How To Buy Elrond (EGLD)?
A common question you often see on social media from crypto beginners is “Where can I buy Elrond?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.
Step 1: Create an account on an exchange that supports Elrond (EGLD)
First, you will need to open an account on a cryptocurrency exchange that supports Elrond (EGLD).
We recommend the following based on functionality, reputation, security, support and fees:
Fees (Maker/Taker) 0.075%*-0.1%*
Available for Trade 500+
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Europe, Asia, Oceania, Africa
In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase Elrond (EGLD) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy Elrond (EGLD)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Elrond (EGLD) or Elrond (EGLD) trading pairs. Look for the section that will allow you to buy Elrond (EGLD), and enter the amount of the cryptocurrency that you want to spend for Elrond (EGLD) or the amount of fiat currency that you want to spend towards buying Elrond (EGLD). The exchange will then calculate the equivalent amount of Elrond (EGLD) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Elrond (EGLD) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is Elrond (EGLD)?
Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency and a $0.001 transaction cost. By employing sharding, a method of parallelizing data & transactions processing, Elrond’s performance will aim to scale up with the number of computers joining the network, reaching more than 100.000 transactions per second while growing increasingly decentralized. The blockchain has a native token known as eGold, or EGLD, that is used for paying network fees, staking and rewarding validators.
The Elrond network is the first to present a viable solution where all the three aspects of sharding – state, network and transactions – have been implemented at once. Combined with its “Adaptive” component, this novel architecture allows for dynamic network configuration to maintain a high level of security while scaling with demand.
In addition to scaling through sharding, Elrond also approaches the consensus problem with a mechanism called Secure Proof of Stake, which mitigates potential attack vectors when compared to Proof of Work, while also enabling large throughput and fast execution.
By solving some of the hardest consensus and sharding problems in the blockchain space, Elrond is able to provide a very high level of performance on a network made of inexpensive computers, resulting in a very low cost per transaction. In addition to performance and cost, Elrond also stands out through the quality of the developer experience and the resulting boost in usability on the end-user side.
Who Are the Founders of Elrond?
Elrond was co-founded in late 2017 by brothers Beniamin and Lucian Mincu alongside Lucian Todea as a solution to the problem of blockchain scalability, which they thought to be the most pressing problem facing the industry.
Prior to Elrond, Beniamin and Lucian Mincu co-founded MetaChain Capital, a digital asset investment fund, with Beniamin Mincu serving as CEO and Lucian Mincu as chief technology officer. The two also co-founded ICO Market Data, an aggregator of information around initial coin offerings.
Beniamin Mincu was also responsible for product, marketing and community for blockchain platform NEM from 2014 to 2015, in addition to being an early investor in projects such as Zilliqa (ZIL), Tezos (XTZ), Brave and Binance. Lucian Mincu has additional experience as an information technology engineer and security specialist, having worked with Uhrenwerk 24, Cetto and Liebl Systems.
Todea is a serial tech entrepreneur who previously founded and served as CEO of Soft32, a software review and download site, and a partner of mobilPay, a mobile payments application. He is also an angel investor, having invested in biometrics tech company TypingDNA and accounting platform SmartBill.
WHAT MAKES Elrond (EGLD) UNIQUE?
They are the simplest and most effective first step for integrating blockchain utility in the traditional financial system, enabling immediate benefits, and using recognizable denominations while providing a smooth transition for traditional finance actors.
The Elrond ecosystem includes many stablecoins such as Binance USD, European stablecoins such as EUR, CHF, SEK, NOK and DKK, or algorithmic stablecoins from our many partners. Each of them will be coming live soon, with more to follow.
Elrond NFT Standard
Non-fungible tokens are the purest digital representations of property, extending art, collectibles, game items that are unique. NFTs will reshape the media space, providing true ownership for digital media objects.
NFT experiments by artists and creators from around the world will bring an unprecedented cultural shift and excitement, underscoring one of blockchain’s important killer applications, and driving adoption to the mainstream. NFT applicability extends beyond art, spanning fields ranging from finance to gaming, entertainment, and more.
Elrond has designed a native NFT standard, to leverage its throughput and speed, making these features usable at internet scale. The Elrond NFT standard will also feature a built-in royalty fee.
The Launchpad module enables new projects to bring the most innovative and creative ideas to market, getting funding and launching directly within the Elrond ecosystem.
Technical advantages of the Elrond mainnet and the unique properties of eGold tokens, coupled with our vibrant DeFi ecosystem and one of the most passionate communities in the space, will set the stage for perhaps the most effective Launchpads in the blockchain space.
AMMs are an important breakthrough adding orders of efficiency to market liquidity.
Elrond will soon have its own AMM, enabling swapping between any assets, at near-instant speeds and inexpensive cost.
This will enable value to seamlessly flow between various tokens, stable coins, and synthetics.
Extending this at the internet-scale will bring a maturation phase for both digital assets and their deep liquidity.
Through the Elrond swap module, anyone will be able to provide liquidity in pools to generate yield for their service.
Borrowing and lending are fundamental cornerstones of an efficient financial system.
The lending module will provide automatic, easy, and instant access to liquid capital, either collateralized by token holdings or via other mechanisms.
This will open a new more efficient global debt market, effectively matching borrowers with lenders in an automatic fashion. Global users will have the opportunity to get fast and inexpensive access to funds via borrowing while enabling others to lend their capital and generate yield for doing so.
Synthetic assets are tokenized financial instruments that simulate another asset’s payoff.
Tokenization is rapidly growing as a trend beyond finance, enabling a very efficient process by which any asset can receive a digital representation, fractional ownership and granularity, easy transferability, depth of liquidity, and global distribution and accessibility.
Everything from tokenized Tesla stocks, to commodities, will become available to be swapped or collateralized against, via the Elrond synthetics module.
Elrond is a highly interoperable blockchain. It is already connected to several chains, with others to follow soon via bridges.
Bridges enable any tokens from one chain, to move to the other, and will soon enable smart contracts on one blockchain, to interact with smart contracts on another.
Simply put, through the Elrond bridges, you will be able to own and transfer wrapped Bitcoin, Ethereum, or any other tokens from other chains, in a similar way you transfer native tokens on the Elrond mainnet.
The bridge module will enable global liquidity to flow seamlessly through the Elrond Network, granting any project the opportunity to leverage Elrond’s high throughput, low costs transactions, and compelling user experience.
Official website: https://elrond.com/