Elrond is a highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases and the new internet economy. It seeks to offer extremely fast transaction speeds by using sharding and it is also a technology ecosystem for the new internet, which includes fintech, decentralized finance and the Internet of Things. Elrond’s smart contracts execution platform is capable of 15,000 transactions per second, six-second latency and it has a US$0.001 transaction cost.
It was co-founded in late 2017 by brothers Beniamin and Lucian Mincu, as well as Lucian Todea as a solution to the problem of blockchain scalability. Besides, it has a native token known as eGold (EGLD) that can be used for paying network fees, staking, governance, transactions, smart contracts and validator rewards.
According to Elrond’s website, it is developer-friendly and it has multiple VM engines: “We have integrated a WASM VM engine, created a useful abstraction layer, support multiple smart contract languages, enabling testing and deployment in minutes.”
While Elrond is an internet-scale blockchain for allegedly fast and secure digital payments, Maiar is a digital wallet and global payments app that allows users to exchange and securely store money on their mobile phones. Maiar can be used to send and receive money near-instantly, to and from anyone around the world by just using a phone number or herotag and it is powered by the technology of the Elrond blockchain.According to CoinMarketCap, at the moment of writing this article Elrond’s price is US$241,64 with a 24-hour trading volume of US$93.819.601. EGLD is currently ranked 28 in CoinMarketCap’s ranking, with a live market cap of US$4.820.381.422. It has a circulating supply of 19.948.352 EGLD coins and a maximum supply of 31.415.926 EGLD coins.