What is Elrond?

being able to handle a vast quantity of dealings within the crypto world as additional and additional folks square measure onboarded has given the look of an enormous downside virtually all} comes have Janus-faced since the start of cryptocurrencies old-timers like bitcoin and Ethereum enclosed sadly this has introduced some hassles once victimization crypto as investors and traders influence this slow transaction speeds insane gas fees or each currently its almost not possible for users to show their backs on these cryptocurrencies and their blockchains as they provide sure distinctive blessings bitcoin, for instance, is that the gold normal for digital assets given.

 its main power to store price through deficiency Ethereum on the opposite hand may be a programmable blockchain that enables the creation of sensible contracts and extremely utile redistributed finance applications but developers are seeking ways to mix the qualities of bitcoin and Ethereum with barely of most measurability and it feels like perhaps they've hit a much-needed breakthrough we tend to come to whiteboard crypto the quantity one youtube channel for crypto education and here we justify topics of the cryptocurrency world victimization analogies stories and examples in an exceedingly means that anyone will perceive during this video we're about to be explaining what Elrond however it works together with the token omics behind the coin e-gold in late 2017 2 brothers Lucian and biennamen munch aboard a disciple Lucie.

 and these days created Elrond thuslve|to unravel|to resolve} the trade measurability downside currently before co-founding Elrond the mean shoe brothers launched meta chain capital a cryptocurrency investment fund with biennamen because the chief operating officer and Lucian serving as a chief technology officer currently I continuously prefer to provide some history on a project's creator however currently it is time to probe the project itself so what island Elrond may be a public blockchain that provides all the great things an honest blockchain wants together with 2 key elements referred to as the adaptive  state sharding and secure proof-of-stake agreement mechanism we'll get into these 2 important elements soon within the video Elrond's blockchain not solely facilitates high-speed transactions however is additionally a whole fintech web of things and defy scheme this essentially means developers will leverage this blockchain to make every kind of apps seamlessly the developers believe that having the ability to method a lot of transactions and one thing referred to as linear scaling mustn't eliminate alternative vital options that a blockchain ought to have sometimes that alternative blockchains quit for speed to the current impact they designed Elrond to possess the capability of process up to ten 000 transactions per second.

 whereas keeping dealing conclusiveness and gas fees at a blank minimum currently if you are new around here meaning they require transactions to be confirmed as quick as potential however whereas additionally keeping it low cost another issue that they're determined to try and do is removing the employment of centralized exchanges and mercantilism platforms to be the most means that the majority folks switch from one blockchain to a different for a minute if you wished to travel from one blockchain to a different blockchain what you had to try and do is sell your crypto to a centralized exchange like Coinbase then use the money from that sale to trade to shop for another crypto quality to that you'll then move elsewhere Elrond is trying to get rid of this step a bit like several alternative blockchains have by victimisation bridges and one thing referred to as the Elrond virtual machine thus as mentioned earlier Elrond's s blockchain utilizes one thing referred to as adaptive  state sharding and its distinctive secure proof-of-stake formula.

to provide the scalability we're talking about now in a minute I'm going to explain these but you should know that the native coin of the Elrond network is called e-gold so moving into adaptive state sharding when it comes to theirs calling Elrond has taken a different approach to shard technology which is pretty unique, as a result, they a bunch of different pieces each of which is mini versions of the whole network that check-in with a master shard now and then and this is kind of what the plan is for the ever coming Ethereum 2.0 upgrade.

but the adaptive state sharding is very similar to the last video I posted about harmony's effective proof of stake in which Elrond's network is broken up into many different shards and each shard gets a randomized set of validators to produce each block now this next part's going to get a little technical but the network's chronology is group for a particular shard and then tasks it with making a new block for that shard which is a shard is just basically a mini blockchain also epic scan undergo modification alongside the network's architecture which is a fancy way of saying they can be adapted epics exist for a fixed time frame.

