What is EGLD Crypto?
EGLD is a cryptocurrency that powers the MultiversX network, previously known as Elrond. MultiversX aims to provide a fast, secure, and scalable blockchain infrastructure for decentralized applications and smart contracts.
MultiversX uses a unique blockchain architecture called Adaptive State Sharding to achieve high transaction throughput and low latency.
This approach involves splitting the blockchain into multiple segments called shards, each capable of processing transactions in parallel, while a special node called the “metachain” coordinates the overall network. Consequently, MultiversX can process up to 15,000 transactions per second, making it one of the fastest blockchain platforms. As if not impressive enough, the MultiversX team believe this could be scalable to as high as 100’000 tps.
- The MultiversX network uses its native cryptocurrency, EGLD, as a means of payment for transactions, fees, and as a reward for validators who secure the network.
- To secure its network, MultiversX uses a modified variant of Proof-of-Stake known as Secure Proof-of-Stake (SPos). Like regular Proof-of-Stake, SPoS aims to be less energy intensive and allows for quicker transactions than Proof-of-Work networks like Bitcoin.
- Overall, MultiversX aims to provide a fast, efficient, and secure blockchain platform for decentralised applications and smart contracts, with a focus on usability and accessibility for both users and developers.
Who Created MultiversX?
Beniamin Mincu was the CEO of Elrond when it rebranded to the multiverse-based platform, MultiversX. However, Lucian Todea and Lucian Mincu were also co-creators of the original Elrond network and MultiversX. According to their social media, Lucian Todea is the co-founder and COO, while Lucian Mincu is also a co-founder and CIO.
Where is MetaversX located?
The company behind MultiversX is based in Malta. However, the founding members are from Romania, while MultiversX itself has locations over the globe, including in the United States.
EGLD Crypto vs Bitcoin
Both EGLD and Bitcoin are cryptocurrencies, which can be used as payment methods for online transactions.
The main difference between the two is that EGLD is run on a modified Proof-of-Stake consensus mechanism, known as Secure Proof-of-Stake, while Bitcoin’s BTC is run on a Proof-of-Work consensus mechanism.
The main difference between these two consensus mechanisms is how they verify transactions, with one resulting in much less computational waste.
Bitcoin’s Proof-of-Work, while secure and reliable, is incredibly energy intensive as it requires 51% of all nodes running the Bitcoin network to agree on a transaction before it’s committed to the blockchain.
Under Secured Proof-of-Stake, a single validator is chosen to verify an incoming transaction, with a few checkers to ensure accuracy and honesty.
As such, the amount of computational power required to verify a Secured Proof-of-Stake transaction is significantly lower than that of Proof-of-Work.
Another benefit of Proof-of-Stake is that it can allow for smart contracts, or self-executing code, which allows for the MultiversX to be more than just a payment method.
Due to smart contracts, MultiversX can be used for additional crypto-related products such as DeFi, NFTs, and the multiverse.
EGLD Crypto vs XRP
EGLD and XRP are both cryptocurrencies, though they aim to fill different niches.
As discussed above, MultiversX uses Secured Proof-of-Stake, whereas Ripple’s XRP uses the XRP Ledger Consensus Protocol.
The difference between the XRP Ledger Consensus Protocol and Proof-of-Work or Proof-of-Stake is that the XRP Ledger does not need to know the entire blockchain history to function.
However, the difference between XRP and EGLD can also come down to transaction speed.
Although XRP is fast, with around 1500 transactions per second, this feels slow when compared to EGLD’s 15’000 transactions per second.
Lastly, the projects have different objectives. MultiversX is looking to be the home of the multiverse, and XRP is looking to be the cross-country payment solution of the future.
Where Can I Buy EGLD Crypto?
EGLD is fairly well distributed and can purchased on most major exchanges. This includes exchanges such as Coinbase, Binance, Kraken, KuCoin, Bitfinex, OKX, Huobi, Gate.io, Crypto.com, Bitget, and many more.
