Review on Elrond by Toprak Dere
About Elrond (EGLD] coin
Elrond is a highly scalable, fast and secure blockchain platform.
EGLD token or Elrond eGold; It is used for transactions, smart contracts, rewards and governance. Elrond prefers to use Secure Proof of Stake (SPoS) on its platform. The SPOS algorithm is a type of Proof of Stake algorithm that increases the security of the network.
To address Elrond's vision, while there is great excitement around the potential of blockchain technology to reshape finance and potentially affect the turmoil of other industries, there is understandable concern as to whether blockchains can scale to meet very large, mainstream demand. For example, Bitcoin has an extremely limited throughput, while Ethereum is in the ETH 2.0 transformation process to deal with its own scaling issues.
Elrond's announcement that the BUSD stable cryptocurrency will operate on the Elrond network as part of the Binance collaboration is an important development for Elrond in the long run. At the same time, the low transfer fees and the 30% return feature to be given to decentralized applications that will run on the network show how vital incentive mechanisms are for Elrond.
Thanks to the well-known Samsung partnership and collaboration, many decentralized applications can come ready within Samsung devices. This could act as a catalyst for Elrond's expansion of its user base.
Another noteworthy development is that Coinbase has scrutinized EGLD and recently announced that it will open custody / staking service to its US customers.
According to the report published by Coingecko, Elrond was also the project with the most developer activity on GitHub among blockchain projects.
Pros
- It seems that the platform is preferred because the team behind it is strong and the problem it deals with is important. This increases the demand for EGLD coin.
- “ultra-fast transaction” technology.
- sharding technology,
- The Elrond project follows a well-designed roadmap to grow its ecosystem. Thus, the project shares its technical updates and collaborations on a daily basis.
Cons
- none
