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What is Elrond?

Elrond perfectly sums up what it stands for, “A highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases, and the new internet economy.” Founded back in 2017, the Elrond network aims to provide faster and cost-effective transactions via smart contracts operated by a distributed network of computers. Brothers Beniamin and Lucian Todea developed Elrond to address the issues related to blockchain scalability. They focused on developing a blockchain platform that is better than any other blockchain platform available back then. They aimed to develop an interoperable and highly-level scalable blockchain platform, and that is how Elrond Network was conceptualized. As for its capabilities, Elrond Network is a truly powerful network. It can process nearly 10,000 to 15,000 transactions per second with an average cost of $0.001.

Elrond Network believes in true decentralization. By using mechanisms, such as sharding and a secure proof-of-stake, the network is designed to compete with the major blockchain platforms like Ethereum, Zilliqa, etc. Moreover, it is the first-ever network where a state, network, and transaction sharding, have all been implemented. Before conducting an IEO, the Malta-based platform went for private funding round and generated around $1.9 million from various angel investors. Later, the network went ahead with an IEO and raised $3.25 million, and exchanged 25% of the total supply of its ELGD tokens.

What Problem Does Elrond Attempt to Solve?

Elrond, which describes itself as a new internet economy for decentralized applications. It mainly aims to provide hassle-free, fast, and cost-effective transactions. Elrond intends to develop its own ecosystem where-in its native token ELGD will be the store-of-value asset. There are three main areas that Elrond attempts to achieve:

Instant and cost-effective transactions

In recent times, increasing transaction fees have become a source of frustration among Ethereum users. Many of them had to shell out hundreds of dollars in transaction fees. At the same time, the congested Bitcoin network has led to users complaining about slower than average transaction speed. Elrond tackles both these problems effectively. It intends to address these issues by providing an efficient and secure platform to carry out transactions.

Minimum energy and computation requirements

As we all know, bitcoin mining requires a huge hardware setup, which, in turn, requires energy in abundance. Bitcoin follows a mechanism known as Proof-of-Work, which is known to be an energy guzzler mechanism globally. In recent times, many leading experts have criticized Bitcoin for its energy consumption. In fact, some sources claim that Bitcoin’s energy consumption is more than what Argentina, a sovereign nation, consumes.

That’s where Proof-of-Stake comes into the picture. It also evens the playing ground as the Proof-of-Stake mechanism does not require equipment worth millions of dollars. Instead, it relies on a process called staking. Proof-of-Stake offers double benefits. The first is minimum energy consumption, and the second is that it removes the high barrier to entry, which benefits many people from the ecosystem instead of a select few. Elrond uses an improvised version of the Proof-of-Stake mechanism, which they call Secure Proof-Of-Stake. It helps Elrond be faster, secure, and fair.

A strong decentralized structure, minimizing a single-point-of-failure

By combining the decentralized structure with cross-chain interoperability, Elrond reduces the possibility of a single point of failure that may impact the whole system in the worst cases. The network runs on 2169 validator nodes, split into four shards, capable of executing 5,400 transactions per second each and a coordination shard.

How Does Elrond’s Secure Proof-Of-Stake Work?

When it comes to similarities between the plain old Proof-of-Stake and Elrond’s Secure Proof-Of-Stake, both rely on the number of staked tokens to select validator nodes for consensus. Now, let us see how Secure PoS works.

Elrond’s Secure PoS’ consensus mechanism is specifically built to choose the nodes, who, in turn, build blocks. They are responsible for completing the overall consensus process, which takes place in some particular shards. As for the selection of validators, Elrond uses randomness to do so. For validator selection, the Secure Proof-Of-Stake mechanism relies on a randomness formula. The formula is derived from the preceding block. Once the process completes, the block proposer of the current round of consensus signs it.

There is only one block proposer in every consensus group. After every round, the members of the consensus group are changed. In a consensus group, the block proposer is the validator. Their public key and randomization factors’ hash is the smallest in the group. It is the duty to produce the block rests on the block proposer, whereas other members in the consensus group validate and sign it. The consensus group uses a modified BLS multi-signature scheme consisting of two rounds of messaging for block signature.

The random selection of consensus groups is quick and gets completed within 100 milliseconds. This randomized process of selecting consensus groups ensures better security in the Elrond network as any bad elements will fail to take any action within 100 milliseconds.

The selection of consensus takes multiple factors into account, including the number of staked tokens and the individual rating score of the validator. So, how is this individual rating score of a validator calculated? Well, the past behavior of the validator plays a crucial role in their individual rating score. It means that a validator having a higher individual rating score has a higher chance of getting selected for the consensus process.

Barring a few specific instances where the ratings are adjusted right away, the recalculation of individual rating scores always happens at the end of each epoch. The Elrond ecosystem benefits from its unique rating mechanism as it gets the validator to do their work honestly, and regardless of what may come, they ensure that the nodes keep on operating at the highest efficiency possible.

