What is the Elrond Network?

The Elrond Network is a blockchain-based platform that provides a secure, efficient, and scalable digital infrastructure for the internet economy.

It is designed to enable the development of high-performance decentralized applications (dApps) and smart contracts. The Elrond Network is powered by a new consensus mechanism called Adaptive State Sharding, which allows it to process up to 10,000 transactions per second (TPS). This makes it one of the fastest blockchains in the world.

The Elrond Network also features a novel architecture that enables it to scale horizontally while maintaining its security and decentralization. This architecture is based on three main components: sharding, virtual machines, and secure proof-of-stake consensus. Sharding divides the network into multiple shards that can process transactions in parallel, allowing for greater scalability.

Virtual machines provide an environment for developers to create dApps and smart contracts on the Elrond Network. Finally, secure proof-of-stake consensus ensures that all nodes in the network are working together to maintain its security and decentralization. In addition to its technical features, the Elrond Network also has an innovative economic model that incentivizes users to participate in its ecosystem.

This model includes a native token called eGold (EGLD) which can be used for staking rewards, transaction fees, and other purposes within the network. The Elrond Network also supports various DeFi protocols such as liquidity pools and decentralized exchanges (DEXs). These protocols allow users to earn rewards by providing liquidity or trading assets on DEXs.