ERD is a native token of the Elrond network. It is a medium of exchange between users and developers who pay for the network's use while validators receive fees for their services.Get Wallet
What is Elrond?
The Elrond project is a blockchain platform well known as a competitor for Ethereum, Algorand, and Zilliqa. It is a highly scalable, fast, and secure ecosystem for distributed apps, business cases, and a new internet economy. Adaptive sharding technology and the SPoS (Secure Proof of Stake) consensus protocol are used by the project developers, as well as there being a great deal of attention paid to security and to counteracting various types of attacks. The main objective of Elrond is to find a balance between decentralization, scalability, and security. The developers are trying to create a new digital infrastructure that has the highest level of scalability, high rates of confidentiality, and can resist censorship of applications and technologies. The project supports several types of programming languages for the creation of smart contracts.
Elrond ERD usage
The ERD token is an asset whose main function is to ensure the stable operation of the system; it is designed to process a wide variety of transactions within the network. In addition, the asset is used as a tool to reward its holders for their help in confirming transactions and general adjustment of the system. The Elrond team announced the closing of its private investment round, raising $1.9 million from Binance Labs, Electric Capital, NGC Partners, Maven 11, and Woodstock. The round also featured investments from angel investors in the United Kingdom, India, Israel, Asia, and the EU. Samsung has integrated the Elrond (ERD) token in its blockchain wallet. Samsung users will have easy access to dApps built on the Elrond network and token, while Elrond will get Samsung’s global customer base. The first dApp will be announced and offered via the Samsung app store.
Travala and TravelByBit will integrate Elrond into their platforms, allowing for payments to be made in ERD and BUSD stablecoin to be issued on the Elrond blockchain. Such a partnership facilitates the purchase of hospitality services across the two platforms. Flights through 600 airlines and accommodations in more than 2 million hotels around the world can be purchased from ERD after the launch of the Elrond mainnet.
Adaptive State Sharding
Adaptive sharding is a system that ensures the optimization of databases by horizontal partitioning and offers the highest possible scalability. The network is split into many small parts, greatly improving the level of simultaneous transaction processing. The separation of networks, transactions, and states takes place during the sharding process. 'Adaptive State Sharding' is a technology that enhances communication between shards and increases efficiency through parallel processing without sacrificing the decentralization and safety parameters.
Secure Proof-of-stake (SPoS)
Elrond has proposed a consensus called “Secure Proof of Stake” that combines eligibility through stake and rating with a random selection of the validator and an optimal dimension for the consensus group. The BFT-like consensus protocol maintains a high level of security through random sampling of the consensus group and random reshuffling of nodes into other shards. The consensus uses an unbiased randomness source generated by the block proposer via signing the previous random source.
The Elrond Virtual Machine is a dedicated WASM Smart Contract System, extending the range of languages available to smart contract developers, including Rust, C / C++, C #, and Typescript. Anyone can write smart contracts in a familiar language, compile WASM, and easily customize it to a human-readable format.
Elrond Network Structure
The network structure is quite simple but at the same time uses several advanced technologies that make blockchain processes faster, providing thousands of transactions per second. The three main components of the Elrond network are Shards, Metachain, and Nodes.
- Shards are used to scale. It is a small partition responsible for a piece of the state (accounts, smart contracts, blockchain) and transaction processing in the Elrond network. One shard can only process a fraction of the transactions in parallel with the other shards.
- Metachain is the "portable" blockchain that operates in a special shard, whose responsibilities include notarizing and finalizing the processed shard block headers, facilitating communication between shards, storing and maintaining a registry of validators, triggering new eras, processing fisherman challenges, rewarding, and slashing.
- A node can be represented as a PC or server, with an Elrond client that relays messages received from peers. It can choose one of the network roles and be represented as Validator, Observer, or Fisherman providing the network's support and receiving rewards.
ERD token and staking
ERD is a native token of the Elrond network. It is a medium of exchange between users and developers who pay for the network's use while validators receive fees for their services. With the help of Genesis staking everyone can get passive income. This is the final step leading to the launch of the Elrond Mainnet. All ERD token holders are interested in supporting the launch of the Elrond Mainnet by locking up their ERD, contributing to the achievement of the necessary economic protection, and earning rewards when delegating or running a validator node.
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