What is Elrond?
The aspect of ultimate decentralization is what draws investors and traders to the world of cryptocurrencies. Other important factors are scalability and security, which allow users to work with a system that doesn’t get slowed down, hacked, etc. Elrond, which is now MultiversX, is a project aiming to achieve that.
Elrond is a cryptocurrency made on the abovementioned principles to be a secure, scalable, and ultimately decentralized project. Though it is rare to find any crypto that offers all three features, Elrond co-founders and brothers Beniamin and Lucian Mincu found the solution. This project is built to perform faster while being far more secure than its peers.
EGLD Price Trends
Elrond tokens were released under the ERD ticker during 2019, a year before their mainnet launch in July 2020. The development team issued ERD tokens on both the Binance DEX and Ethereum DEX blockchains.
2019 & 2020
In June 2019, its team announced a private round of investment that gained $1.9 million from investors like NGC Partners, Binance Labs, Electric Capital, Maven 11, etc. In total, the team sold 3.8 billion ERD tokens, which later amounted to 3.8 million EGLD each at $0.5.
Elrond held an initial exchange offering in July via Binance Launchpad, allocating 5 million EGLD value of $0.65 per token. Elrond Mainnet was launched the following year, bringing EGLD tokens to the market.The conversion took place at a rate of 1000:1. At that time, its value ranged between $10 and $12.
2021
Until 2021, Elrond price remained under $12. After that, as the broader crypto market saw an extraordinary bullish season, EGLD price levels touched $200 by February 2021. In April of the same year, the price of Elrond reached $240. But after that, EGLD faced resistance every time a breakout was due. In November, EGLD broke its record by reaching an all-time high value of $545.
2022
Like most of the popular altcoins, Elrond had a rough time in 2022. Prices did not sustain their high levels for very long as EGLD plummeted. Towards the beginning of the year, Elrond tokens were worth $213, which continued to sink. EGLD and other cryptos saw the worst turbulence unfold as bears took hold of the market.
By the end of 2022, EGLD had failed to recover its value and had been reduced to $44. During that time, EGLD took the 39th place on the list of largest cryptos by market size at various crypto data sites.
How does Elrond (MultiversX) work?
The team behind Elrond has implemented three different types of segmentation to bring scalability, security, and decentralization. State, transactions, and network use a parallel processing methodology in Elrond’s blockchain that speeds it up and increases the number of transactions as well. EGLD utilizes a secure version of the proof-of-stake consensus mechanism.
Elrond is meant for providing high throughput and blazing-fast execution speed. It uses adaptive state sharding for scaling and a WebAssembly-based virtual machine. These aspects help the Elrond system to not only build, support, and execute dApps but also enable linear scalability.
The system is meant to help build decentralized apps (dApps) and even tokens using smart contracts and programs like sharding. Once a condition is met, Elrond automatically goes into execution mode. The system’s native token was previously egold, but it became Elrond (EGLD) later. Those who hold these tokens are the ones who can add blocks to the ledger.
Users earn the native token, EGLD, but it also supports trading, selling, and buying via crypto exchanges. This token is also responsible for implementing sharding, which helps in cutting down a blockchain so as to increase network scaling. The maximum supply of EGLD has been set at 31,415,926—the first eight digits of pi.
Elrond Key Events
Here is all that has happened during the lifecycle of Elrond up until now:
- Beniamin and Lucian Mincu joined Lucian Todea to create Elrond as a solution to blockchain scalability limitations in late 2017.
- The company launched a prototype of the original system in July 2018. The launch took place successfully using Amazon Web Services and reached 1,000 transactions per second.
- In June 2019, the founding team of Elrond launched a private and then a public testnet release along with the IEO. During this time, EGLD secured millions from multiple investors, VCs, and angel investors.
- Finally, in 2020, Elrond launched a mainnet that helped EGLD gain some traction in its value within the crypto market.
- In 2021, EGLD boosted its performance and became one of the top altcoins that saw all-time high values. Throughout this year, EGLD saw a 650% increase in just 2 months.
- During the third quarter of 2022, the Elrond team added on-chain governance. Around the same time, the project rebranded to MultiversX with a new logo. The rebranding came to the project with a new identity as it is now a metaverse-forward company.
EGLD Mining
Even after introducing a complete change in company goals, direction, and nature, MultiversX continues to use the EGLD tokens throughout the network. But as Elrond, the original project, uses Secure PoS, an improved version of PoS, it does not support mining.
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