Elrond (EGLD) - cryptocurrency for the Internet of Things

The Internet of Things is the tune of the not-so-distant future, but we still hear that something else needs to develop to start working properly and revolutionize the world: faster internet, more bandwidth, no places without access to the network and many other problems that inhibit the implementation of this large-scale innovation. One of them is going to dissolve the network and the Elrond cryptocurrency (EGLD) - the first blockchain o really fast transaction speed. 

We continue the cycle of the Forex Club portal, in which we analyze and describe the largest, highest-valued, most interesting, most developmental, advanced and also the most controversial cryptocurrency projects around the world. Today it's time for Elrond, whose creators announce that it will revolutionize the Internet. Of course, many cryptocurrency developers say likewise, but in this case there are solid grounds to believe them.

Internet of Things and cryptocurrencies

Elrond (EGLD) is to be a blockchain platform, also dedicated to the Internet of Things. What is it? In a nutshell: objects and devices which, thanks to being connected to the global network, will be able to communicate and operate without the need for human supervision. The best known solution is, of course, autonomous cars that will drive us without the need to drive them, but there are plenty of other solutions as well - they are actually limited only by human imagination, because if you think about it, most of the processes can take place without human participation. 

Of course, you will have to pay for all of this, and here also the simplest, cheapest and safest solution will be cryptocurrencies. Elrond is currently working in this area - a blockchain with high transaction speed, ensuring optimal security and scalability.

How Elrond works

The Elrond network is very resistant to possible attacks, because the nodes are shared between independent parts of the network. So you cannot take over even one, let alone control the whole. Thanks to this dispersion, we can talk about practically 100% security. Even smart contracts work the same - they are designed on fragments of the network.

It also allows for the acceleration of transactions, and along with high scalability, transaction costs decrease, which is, after all, of great importance. We have seen this easily in recent weeks, when the cost of transactions on a heavily loaded network Ethereum it even reached several dozen USD.

Blockchain already cooperates with companies, including the so-called traditional economy that integrate with Elrond. Among them are, among others Netopia, an electronic payment processor from Southeast Europe; TypingDNA, a company that protects Internet users on the basis of ... how they type on the keyboard or decentralized giełda kryptowalut NASH (formerly NEX).

Elrond Cryptocurrency (EGLD)

Of course, the dedicated Elrond token (EGLD) will help in everything. 25% of them were publicly sold, 19% were offered in private, the same number went to the management board, and 2,5% to the Advisory Board. The rest is slowly reaching the market.

Elrond Quotes

As of March 4, 2021, there are 13 of the planned 710 EGLD tokens in trading, valued at $ 605. This translates into a capitalization of over $ 20 billion, although the token can be traded on only 202 cryptocurrency exchanges for the time being. The peak of trading was February 272, 151,32, when each Elrond unit was paid $ 2. It still has a short history. It has only been in existence since August 16 and is in the early stages of development.