fantastic response from our beta users.”
3- Flexa expands into Canada
New York-based payment start-up Flexa has launched its crypto payment network, which allows users to spend crypto money in several stores. It will enable users to spend Bitcoin, Ether, Litecoin, Bitcoin Cash, and Gemini Dollar in more than 39,000 locations in the United States.
Now, in partnership with Coinsquare, the Canadian crypto exchange, Flexa also offers in-store payment options. Canadians can try Flexa by downloading the SPEDN application from the App Store or Google Play. The company will offer “instant crypto money payments at more than 7,500 points of sale in Canada” (including some of the largest retail, entertainment, and fuel brands) starting the first week of September. When Canadians visit the United States and vice versa, they can use the network freely and without worrying about exchange rates or conversion fees.
4- Zcoin has access to 5 million merchants in Thailand
The privacy-oriented Token Zcoin announced that it had become the first cryptocurrency that can be used nationwide by more than five million Thai merchants through the new Satang application. It will allow you to buy, sell, and manage digital assets using a QR code system. Through this application, nearly 50 million people with a PromptPay account (the Thai government’s electronic payment service) can choose Zcoin as a payment option for instant transactions with local merchants by scanning a QR code in stores or online. Merchants can also be paid in Thai Baht, converted via the regulated Satang Pro exchange. Besides, PromptPay will be linked to PayNow, the Singapore-based affiliate system, which could open Zcoin’s doors to other countries using the unified payment interface.
“By integrating the existing payment network, Zcoin eliminates the difficulties of raising awareness of technology among merchants, while helping them accept the use of crypto money as a valid means of payment,” said the coin developers.
5 questions to understand crypto-currencies
Bitcoin, Ripple, blockchain, mining… These words have become more and more present in today’s technological language. They are all linked to an evolution in financial practices, a new revolutionary tech: cryptocurrency. Created to facilitate online payments, it remains far too complicated for many and also attracts an evil reputation to to its past use cases.
Facebook has made official the launch of its currency (Libra) for 2020. it is time that the masses educate themselves in order to know everything (or almost everything) about these virtual currencies that are flourishing everywhere.
What is it?
It is a virtual currency, 100% electronic, created to be able to make payments online without having to use a traditional financial institution and therefore, without having to make currency changes. In the absence of a physical medium ( banknote, coin, etc.), the cryptocurrency must have an encrypted system to ensure that it is the property of a person who has a “code” to use it (personal information, fingerprint, etc.).
Payment information is divided into a network of files (Blockchain) managed by thousands of computers that validate and record transactions. It allows to store and transmit data in a secure, transparent, and decentralized manner, with a history of operations. But where everyone writes only one line and can’t touch each other.
Are crypto-currencies recognized?
Even if it is becoming less rare to see places where you can pay in Bitcoin, a crypto-currency is still considered as an alternative currency. That is, it has no legal tender in any country. But it can be legally recognized as a means of exchange. In some others, however, it is prohibited for use.
How to use them?
To use it on the Internet as a merchant, you need a digital wallet to store your cryptocurrencies. There are online versions (more straightforward to use, but the site then owns the clients’ private keys), offline (ultra-secure and disconnected from the Internet, often USB keys such as the Nano X LED) or desktop (intermediate solution on your computer desktop, no identity justification required and total anonymity).
Generally, each currency has its wallet, but some are multi-crypto-currencies. But beware of its safety!
Is there only one crypto-currency on the market?
There are many virtual currencies. There is, of course, the Bitcoin, the most famous. But also the Ethereum, Namecoin, Litecoin, Ripple or Peercoin which are based on different proof of work systems with various advantages (fast transaction, mixed system, reinforced encryption, use of blockchain).
Why are they not generally adopted?
Cryptocurrencies still attract an evil reputation. It must be said that organized crime has seen it as an ultra-secure way to manage its affairs and launder money discreetly on the Dark web. Several virtual currencies have also been victims of piracy, leading to the end of some projects. And once these have disappeared from your computer or wallet, it’s over!
