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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.
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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. EGLD Elrond Price Prediction 2021 | EGLD Price Prediction.
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