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What is Elrond Network (EGLD)?
Elrond Network (EGLD) is a high-throughput blockchain platform designed to address scalability limitations of previous blockchain technologies. It utilizes sharding and other innovative techniques to enable fast and efficient transaction processing.
Key Features of Elrond Network
- Scalability: Elrond leverages sharding technology to partition the network into smaller segments, allowing for parallel transaction processing and significantly faster throughput.
- Security: Elrond employs a Secure Proof-of-Stake (SPoS) consensus mechanism to ensure a secure and reliable network environment.
- Smart Contracts: Elrond supports the development and deployment of smart contracts, enabling various decentralized applications (dApps) to be built on its platform.
Uses of EGLD Token
- Network Fees: EGLD is used to pay for transaction fees on the Elrond Network.
- Staking: Users can stake EGLD tokens to participate in securing the network and earn rewards.
- Governance: EGLD holders can participate in governance votes to shape the future of the Elrond Network.