But it is above all the volatility of this virtual currency that remains a brake (the Bitcoin exceeded 19,000 dollars before falling drastically and stabilizing around 9,000 dollars). Because the weakness of crypto-currencies is that any value that maintains they do not back them.
5 Cryptocurrencies to Watch in the Next 5 Years
Facebook’s announcement of the launch of their Libra coin has boosted interest in cryptocurrencies in 2019. Bitcoin, Ethereum, Litecoin, and the technology on which they are based, Blockchain, seem to have a bright future.
There are thousands of cryptocurrencies on the market, some worth only a few cents. Bitcoin’s main rival is Ethereum, which experienced spectacular growth in early January. Bitcoin Cash and Litecoin are other significant players in the crypto money world.
Bitcoin is the star of cryptocurrencies, the first to have attracted the attention of the general public. Created in 2008, it celebrated its tenth anniversary in 2018. Its inventor, Satoshi Nakamoto, remains mysterious. Satoshi Nakamoto represents the underlying philosophy of Bitcoin, namely to provide a decentralized currency, without control by States, a company, nor a person.
Bitcoin, like other cryptocurrencies, is based on blockchain technology. It is a technology for storing and transmitting information, operating without a central control body. Only the two users exchanging the currency have access to the transaction, which is a definite security advantage.
A blockchain can be compared to a public ledger. A permanently accessible account book since all transactions made since the very first block are listed openly.
The number of Bitcoins in circulation is limited. By the end of 2140, the creation of Bitcoin will be stopped, and there will only be 21 million units.
Litecoin is one of the best-known crypto currency based on Bitcoin code. Created in 2011, Litecoin is a crypto money distributed under a free license.
Litecoin improved the Blockchain on which it is based has thus been improved compared to that of the Bitcoin. In particular, this has made it possible to speed up the verification process and thus increase the speed of transactions, which is currently higher than that of its competitors. And transaction costs are much lower than those of Bitcoin. Litecoin is therefore particularly suitable for daily transactions.
Like Bitcoin and most crypto assets, Litecoin production will be in a limited number. The Litecoin emission rate halves every 840,000 blocks, and will eventually reach 84 million Litecoins. There is a halving coming soon this month of July 2019!
The latest in the world of cryptocurrencies, Libra was launched with great buzz on June 18 by Facebook and its boss, Mark Zuckerberg. It is a “stablecoin,” i.e., a crypto money backed by a reserve of currencies and stable values, such as the dollar or the euro. Unlike Bitcoin, which is very volatile, it should not attract speculators.
The Libra is designed to transfer money with a smartphone “as easily and instantly as when you send a message,” or to buy come and service on e-commerce sites or via applications. Uber, eBay, Spotify, and Booking are already part of the project.
Ethereum and its currency, the Ether, is one of the most popular crypto money, behind Bitcoin.
Ethereum was founded in 2013 by a 19-year-old Russian-Canadian computer scientist, Vitalik Buterin. Launched on July 30, 2015, the Ethereum, the platform that supports Ether, has seen a significant increase in its value since then.
The strength of the Ethereum, which is also comparable to Bitcoin, is based on its Blockchain, the technology on which it is based. It can be used as a basis for a multiplicity of applications, unlike the Bitcoin application for transactions only. It is a very powerful tech powered by smart contracts.
Ethereum thus makes it possible to create “smart contracts.” Some believe that this could be even more revolutionary than artificial intelligence, by radically changing and improving the way all transactions are carried out.
Ethereum’s Blockchain could replace notaries, lawyers or others by acting as a “trusted third party” in a transaction, and by setting up flawless contracts in a matter of seconds, much more efficiently than a human being.
Nicknamed “the real Bitcoin” by its followers, Bitcoin Cash was born on August 1, 2017, from a schism (“hard fork”) with Bitcoin. Even if it is based on the same Blockchain, it is faster and guarantees cheaper transactions than Bitcoin. However, the latter should soon see changes that will enable it to catch up on its deficit.
