Elrond (EGLD), simply put, is a blockchain network that is cheap, efficient, and scalable, providing benefits for both decentralized application (dApp) developers and enterprise solutions.
The Elrond blockchain is designed to offer decentralization, security, and scalability for distributed applications and businesses. The project focuses on cross-chain interoperability, developer support, and achieving maximum operational efficiency. Elrond Network brands itself as a "blockchain at an internet scale," implying it is designed to handle transaction volumes at the level of large internet platforms, unlike the relatively low efficiency of other blockchain networks. The Elrond Network team claims their network can process 15,000 transactions per second at a cost of only one cent per transaction, a significant number compared to Bitcoin (BTC)'s average of 7 transactions per second.
Elrond Network (EGLD) achieves this extraordinary network efficiency through a combination of the Secure Proof-of-Stake (SPoS) consensus mechanism, advanced sharding technology, Elrond Network's native coin eGold (eGLD), and an innovative validator network structure.

The Elrond Network provides a platform for deploying smart contracts, decentralized applications (dApps), and even entire blockchain protocols. The operation of the network is supported by Elrond’s native cryptocurrency, eGold (eGLD).
eGLD coin is both part of the governance mechanism and is used for staking and validator rewards. Gas fees within the Elrond ecosystem are also paid in eGLD coin.
The eGLD coin can be used with the Maiar Wallet cryptocurrency wallet, which offers features such as staking eGLD, borrowing, lending, sending, and receiving eGLD.

The Elrond Network was founded in 2017 by brothers Beniamin and Lucian Mincu, along with Lucian Todea. The Mincu brothers are known for their ventures and experience in the technology field. Beniamin Mincu, who is currently also the CEO of Elrond Network, previously worked at Nem Core. Lucian Mincu has worked as an engineer at Uhrenwerk 24, Cetto, and Liebl Systems; he was a founding partner of MetaChain Capital. Lucian Todea is known as the founder and CEO of the Soft32 company.

The native cryptocurrency of the Elrond Network, eGold, also known as eGLD coin, has a maximum supply of 31,415,926 eGLD.
The eGLD coin was launched on September 3, 2020, with an initial distribution of 20,000,000 eGLD. The distribution of these coins was as follows:

Elrond Network (EGLD) stands out as an extremely fast, efficient, and inherently scalable alternative for developing decentralized applications. Compared to the Bitcoin (BTC) network, which can process 7 transactions per second, Elrond Network can handle up to 15,000 transactions per second.
Elrond Network ensures security on the network through its unique consensus algorithm, Secure Proof-of-Stake (SPoS), which includes a series of unique innovations. In the SPoS algorithm, validators only confirm data held in their specific shard, instead of all data stored on the blockchain.
Moreover, Elrond Network combines three standardized sharding methods (network sharding, transaction sharding, and state sharding) in a balanced high-performance system. This is called Adaptive State Sharding. Network sharding facilitates the assignment and replication of network nodes in specific shards. Transaction sharding determines how transactions are matched with shards. State sharding, the most complex, sets Elrond Network apart from its competitors.

Secure Proof-of-Stake (SPoS), as mentioned above, is Elrond Network (EGLD) platform's unique consensus algorithm. Elrond nodes are servers, smartphones, or computers running the Elrond node client software to transmit and process data across the network. While all Proof-of-Stake (PoS) networks use one node system to process data and create consensus, Elrond Network utilizes three specific types of nodes:

Elrond Network's SPoS mechanism allows for almost instant random validator selection through blockchain sharding. Blockchain sharding is the process of dividing the entire blockchain into smaller, more manageable datasets for maximum efficiency.

The Elrond Network (EGLD) whitepaper was published on June 19, 2019.
The eGLD coin whitepaper describes the Elrond Network as offering "a genuine state sharding scheme for practical scalability, eliminating energy and computational waste while ensuring distributed fairness through a Secure Proof-of-Stake (SPoS) consensus."

Q: What is the purpose of the Elrond Network (EGLD)?
A: Elrond Network (EGLD) reimagines the general blockchain infrastructure to be secure, efficient, scalable, and interoperable.
Q: How does Elrond Network (EGLD) plan to solve scalability issues?
A: Elrond Network (EGLD) uses an innovative version of sharding to solve scalability issues.
Q: What is Secure Proof-of-Stake (SPoS)?
A: Secure Proof-of-Stake (SPoS) is Elrond Network's unique consensus algorithm that supports the network's security and efficiency.
Q: What is the use of eGLD coin?
A: eGLD coin is used for paying transaction fees on the Elrond Network as well as for staking and distributing validator rewards. eGLD coin also gives its holders a say in the governance of the network.
Q: What is the supply of eGLD coin?
A: The maximum supply of eGLD coin is 31,415,926.