The Architecture

Before digging deep into the products of Elrond, let us first take a look at Elrond’s architecture. The network structure comprises Shards, Metachains, and Nodes. Shards are the smaller partitions of the Elrond network which are used for scaling. Each shard processes only a fraction of transactions, simultaneously with other shards. The shards are responsible for executing accounts, smart contracts, blockchains, etc, which plays a crucial role in scaling.

The next comes the Meta chain, which is nothing but a blockchain that runs on a special shard. The main aim of this blockchain is not to process the transactions but to authenticate the processed block. Also, it takes care of the communication between the shards, maintains the registry of validators, rewarding and slashing

The last is the Nodes, which are an integral part of the network. In fact, many nodes, which can be a smartphone, a computer, or a server, come together to form a network. Among these nodes, some act as validators while some as observers. Hence providing different levels of support to the network and earn rewards for their work.

Elrond Platform, Infrastructure, and Token

The developers and validators can use Elrond to create decentralized applications and use its native token as a payment method. The Elrond Integrated development environment enables the developers to launch their services on their platform. It also offers a smart contract engine, which makes EVM compliance possible that enables blockchain interoperability. The Elrond platform enables adaptive state sharding to offer higher throughout, rivaling that of the centralized platforms.

The platform also encourages developers to create more innovative and cost-effective applications and earn up to 30% of the smart contract fees as royalties. The network also reserves some ELGD tokens, which are staked on the platform for a minimum period of a year and earn a 36% annual rate.

We can even count ELGD tokens as a product of Elrond Network, after all, the validators need to stake them to secure the ledger. The Elrond infrastructure also offers a wallet to its users and the block explorer.

Elrond eGold or ELGD coin is the native token of Elrond, and it used to interact with applications, carry out transactions and give out rewards or incentives. Initially, the native token was named ERD coin. But after launching the token on the main net, it was renamed as ELGD coin. Later the network also held a swapping program and enabled the users to swap the old tokens to the new ones.

Elrond’s native cryptocurrency plays a vital role in maintaining a network. You can also use it for sending, rewarding the network contributors, and also running smart contracts. The people who own ELGD tokens are eligible to participate in the voting process for any developments on the network. Moreover, they will receive rewards with newly minted tokens that would be proportional to the amount staked.

The transaction fees collected are not utilized completely by the network. Instead, a part of the fees collected, 30% to be specific, is sent to the smart contract developers. It is known as smart contract loyalties. In addition to this, 10% of the fees would be rewarded to the community participants participating in some special events like bounty projects and network development. As for its supply, ELGD has a maximum supply of over 30 million tokens and a total supply of over 20 million.

How to Buy Elrond (EGLD)

Binance – Best for Australia, Canada, Singapore, UK, and most of the world. USA residents are prohibited from buying most tokens.  Use Discount Code: EE59L0QP for 10% cashback off of all trading fees. – This is the best option for USA residents.

Elrond Platform – The Sonic Hedgehog of Blockchain Space

Elrond competes against Ethereum, similar to Cardano and Polkadot. Thus, it faces immense competition from some of the leading platforms in the world of blockchain like Ethereum, Cardano, Polkadot. Yet, it has the potential to compete against them, and that, too, strongly. It has multiple features that rival the leading blockchain platforms. Elrond also inked partnerships with some of the top-most names in the crypto industry like Ledger, PolyNetwork, BitGo, Coinbase Custody, and more.

The adaptive stake sharding, secured Proof-of-Stake, Arwen Machine technology enables Elrond to process a high number of transactions, which should put Elrond in a league of its own. With further development, the Elrond platform will see an increase in transactions. Moreover, the biggest plus point with the Elrond platform is its strong support for blockchain interoperability.

Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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Fx Analysis

Gold Rebounding After Negative Fed Reaction



  • Policy Induced Tumble Impacts Gold
  • Recovery Starts as Bond Yields Dip
  • Jobless Claim Increase Provides Momentum

The price of gold slumped late in the week following the hawkish views that came from the 2-day Fed meeting. News of a double interest rate hike to come in 2023 but the upkeep of the tone that inflation will remain transitory, did not sit well with the gold market as it slumped more than 5% at some stages, and well of the highs set earlier in the year. Despite this, and slipping close to $1750, it has started a recovery of sorts. This has picked up pace today as US bond yields dip and the market digests the increase in jobless claims on the week. In other commodities news, the sell-off has also been felt across precious metals and beyond.

Rate Hike Slams Gold Market

One of the key reasons behind the quick slump in gold prices on hearing the news from the meeting is that the precious metal does not play well in periods of higher interest rates. The non-yielding asset tends to be less favored when other types of assets can provide an improving yield. Should the inflation worry remain, and the Fed stick with their plans for a double rate hike in 2023, then many trading gold will certainly expect prices to fall further.

