Elrond is another blockchain whose 'mainnet' has just gone live which promises to be the future of the internet economy:
Like many other new blockchains, ELROND offers three main strengths: scaleablity, efficiency (fast transaction times) and being developer friendly - it will be possible to integrate fintech and IOT apps with Elrond...
... And a marketing campaign is currently underway to onboard a billion new users to the network....
The problem is as far as I can tell the only application so far built on Elrond is the wallet, rather clumsily named ' Maiar' - maybe that means something in another language? But the name means nothing to this native English speaker.
I actually downloaded this wallet, and while initially impressed with how easy it was to set up (you can create an encrypted back up file straight to Google Drive) once that was done, you're just badgered into buying 'egold' - the token which secures the network.
I guess you could call the block explorer an application too, it is pretty funky...
Elrond - market ranking and tokenomics:
Elrond is currently sitting 46th by Market Cap:
And I do quite like the tokenomics - you can stake EDLG ('Elrond Gold') for a 20% return, which is pretty tasty, and there is a hard cap of 30 million tokens, with 20 million having been printed already.
Elrond - worth buying?
TBH not really, this is just another blockchain trying to attract people to develop dapps on it, and to date it doesn't appear to have had any luck at all.
I can't really see what it offers that Algorand or Hive or ETH 2.0 don't offer. There's just too much competition and I think this chain and token just don't look that competitive.
This just seems to be yet another chain offering yet the same promises, with more attention paid to marketing and a shiny website rather than actually anything being build on said chain!
Lord knows how it's managed to rank 46th by market capitalisation, unless I'm missing something?
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When the BSC craze started in December, there was a vey high APY on pancake for BNB-EDLG pair, so I ended up holding some. Then it went up to 200, BNB did well to and I sold all of it. Looking at it now, seems to be in the same price range.
I read a bit about it, since I hodl it, they had some unique blockchain design, the have implemented SHARDS already, that is multiple blockchains on lvl 1, and proof of stake. Basically ETH2, live now. But still ETH2 will come sooner or later
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Well the Cake pool is a good reason to hold anything.
It did sound to me like ETH 2.0, but no one seems to be building anything on it!
And as you say, everyone's eyes are on ETH.
I wonder what that will mean for BSC when ETH 2.0 kicks into gear?!?
Honestly I think when we start to see more wide blockchain adoption, every chain will have issues including ETH2.0 and BSC ... BSC is having issues already now .... with PoS implemented! This just shows how hard is to build decentralized smart chains on a scale.
I imagine going forward we will still have a lot of centralization with just a part of it touching the decentralized blockchains, a low amount of data interacting with the blockchain.
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You're probably right!
It is at that rank because an effective marketing campaign IMO
You mean a nice website?!?
That's all I can really see its got going for it!
Look, just having a look to social data on coingecko you can understand that they have worked hardly on creating an immense community:
https://www.coingecko.com/es/monedas/elrond#social
Compare that data with similar ranked coin, for instance RUNE which is 45th at coingecko:
or, if you want, do so against HIVE:
so, IMO, they have worked pretty well in the marketing field, and as a result they have a lot of followers around the social media.
I don't think it is a good investment but for sure the project is very well supported by a strong community of believers, which, IMO, is the most important when you compare similar blockchains.
Although all of those stats look pretty low to me, crypto's still a niche thing!
That's another story, yes
This is what put me off to ever taking a closer look at it. They really seem to have paid a lot of youtube influencers to cover and talk about their project. They will likely face the same problem as many of these chains that nobody is really building on it.
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It's being created by a team of Romanian s, but Maiar means nothing in our language. The CEO is one smart guy. I've seen a few interviews with him.
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I guess you have to be smart to run a blockchain, but it does just seem to be 'yet another blockchain' !