How to buy EGLD crypto
To buy EGLD on the Bitget exchange you must first create an account. Use the link below to access the Bitget official website. Click Create Account and follow the steps.
Coin-Labs has signed a business partner agreement with Bitget Exchange in 2021. Therefore, if you sign up for the Bitget Exchange through Coin-Labs, you can participate in several events with highest commission level and bonuses of up to 4,163 USDT.
- Once you’ve got an account created, you will need to get some USDT to trade for EGLD. To buy USDT on Bitget, hover over Buy Crypto on their website. This will give you the choices of Quick Buy / Express, P2P Trading, Credit/Debit Card, and Bank Deposit. To save time, we are going to select Credit/Debit Card.
- Next, enter the amount you wish to purchase and make sure USDT is selected from the dropdown box. Then, select your payment method and a payment provider. This can be VISA, Mastercard, PIX, or Google Pay, with Mercuryo, Banxa, and Simplex being available. Select your preferred provider and hit Next to complete the transaction from their webpage.
- The USDT will arrive in your account within 5-30 minutes. Now that you have USDT, you need to trade for EGLD.
- At the top of the page hover over Trade and click Spot Trading. By default, BTC/USDT is picked so we’ll need to type EGLD into the search box on the upper left side of the trading screen. EGLD/USDT will appear and can now be selected.
- Just below the trading graph, you will see Spot. In the USDT section, enter the amount of USDT you would like to trade for EGLD. Below this, you can see Buy EGLD. Clicking Buy EGLD will complete the order.
How to Stake EGLD Crypto
The easiest way to stake EGLD is with the MultiversX wallet, previously known as the Elrond wallet. First, you must create your MultiversX wallet by visiting the MultiversX wallet website. On their homepage will be greeted with Create Wallet or Access Existing.
Select Create Wallet. You will now be given 24 randomly generated words and this must be stored, securely, and ideally offline. These 24 words are the password seeds to your account.
There is no “password recovery” option, there is only the 24-word seed recovery. This means you should never give your 24 seed phrase to anyone, under any circumstances, as doing so would give them access to your crypto wallet.
Then, the MultiversX wallet will now ask you to enter a few words from your seed phrase to confirm you have taken note of the words and order correctly.
Next, it will ask you to create a regular password and download a key file to use as your user ID on your device. Now we need to transfer the EGLD we purchased earlier, and to do this we go to the wallet and click Receive from the left side of the dashboard. Your EGLD wallet address can be taken from the Address bar located at the top of the webpage.
Go to the exchange where you purchased your EGLD and select the Send option from within your exchange wallet, usually located around the top right of the page. Enter the copied EGLD wallet address and confirm the transaction.
After the transaction confirms, the EGLD will appear in your MultiversX wallet and is ready to stake.
If you are on the main panel of the MultiversX wallet there is a Stake Now button on the right-hand side. Alternatively, there is the Staking tab on the left-hand side. Clicking Stake Now will then ask you to choose a Staking Provider. To select the best one, Google to see which validator currently has the best track record and has space for new delegates.
Next, enter the number of EGLD tokens you are looking to stake to this validator and press Continue. This will bring up the confirmation screen, and if you are happy with the parameters press Confirm to finalise the transaction. A Success screen will appear with a big green tick, letting you know you have successfully staked to the MultiversX network.
How to Mine EGLD Crypto
EGLD cannot be mined like Bitcoin, as MetaversX runs a Proof-of-Stake-based consensus mechanism with no mining involved. Instead, those who want to verify the MetaversX network transactions can stake or delegate their EGLD tokens.
The benefit of staking and delegating is like mining you are rewarded for doing so. To delegate your EGLD tokens for staking, follow our How to stake EGLD crypto section above.
EGLD Crypto Price Prediction
Despite seeming bullish today, if historical trends repeat in the future, an EGLD token as high as $1000 could appear sometime between 2025 and 2030.
However, as historical trends are not guaranteed to repeat, opinions generally float between $150 and $500 for EGLD by 2030.
Is EGLD Crypto a Good Investment?
