%201%20(1).png){kind=avatar}
eGold (EGLD) is the native cryptocurrency of the Elrond blockchain platform. It is a multi-purpose token used for staking, voting, and conducting transactions on the network. EGLD is also a central asset in the incentivization system, rewarding network participants for their contributions. It is used to secure the network, vote on proposals, and facilitate transactions, making it a crucial component of the Elrond ecosystem.
eGold, also known as EGLD, is the native token of the Elrond Network. It serves multiple purposes within the network:
- Store of Value and Medium of Exchange: EGLD is used as a store of value and medium of exchange, facilitating transactions and interactions within the Elrond ecosystem.
- Transaction Fees: EGLD is used to pay transaction fees when interacting with the Elrond blockchain. These fees are then used to reward validators for securing the network and providing services.
- Staking and Governance: EGLD is used for staking in the governance of the network, allowing participants to contribute to the network's security and decision-making processes.
- Smart Contract Loyalties: 30% of the fees are sent to smart contract developers as royalties, incentivizing the development of decentralized applications.
Overall, EGLD is the central asset in the incentivization system that rewards network participants and supports the growth and security of the Elrond Network.
To store eGold (EGLD) tokens, you can use various wallets that support the MultiversX platform. Here are some options:
MultiversX Wallet: This is the native wallet for storing and managing EGLD tokens. You can create a new wallet by visiting the MultiversX website and following the steps.
xPortal: This is a native mobile wallet that provides non-custodial storage and streamlined management of EGLD tokens.
MultiversX Web Wallet: This is a secure web wallet that allows users to stake their EGLD, manage NFTs, and more.
Ledger Live: This is a comprehensive platform that offers features such as purchasing cryptocurrencies, staking assets, and managing NFTs. It provides a seamless and user-friendly experience for interacting with your devices and crypto assets.
Atomic Wallet: This is a multifunctional crypto wallet that enables buying, staking, and trading of over 300 digital currencies, including EGLD.
Hardware Wallets: Options like Ledger or Trezor provide the most secure offline storage and backup for storing larger amounts of EGLD.
Software Wallets: These are free and easy to use, available as smartphone or desktop apps, and can be custodial or non-custodial. Examples include the Elrond Wallet and Maiar.
Online Wallets: These are free and easy to use, accessible from multiple devices using a web browser. However, they are considered less secure than hardware or software wallets and are best suited for smaller amounts of EGLD or frequent trades.
Kriptomat: This platform offers a secure storage solution, allowing you to store and trade your EGLD tokens without hassle.
When choosing a wallet, consider factors such as security, ease of use, and the amount of EGLD you need to store.
To buy eGold (EGLD) tokens, follow these steps:
Create an Account: Open an online account with a cryptocurrency trading platform that supports eGold, such as KuCoin, Swyftx, Binance, Binance.US, or Crypto.com.
Deposit Funds: Deposit Australian dollars (AUD) or other accepted currencies into your account using various transfer methods, including credit and debit cards.
Buy eGold: Use your deposited funds to buy eGold (EGLD) tokens on the platform. You can also buy eGold with other cryptocurrencies on some platforms.
Store Your Tokens: Store your eGold tokens securely in a wallet, such as the Elrond Wallet or non-custodial wallets like Maiar.
Optional: Stake eGold: You can stake your eGold tokens to earn interest and support the Elrond network.
Remember to ensure the security and credibility of the platform you choose, as well as the fees associated with transactions.
The history of eGold (EGLD) began with the creation of the MultiversX network in 2017 by Lucian Todea, Beniamin Todea, and Lucian Mincu. Initially, the token traded under the ticker ERD, but it was later renamed to EGLD (eGold) after the mainnet was released.
eGold (EGLD) is the native cryptocurrency of the Elrond Network, a blockchain designed to provide high scalability and efficiency for decentralized applications and enterprise solutions. Here is an overview of how eGold works:
Utility and Functionality- Platform Governance: eGLD is used for voting on network changes and updates, ensuring that stakeholders have a say in the development of the platform.
- Staking and Validator Rewards: eGLD is used for staking, which helps secure the network. Validators who participate in staking are rewarded with new eGLD coins.
- Transaction Fees: eGLD is used to pay for transactions and smart contracts on the network, acting as gas for the ecosystem.
- Smart Contracts: eGLD is used to run smart contracts, which are essential for decentralized applications.