What Is Crypto-Currency
Crypto-currency is a kind of digital currency which was built with a cryptographic protocol that makes transactions secure and also incredibly difficult to fake. One of the most important features of cryptocurrency is that it is not at all controlled by any kind of central authority. The decentralized nature of blockchain makes cryptocurrency theoretically immune to all the old ways of government controlling and interference as well.
Cryptocurrency has been known to make it easier to conduct any kind of transactions, for transfers which are simplified through the use of private and public keys for security and privacy purposes. These transfers can surely be done with minimal processing fees and also it allows users to avoid the steep fees which are charged by traditional financial institutions. Today cryptocurrency is known globally to most people, at least those who haven’t been living under a rock. While some people think it is geeky and do not understand it, banks, governments, and most companies are very aware of its significance. Beyond the noise and the press releases with the overwhelming majority of people having very limited knowledge about it and it being what it is, they usually fail to understand the concepts.
Cryptocurrency initially emerged as a kind of side product of another invention. Satoshi Nakamoto was the inventor of Bitcoin, the first and also still most important cryptocurrency. While announcing Bitcoin in the year 2008, Satoshi said he developed Bitcoin because he wanted to introduce a peer to peer electronic cash system. After seeing that all centralized attempts failed, Satoshi tried to actually build a digital cash system without a central entity.
His initial goal was to invent something that most people failed to create themselves; Bitcoin was indeed a happy unintended accomplishment. To realize digital cash, you should have a payment network with accounts and sufficient balances, and also these accounts must have the ability to carry out transactions. It is also a simple thing, and it is very easy to understand.
If and when you take away all the noise surrounding cryptocurrencies and ultimately reduce it to a simple definition, you will find it just to be a database that no one can change without accurately fulfilling certain specific conditions. Only miners will be able to confirm transactions. This is exactly what their job is in a cryptocurrency network. They take all the transactions and stamp them as legitimate and then spread them in the network. After said transaction is confirmed by the miner, every node has to add up to its database, and it has become a part of the blockchain. For this particular job, the miners will surely get rewarded with a token of cryptocurrency itself, most of the time with, Bitcoin. The miner’s activities are some of the single most important part of the entire cryptocurrency system.
Cryptocurrencies rising high, aside from Bitcoin!
Every since cryptocurrency has set foot in the market, Bitcoin has been a star. Even the beginners are well familiar with Bitcoin currencies and even few restaurants got set up in few regions which trade in the format of bitcoins. With bitcoin making a place in the mode of payments, the popularity of the trend is no secret. You might not have heard of other few cryptocurrencies which are playing their cards and soon will reach the height where bitcoin is right now! With technology rising and entrepreneurial community taking the lead in its hands blockchain and cryptocurrency is catching the pace with time by creating the currencies in the form of coins and technology. The biggest such name making the way through is Etherium which is backed up by huge daddies in the techno market such as Microsoft, Samsung, JP Morgan Chase to name a few.
Below are mentioned few cryptocurrencies worth looking out for:
Stratis– This cryptocurrency is emerging as a powerful blockchain development platform. They recently have started getting a huge support from big companies like Microsoft, aiming to become a one-stop shop for all the things one might desire essentially in a desire to become a BAAS platform. Although they look much alike to Etherium in concepts and yet are different from each other. Stratis runs on the Bitcoin Blockchain but it starts making a difference by giving the developers a platform to code in C# which widens up many opportunities for application and all other developers. It is rumoured that soon Stratis is about to launch a breeze wallet which would modernize and customize the definition of transactional privacy by revolutionising it. Stratis is matching the supply level to Etherium and this could easily give you an idea where could Stratis soon reach in pricings.
Ripple– It is a very interesting platform the blockchain has provided to let banks interact with each other without any middleman or a point of control and can become a source to revolutionize the banking. The Ripple and the token it provides called XRP has been long criticized for not having the currency and technology not truly connected and this has resulted in a major drawback of the currency. This technology has not launched its own personal wallet yet, as soon as these two issues resolve, Ripple will reach heights quicker than a squirrel reaching the peak of a tree.