The other factor, beyond the general uncertainty of the whole situation that is playing out at the moment for gold in clearer view, is the rising US Dollar. This strengthening Dollar typically reduces demand for gold and therefore can result in price drops as seen.

Bond Yields Provide Recovery Potential 

Despite the fall-off in price that was evident through the middle of the week, gold prices managed to gain some ground again from lower levels in the previous trading session. This has seen them pick up around 1% to sit just below the $1800 in the early trading today.

Part of the reason behind this would seem to be US Treasury Yields. Both the 10-Year and 30-Year yields have drifted significantly lower despite the increase in inflation expectations. This stands by the thinking that any inflationary pressure that is felt can pass through quickly and be a transitory concern.

Increasing Jobless Claims Signal Further Respite

Another factor that has contributed to an upward recovery in gold prices today, along with silver which has dipped but not as strongly, is the US employment figures that were released yesterday. These weekly numbers came in at their highest point of the month with 412,000 initial claims. This is above both the number for the previous week and analyst expectations.

Given this confluence of data then, it may well be possible to see gold run up above the $1800 mark again prior to the end of this week. In the longer term though, it looks likely that prices could fall lower particularly if the Fed sticks by its plans for a 2023 increase of rates and inflationary concern continues.

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Fx Analysis

Investing in 1inch Network (1INCH) – Everything You Need to Know



What is 1inch Network (1INCH)?

The 1inch Network (1INCH) functions as a multi-chain DEX aggregator and DeFi ecosystem. The protocol integrates a proprietary aggregation system that is able to scan multiple DEXs (decentralized exchanges) in search of the best prices and rates. As such, the network and its token have seen considerable adoption since launch.

What Problems Does the 1inch Network (1INCH) Solve?

There are a lot of problems that 1inch helps to rectify. For one, the protocol tackles the lack of liquidity in the DeFi sector. The DeFi market is still very compartmentalized. This structure means that many projects never gain access to deep liquidity. By incorporating a multi-chain aggregator, the 1inch Network provides deep liquidity to the market.

1inch Homepage

1inch Homepage


Slippage is another major concern that the 1inch Network tackles head-on. Slippage is the difference between the expected price of a trade and the price at which the trade is executed. It’s a major issue for most DEXs due to the structure of the liquidity pools. 1inch Network users enjoy minimal slippage because the protocol is very responsive. It can scan multiple DEXs and provide low slippage to users.

Benefits of the 1inch Network (1INCH)

Anyone will be able to enter the DeFi sector using the 1inch Network’s intuitive dashboard. This online interface will remove all the technical barriers associated with DeFi functionalities and allow you to track your investments in real-time from anywhere globally. The dashboard is currently under construction with its launch slated for this year.

Best Trade Rates

The 1inch Aggregation Protocol can check prices across multiple decentralized exchanges (DEXs). The protocol supports DEXs across the Ethereum, Binance Smart Chain, and Polygon blockchains. In this way, 1inch Network users always receive the best rate for a swap.

1inch - Homepage

1inch – Homepage

Low Fees

1inch introduced an Ethereum Gas Fee-pegged token called Chi to provide users with lower fees. In comparison to Ethereum’s fees, 1inch Network users pay around 40% less on average.


The technical structure of the 1inch Protocol provides a high degree of security to users as well. For example, insecure liquidity sources can connect to the 1inch Aggregation Protocol without users risking the loss of funds, The protocol integrates security checks during every transaction to prevent any losses.

More Features

1inch offers more features than the competition. Most DEXs are basic in their functionality. However, 1inch recently underwent a V2 upgrade that saw the network add a variety of advanced features such as Limit Orders. The upgrade also integrated an OTC swap feature for large orders.

How Does the 1inch Network Work?

The 1inch DEX Aggregation Protocol is the primary service provided by the network. The algorithm finds the cheapest way to place trades using all the different exchanges and liquidity protocols that can facilitate the trade. The protocol can further lower fees and rates by splitting the transaction up. The network supports splitting a single trade across 21 exchanges to achieve the best rate possible.

Liquidity Protocol

The Liquidity Protocol is another key DeFi feature available to users. This system enables decentralized token swaps. Notably, the main way to earn 1INCH tokens is by providing liquidity to 1inch’s liquidity protocol.


1inch token holders gain the right to put forth proposals to a community vote. The network’s governance mechanism determines the weight of your vote based on the amount of 1inch you hold in a network wallet or have staked. The system employs a decentralized autonomous organization (DAO) protocol to provide truly decentralized management to the network.

Farming Pools

Farming is another cool DeFi feature that 1inch Network users gain access to. Many investors prefer farming over staking because there are no required lockup periods or early withdrawal penalties. In this way, you can access your tokens if you need them without fear of losing rewards due to penalties.