And whenever they expire they trigger the pruning and reorganization of all the shards Elrond's sharding implementation is driven by their desire to achieve some specific objectives now I know the last minute may have seemed like a jargon wasteland but here are some of the specific things that Elrond wants to accomplish in plain English, first of all, they want to achieve scalability without tampering with availability this means that whenever there's a fluctuation in the number of existing shares whether we're growing or shrinking the network it at once and be able to calculate future stuff on the network easily and lastly Elrond also desires to achieve complete adaptability in a way to keep shards balanced consistently.

nowearlier i mentioned the growing andshrinking of the network basically theywant the network to be able to adaptwell what is needed by the users interms of elrond doing all kinds ofthings the next short thing i want totalk about is our private communitycalled whiteboard crypto club which isalso doing all kinds of things first allmembers get 20 dollars of ethereumwhenever they join plus they receivemonthly nfts and immediate access to ourhigh engagement premium communitybesides all of that i'm actuallyconstantly adding in private videosregarding how to use blockchains to earna yield and also sharing where i'mpersonally parking my crypto even moreso i actually share my own portfolioevery week and am about to launch twodecentralized applications that onlyclub members can get access to on top ofall this i want to say yes it is a paidprogram but it allows us to keepcreating videos like this and continueto serve alpha up on a silver plate inthe community now if you want to joinyou can test it out risk free with thelink in the description below andsimilar to elrond we are attempting toachieve scalability while also stayingadaptable so that all members feel likethey're learning and earning enoughshilling our club let's move on to theelrond's consensus mechanism orbasically the system that they use tomake sure that everyone agrees on thetransactions on the blockchain elrond'ssecure proof of stake consensusmechanism comes as an improvement to theregular proof-of-stake,

consensusmechanism the secure proof-of-stakealgorithm reduces latency meaning its quicker and at the beginning of every round the members in a consensus group are determined by each node in the shard again a bunch more jargon but this means that it reduces the time of a consensus group election basically the time ittakes to pick the nodes for a shard toless than 100 milliseconds the networkalso has incorporated a weighted modelof rating to support meritocracy amongstnodes while also considering the amountthat you have stake in other words themore coins you have and the moretruthful that you've been in the pastthe more your vote counts next let'stalk about something buzzworthy calledthe meta chain now the meta chain is aprotocol that is driven by a specialshard it focuses less on transactionprocessing and more on acceleratingcommunications between all the shardsbasically triggering new epics rewardingstakers storing and maintaining thevalidators registry or approving theblock headers of processed shards againin plain english that means it isbasically the master shard and is verysimilar to ethereum's beacon chainfinally the last component of elemron'sarchitecture are the e-gold tokens theyprimarily drive the blockchain byserving as a way to pay for transactionsstorage validator rewards dapdevelopment and deployment and smartcontract execution.

like i said earlier elrond's native token is called e-gold and unlike many other projects or coins that I've covered on the channel it was created to actually rival bitcoin as a store of value the token omics of e-gold is a tad confusing but as always we're here to demystify the complexities starting with the simplest things e-gold has a limited supply that starts at 20million tokens with new tokens minted to reward validators however the total maximum supply can never go beyond a round 31 and a half million eagletokens and this number will technically decrease as the number of process transactions increase since a portion ofthe fees of every transaction are burnedthey're gone forever for everytransaction a percentage of the fees goto the validators some go to the elrondcommunity fund and like i said earliersome are burned also a cool feature thatelrond has that i actually kind ofthought was neat is that if you create asmart contract and a lot of people usethat smart contract 30 of thetransaction fees associated with thatsmart contract go straight to you thedeveloper you earn part of thetransaction fees in terms of tokenomicseagle was first released for purchase ina private sale. in which the developers sold 19 of the initial supply which is quite different than how bitcoin was launched during Celeron's a half percent of the purchased tokens were made available immediately while the rest were distributed in 15.4increments every quarter for six quarters now this next part is going to be quite summarized as it's kind of lengthy go to google and search Elrond price prediction.

the website I don't need to say much more because the page speaks for itself I guarantee you'll find it useful but you should remember it's not financial advice it's simply a bunch of research that I personally put together in my own search for profitable crypto decisions and hopefully, that research is useful to you as well in2019 Binance community fund the founding team and the advisors one last thing I want to mention about Elrond's token omics is that I've relatively checked the whale wallet list which is a list of the people who hold the most eagled and most of the e-gold whales seem to be big exchanges like Binance or crypto.com which is usually healthy because you do not want one person holding a large amount of the e-gold token also eagle is relatively non-inflationary since it does have a limited supply and therefore usually price and demand positively correlate and,

therefore if demand goes up so will price lastly as always if you haven't heard of our free defy for beginners guide you can go towhiteboardcrypto.com and grab it for free where you'll also find our newsletter our free discord group and a few other custom tools that we've created as we in this video I want to personally thank you for watching I hope you've enjoyed this video I hope that you've learned something and most of all we hope to see you in our next time.