Like all investments, it is when you buy that dictates how good an investment will be. Despite fierce competition in the layer-1 blockchain market, MultiversX is trying to distance itself from the crowd by incorporating the multiverse into its operations. How good an investment EGLD becomes will likely be dictated by how successful the multiverse becomes overall.
Is EGLD Crypto Safe?
There is always risk involved when trading in cryptocurrencies. However, MultiversX is considered among the upper tier of crypto projects for security and legitimacy. While there may be some risk involved, MultiversX is generally seen as a relatively safe investment for a crypto project. Its bug bounty reward program, regular security audits, and modified version of Proof-of-Stake have so far kept the network free from significant incidents or disruption.
We Coin-Labs provides only objective information about EGLD.
Therefore, we are not responsible for the investment decision in EGLD and the resulting loss.
EGLD Basics
Here are some factors that investors should consider before investing in EGLD.
| Cryptocurrency Features | EGLD (EGLD) |
|---|---|
| Publisher or Developers | Beniamin Mincu (CEO of Elrond) |
| Headquarters (Registration Number) | Malta |
| Symbol | EGLD |
| Platform | |
| Published Date (CMC Registration) | 2020-09-04 |
| Max Supply | 31,415,926 EGLD |
Reliability Score of EGLD in 2023
These are indexes mesuring the investment reliability of EGLD conducted by Coin-Labs.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 9 Exchanges |
| Number of Available Pairs Worldwide | 142 Pairs |
| Market Cap of the Cryptocurrency | 1,441,477,258,756 KRW (Rank #48) |
The table above shows the result of investment suitability evaluation for EGLD.
More descriptions about the rating items can be found here.
EGLD Price
Here are the price and recent trading volume of EGLD. (Data of 2023-03-30 13:02:30)
| Price Items | Price and Trading Volume of EGLD |
|---|---|
| EGLD Price | 57,198.566 KRW |
| Price Change 24h | 3.77% |
| Price Change 7d | 4.14% |
| Trading Volume 24h | 46,306,427,055 KRW |
| Trading Volume Change 24h | 120.76% |
Cryptocurrency Metadata
You can check the development status and social media information of EGLD through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | https://multiversx.com/ |
| 📖 White Paper | https://files.multiversx.com/multiversx-whitepaper.pdf |
| 🛰️ Source Code (GitHub) | https://github.com/multiversx |
| https://twitter.com/MultiversX | |
| 🎺 Message Board | https://multiversx.com/blog |
Where to Buy EGLD
Here are the top ten world crypto exchanges where traders can buy EGLD in 2023.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/EGLD_BTC?theme=dark&type=spot |
| Coinbase | Listed | https://pro.coinbase.com/trade/EGLD-USD |
| Kraken | Listed | https://trade.kraken.com/charts/KRAKEN:EGLD-EUR |
| KuCoin | Listed | https://www.kucoin.com/ko/trade/EGLD-USDT |
| Bitfinex | Listed | https://trading.bitfinex.com/t/EGLD:USD |
| OKX | Listed | https://www.okx.com/trade-spot/egld-usdt |
| Huobi | Listed | https://www.huobi.com/en-us/exchange/egld_usdt |
| Bitstamp | Not listed | |
| Bybit | Listed | https://www.bybit.com/en-US/trade/spot/EGLD/USDT |
| Gate.io | Listed | https://www.gate.io/trade/EGLD_USDT |
Frequently Asked Questions
What is the current price of EGLD?
EGLD price today is 57,198.566 KRW. Furthermore, the price of EGLD has fluctuated by 3.77% from 24 hours ago, and by 4.14% from a week ago.
Where is EGLD listed?
Currently, it is listed on a total of 9 among the world top 10 exchanges.
What is the market cap of EGLD now?
Currently, EGLD has a market cap of 1,441,477,258,756 KRW, which is ranking 48 among cryptocurrencies worldwide.
How much is the trade volume of EGLD?
Currently, 25,201,283 EGLD coins are circulating through 142 market pairs. As a result, in the last 24 hours, 46,306,427,055 KRW of EGLD coins were traded in the market.