1inch Stats

1inch Stats

Developer Portal

The 1inch Network was built from the ground up to serve as an underlying technology for Dapp developers. Developers can suggest new integrations or solutions that can be built on the 1inch API. Dapp creators can find answers to questions and other helpful information to bring their concepts to life in the Developer Portal.


1inch is the main governance token for the network. It was launched in December 2020. Today, the token is very popular. It’s available on several major cryptocurrency exchanges. Some of the biggest daily trading volumes occur on Binance, KuCoin, Huobi Global, FTX, and OKEx.

Chi Gas

Chi Gas is a network token used to power 1inch transactions. It’s pegged to the Ethereum network’s gas price. However, it’s only minted when the gas price is low and burnt when it is high. This strategy provides significant savings to all users.

1inch Wallet

The 1inch Wallet is a multi-chain platform that provides an easy-to-navigate interface and secure transaction capabilities. This versatile wallet was built from the ground up to streamline interacting with 1inch’s features.

History of the 1inch Network (1INCH)

1inch first went public during the 2019 ETHNewYork hackathon. The project is the brainchild of Sergej Kunz and Anton Bukov. Since its launch, the platform has attracted investor attention. Notably, the firm secured $15 million in funding from well-known companies in the tech sector including Binance Labs, Galaxy Digital, and Pantera Capital.

1inch Network (1INCH) - Twitter

1inch Network (1INCH) – Twitter

In November 2020, 1inch launched its biggest update yet. The V2 update added more functionality and responsiveness to the platform. It also enabled the system to conduct more complex trades to keep prices low. The aggregator can now use techniques like rerouting money earmarked as collateral for loans on decentralized lending protocols Aave and Compound.

How to Buy 1inch Network (1INCH)

1inch Network (1INCH) is available on the following exchanges:

BinanceBest for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from purchasing 1INCH here. Use Discount Code: EE59L0QP for 10% cashback off all trading fees. 

Kucoin – This is the best option for USA residents.

1inch Network – Saving DeFi Users on Fees and More

1inch serves a vital role in the DeFi sector today. The platform enables regular users to secure passive incomes, save on trades, and find the best rates possible. In addition, the developers continually upgrade the network to incorporate new features and services. For these reasons, 1inch is set to remain a premier option for DeFi users moving forward.

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Fx Analysis

Forex Market Strength Continues With ECB at Odds on Inflation



  • Dollar Continues to Rebound Stronger
  • ECB Policymakers Divided
  • Markets Dip Following Strong Start

The USD forex market has continued to rebound strongly into this week. This has further increased pressure on other major forex currencies particularly the Euro and Sterling. The Euro has also been struggling under the weight of disagreement between key policymakers at the ECB over how the group should approach the key inflation issues facing not only the European bloc but those in the US and around the world. The Dollar Index is also flexing its muscle moving up close to the 92 mark as Sterling and other majors lack momentum. Markets on Wall Street had a quiet start to the day after a very positive start to the week yesterday.

Dollar Demand Persists in Pushing Higher

Forex brokers noted a continuing strong demand for the Dollar through yesterday and into the trading session today as US Treasury rates moved higher and Fed Chief Jerome Powell reiterated his caution over rising inflation and the fact that the country continues to battle against the COVID-19 crisis despite a positive return to form for the economy. These pre-released remarks yesterday ensured the Dollar held firm in its position of strength.

Powell is set to address the House Select Subcommittee on Coronavirus Crisis shortly with those forex trading the Dollar and other currencies keeping an eye on his tone and whether it will support the rather hawkish turn of last week from the Fed. This will remain the key driver for the Greenback today with possible reverberations to carry through the week.

ECB Divided on Inflation Issue 

While the Fed in the US remains fairly uniform in their view, that is not the case currently in Europe where the ECB policymakers are decidedly divided on the concerns caused by inflationary pressure, and how they should be dealt with.

With the Euro under pressure from a strong Dollar and showcasing all the hallmarks of a strong inflationary presence as can also be seen in the US, there would appear to be some discord as to how the banks’ approach to inflation should be delivered. This follows their meeting last week where it was generally agreed that it could be tolerated if inflation were to move beyond the 2% goal. By how much, and for how long though, remains unclear.

Wall Street Quiet After Dow Roars

An extremely strong start to the week on Wall Street, particularly from the Dow Jones which rebounded more than 500 points from a dip last week on the news from the Fed meeting and proposed interest rate hikes. This was its best day since March while the other major indices posted more modest gains.

The early trading today has been much flatter with traders presumably awaiting any news or indication from Jerome Powell’s testimony. One of the biggest gainers so far today is Reddit favorite GameStop with a jump following the conclusion of their most recent, billion-dollar share sale.

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