What is Elrond Network? Details on Elrond Network project – Binance’s next IEO project and ERD token

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2021-03-22 11:02:51

Project Elrond Network what? Overview of the Elrond Network project

Elrond Network is a public Blockchain platform with high throughput portal to provide security, efficiency, scalability, and interoperability through a compatible State Sharding solution and a Proof of Stake security consensus mechanism. full.

Elrond Network

Elrond Network is built by a team of entrepreneurs, engineers and researchers with extensive experience working at Google, Microsoft, Intel, NTT, PhD in Computer Science and some with extensive experience in the field. in the Blockchain sector, including members who previously worked in the NEM coreteam.

Elrond Network is currently in the testnet phase and aims to be a platform for easily deploying pre-programmers and dApps, thus becoming the “backbone” of the open, unlimited internet economy. , without borders, globally accessible. Elrond Network’s testnet is up and running and can handle up to 10K TPS with 5-second latency with minimal fee (based on 5 segments).

Project Elrond value statement Network

The goal of the Elrond Network project is to be a platform with high throughput gateways, fast transaction speeds with low transaction fees, enabling an efficient dApp user experience in real world use cases.

The project also believes that high scalability, fast transaction speeds and low transaction costs make Elrond Network suitable for machine-to-machine transactions and the IoT economy.

Token Elrond (ERD) price, marketcap, chart, and fundamentals info

Elrond (symbol: ERD) is a Native token that runs in Blockchain’s Elrond Network project. The token will be released via Binance’s upcoming IEO on July 1. At the time of writing (May 20, 2019), the Elrond Network project has not been Mainnet.

Basic information about Elrond (ERD)

  • Ticker: ERD
  • Token Standard: ERC-20
  • Token type: Utility Token and BEP2 in the testnet phase
  • Total Supply: 20,000,000,000 ERD
  • Estimated Initial Traffic: 7,498,333,333 ERD (37.5% of total supply)
  • Allocation at Binance Launchpad: 5,000,000,000 ERD (25% of total supply)
  • Price on Binance Launchpad: 1 ERD = $ 0.00065
  • Private Sale: 3,800,000,000 ERD (19% of total supply)
  • Private Sale Price: 1 ERD = 0.00050 USD
  • Private Sale period: April 2019 – May 2019
  • Capital raised from Private Sale: 1,900,000 USD

Token allocation

  • Binance Launchpad sale: 25% of total supply.
  • Private Sale: 19% of total supply.
  • Development team: 19% of total supply.
  • Token reserve: 17% of total supply.
  • Project Advisory Board: 2.5% of total supply.
  • Reward of the ecosystem: 7% of total supply.
  • Advertising: 8.5% of total supply.
  • Community development: 2% of total supply.

Elrond Network

Private Sale

Private Sale of Elrond Network was conducted in April and May 2019 for $ 0.00050 / ERD with 3,800,000,000 ERD and raised a total of $ 1,900,000, about 19% of the total token supply.

Overview of the Elrond Network IEO on Binance Launchpad

The IEO will be launched on July 1, 2019 with a total capital raised of $ 3,250,000 at a price of $ 0.00065 / ERD, accounting for 25% of Elrond Network’s total supply. The ERD / BNB rate will be announced before the sale opening date. Buyers are required to hold BNB from June 22 to have the opportunity to purchase ERD tokens on Binance Launchpad.

Elrond Network

Elrond Network

Exchanges with Elrand Token (ERD) Exchange

Currently, apart from Binance about to open for sale ERD and ERD listing, there is still no exchange opening ERD trading.

What is Elrand (ERD) used for?

With the features of Elrand that CHK mentioned above, the use of Elrand tokens (ERD) will be:

  • Payment of transaction fees
  • Pay for the cost of implementing dApps
  • Staking rewards and other contributions to the network.

More specifically, the ERD token will be used for staking and participating in the network’s secure Proof of Stake consensus mechanism.

In addition, Binance’s IEO is also used to pay for transactions and as storage fees in the form of gas. The ERD also serves as a reward for the SPoS validators.

ERD tokens will also be used for voting and chain administration at a later stage, when chain governance is enabled.

In Elrond Network project, the reward is paid out through ERD emissions defined in the protocol. Almost all newly issued ERDs will go to validators, while a very small portion will go to reserve pool. This reserve group will be used to support the development and expansion of the ecosystem, increasing the security and value of the network in the long term.

Each time a transaction is made, 1% of transaction fee will be transferred to the validator, another 1% will be burned, while the rest will be used to donate to Elrond Community Fund or burn. Percentages will be publicly released in upcoming releases from the development team.

The future of ERD tokens

ERD is a Native token in the ecosystem of Elrond Network – a Public Blockchain.

The need to buy ERD tokens is likely to increase in the future as the number of dApps built on top of the Elrond Blockchain platform and the amount of dApps transferred from other blockchains.

Should you invest in Elrond (ERD)?

Currently, Elrond Network is yet to be listed on any exchange and it will be Binance soon. However, in reality, Elrond Network still does not have any practical use, so investing in ERD can only be speculative.

If you really want to invest in the long-term Elrond Network, then I hope you should dig deeper about this Elrond Network project and what the development team is doing to make the best decision.

summary

Through the above article, CHK hopes readers will have more knowledge and information about the Elrond Network project. All information in the article is not intended to encourage investment, CHK hopes that everyone will make the best decision after reading this article!

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