What is the native token of Elrond (EGLD)?
The native token of Elrond (EGLD) is the cryptocurrency used to power the Elrond network.
It is an ERC-20 token based on the Ethereum blockchain and is used to pay for transaction fees, reward validators, and incentivize users. EGLD tokens are distributed through a series of public sales and airdrops. The tokens are also used to access certain features of the Elrond network such as staking, voting, and governance.
The total supply of EGLD tokens is 20 billion, with 10% allocated for community incentives and rewards. The Elrond network uses a 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 network also uses a novel consensus algorithm called Secure Proof-of-Stake (SPoS) which enables users to stake their EGLD tokens in order to earn rewards while helping secure the network.