- Validator Network: Validators are nodes that work together to process transactions and add new blocks to the Elrond blockchain.
- Fishermen: Fishermen are special nodes that continuously monitor the network for any malicious activity, ensuring the integrity of the blockchain.
- Sharding: The blockchain is divided into smaller, parallel chains called shards, which allows for faster and cheaper transactions.
- Scalability: This sharding technology enables the network to handle up to 15,000 transactions per second, with the potential to scale up to 100,000 TPS.
- Maiar Wallet: The proprietary wallet allows users to send near-instant transactions, borrow, lend, and stake eGLD.
- Staking: Users can stake their eGLD to earn rewards and participate in the network's governance.
- Maximum Supply: The total supply of eGLD is capped at 31,415,926 coins.
- Circulating Supply: As of 2021, the circulating supply was 20 million, with 57% of these locked up in the staking rewards protocol.
- Audits: The project has been audited by renowned companies like Trail of Bits to ensure the security of the network.
- Blockchain Interoperability: Elrond's smart contract engine is EVM compliant, enabling blockchain interoperability and making it easier for developers to create applications.
Overall, eGold (EGLD) is a crucial component of the Elrond Network, facilitating transactions, governance, and staking while ensuring the security and scalability of the platform.
eGold (EGLD) has several strengths that contribute to its potential success:
Scalability: EGLD uses Adaptive State Sharding, which allows for faster and cheaper transactions by dividing the blockchain into shards. This technology enables the network to process up to 15,000 transactions per second, making it one of the fastest blockchain networks.
Security: The Secure Proof of Stake consensus mechanism ensures the security of the network. This mechanism is a variation of the traditional PoS protocol, which connects the separate partitions of the network split by sharding into a functional platform.
Low Transaction Fees: EGLD offers attractive transaction fees of $0.001, making it an affordable option for users.
Staking and Rewards: EGLD allows users to stake their tokens and earn rewards, providing an incentive for network participants. The staking mechanism also helps maintain the security and integrity of the network.
Limited Supply: EGLD has a capped issuance model, ensuring that only a predetermined number of tokens will ever be created. This limited supply can contribute to its value and potential for growth.
Partnerships and Integrations: EGLD has formed partnerships with prominent names in the crypto industry, such as Ledger, PolyNetwork, BitGo, and Coinbase Custody, which can enhance its credibility and adoption.
- Ease of Use: The EGLD ecosystem includes user-friendly tools like the Maiar App, which allows users to buy, hold, and stake eGold, making it accessible to a wider audience.
These strengths position EGLD as a competitive player in the blockchain space, particularly in terms of scalability, security, and usability.
eGold (EGLD) is exposed to both systematic and unsystematic risks. Systematic risk is the risk that eGold's price will be affected by overall cryptocurrency market movements and cannot be diversified away. Unsystematic risk, on the other hand, is the risk that events specific to the eGold project will adversely affect the coin's price, which can be diversified away by owning several different digital assets on different exchanges whose coin prices have shown a small correlation to each other.
Some specific risks associated with eGold include:
- Volatility: eGold has high historical volatility, which means its price can fluctuate significantly. This volatility can be beneficial for traders who play the long game, but it also increases the risk of significant losses.
- Risk of Devaluation: eGold has a below-average risk of devaluation, indicating that its price is less likely to drop significantly due to market conditions.
- Economic Sensitivity: eGold's price moves indifferently to market moves, which means its performance is not closely tied to broader economic indicators.
- Downside Deviation: eGold has a downside deviation of 5.55, indicating the potential for significant losses if the market turns bearish.
- Staking Risks: While staking eGold can provide daily payouts, it is not risk-free. There are risks associated with the unlocking or wait period, which can leave investors unable to implement their exit strategies if the market suddenly drops.
Overall, eGold's risks are a combination of market-specific and project-specific factors that investors should carefully consider before making investment decisions.
- Lucian Todea: Co-founder of MultiversX (formerly Elrond) alongside Beniamin and Lucian Mincu.
- Beniamin Mincu: Co-founder of MultiversX (formerly Elrond) alongside Lucian Todea and Lucian Mincu. He is also the CEO of the company.
- Lucian Mincu: Co-founder of MultiversX (formerly Elrond) alongside Lucian Todea and Beniamin Mincu.
Whalee AI
The fundamental analysis assistant for crypto value investors.