WHAT IS ELROND (ERD) AND IS THERE STILL TIME TO BUY?28.07.2020, 14:00
Strong hands can win in the blockchain and cryptocurrency space, allowing such savvy investors more time to do other things besides making bad trades and watching charts all day.
The price of Elrond (ERD) may have risen - sharply - recently (it’s July 16th) but that doesn’t mean there isn’t still time to get in - and stay in. The mainnet is launching soon, and general FOMO may not yet have run its course. Plus, there’s one big reason for continued optimism: Staking. There may be profit-taking and pull-backs, but then many of these investors will be buying back in and going long with this promising new blockchain network.
It’s taken 2.5 years for Elrond to come to fruition and achieve various landmarks. It looks set to introduce more healthy competition into the space, and with cross-chain interoperability too, which will advance the space as a whole. Adaptive State Sharding is an updated technology that looks set to offer hyper-attractive speeds for transaction times, forming an effective, secure solution leveraging parallel processing. Secure Proof-of-Stake consensus reduces electrical waste and randomly reshuffles nodes via ‘an unbiasable randomness source generated by the block proposer via signing the previous random source.’
Besides linear scalability, the team (with a good mix of technical and entrepreneurial backgrounds) have been focused on cross chain interoperability with other blockchains including Ethereum, with the Elrond Virtual Machine supporting Solidity smart contracts.
Check out the technology page of their website, where there’s even sections that explain how it measures up next to Ethereum and Algorand.
As with many other blockchains, the ERD token will handle: Governance, Staking, Transactions, Smart Contracts and Validator Rewards.
Having initially launched on Binance Launchpad, main liquidity has come (impressively) thanks to Binance. Others have been slow in coming but this has set the stage for more, such as Nash Exchange which was announced in June.
Other Features and News
Elrond announced a partnership with Suterusu to bring sophisticated privacy features to the network via a 2nd layer solution, ideal for companies which will require these.
MoonPay (recently) looks set to integrate ERD for better crypto-fiat options while also some strong DeFi-orientated preparations are underway with Orion Protocol, given that Elrond “can process more than 10.000 transactions per second, with a 5 second latency, and 100x less transaction cost than Ethereum, it is instrumentally positioned to enable significant growth for the DeFi ecosystem.” (Medium blog)
Out of all of these things, the sheer lure of staking rewards looks set to bring strong initial growth and security to the Elrond network in its early years. This will be bolstered by its increased speed as Ethereum’s reliable but frustrating performance loses some of its users and developers.
Mainnet and Token Swap
So will the price stay strong and steady for Elrond holders as Mainnet approaches (in over ten days time)? It has the potential to, as long as the wider market does.
After mainnet, there will be an automatic token swap for hodlers on Binance etc, then regular distributions of staking rewards. Or you’ll be able to use a native wallet and delegate for possibly higher earlier returns (best to check their updating Medium blog about this).
You should of course, begin some of your own research into this new network, starting at their website. You also get an easy Staking Calculator for calculating the (potential) ROI.
With strong fundamentals it looks like Elrond could be the next Tezos and experience steady growth thanks to positive market sentiment and investors looking for the next long-term, proof-of-stake incentivised network. That is, provided the market doesn’t experience some nasty shocks including COVID-19 ‘earthquakes’.
Beyond this, depending on network performance and attributes, there could be continued partnerships and listings, including those on more prominent exchanges.
Elrond represents a good long-term buy for patient hands, and a network with strong potential to play ‘catch-up’ depending on its technological performance if it can find and harness more real-world use-cases.
See our related post on 5 Top Crypto Projects to Invest in for Q3 2020.
Here at GrabFreeMoney.com we continue to keep our eyes to the sky with top investing ideas and projects that bring rewards or which are most likely to have big futures ahead.
At the same time, we’ll continue to conjure up fresh offers, bonuses and deals for your personal dashboards here on our site, so you can swap points earned for real money. Then you can choose to swap your GrabFreeMoney rewards for crypto, including ERD. There’s still lots of time, so don’t fall victim to FOMO (Fear Of Missing Out) and try to avoid making wrong investment decisions at the wrong time.
Disclaimer - Always do your own research. This is not professional financial advice so you invest at your own risk. The cryptocurrency market contains speculative and volatile projects so never invest more than you can afford to lose.