Introduction

EGOLD is setting a new benchmark in the world of decentralized finance with its groundbreaking approach to mining, leveraging advanced Non-Fungible Token (NFT) technology, termed ANFT. This revolutionary ecosystem operates on the blockchain, offering a unique blend of virtual assets and real-world mining incentives. EGOLD Miners are not your typical blockchain miners; they employ ANFT Miners to generate EGOLD Tokens. However, proceed with caution: the token's value isn't fixed or team-managed, and engaging in the EGOLD Project comes with its set of risks. If you’re contemplating diving into this innovative mining realm, thorough consideration of your objectives and risk tolerance is essential. Discover more about EGOLD’s ecosystem and its potential impact on digital economics.

The EGOLD Ecosystem: An Overview

What is EGOLD?

EGOLD is a decentralized NFT project that operates on the blockchain. The EGOLD Project ANFT Miners mine EGOLD Tokens. The value of EGOLD tokens is not fixed or managed by the team. There are risks associated with participating in The EGOLD Project. Before buying an EGOLD Miner, you should carefully consider your objectives, level of experience, and risk appetite. The information provided on the EGOLD website, whitepaper, ANFT miners, and any other materials related to the project should not be construed as financial or investment advice. EGOLD is not responsible for any financial decisions you make. EGOLD does not guarantee the accuracy, completeness, or reliability of any information provided about the project. Any information provided by EGOLD is subject to change without notice.

Token Market Data

• Current Price: $0.4521
• Market Cap: $0.00
• 24h Price Change: -1.41%
• 7d Price Change: 5.00%
• 30d Price Change: -21.35%
• 24h High: $0.4586
• 24h Low: $0.4473
• All-Time High: $2.6522 (2023-06-14T03:34:00.000Z)
• All-Time Low: $0.1991 (2023-12-09T23:30:00.000Z)
• Circulating Supply: 0.00
• Total Supply: 20,679,093.26

The Purpose and Utility of EGOLD

What Problem Does EGOLD Aim to Solve?

The EGOLD token, also known as eGold, is the native cryptocurrency of the Elrond blockchain platform. It serves multiple purposes within the Elrond ecosystem. Firstly, eGold is used for staking in the governance of the network. Staking allows token holders to participate in the decision-making process and contribute to the security and stability of the blockchain. By staking their eGold, users can become validators, who are responsible for processing transactions and maintaining the integrity of the network. In return for their services, validators receive staking rewards in the form of additional eGold.

Secondly, eGold is used to cover transaction fees on the Elrond network. When users conduct transactions or interact with smart contracts, they must pay a small fee to compensate the validators for their work. By using eGold for transaction fees, the Elrond network aims to provide a more seamless and cost-effective user experience compared to traditional blockchain platforms.

Finally, eGold is used as the main payment method within the Elrond ecosystem. It can be used to purchase goods and services from merchants who accept eGold as a form of payment, as well as to settle transactions between users on the network.

Unique Features and Benefits

One unique feature of EGLD is its adaptive state sharding, which enables the Elrond platform to offer higher throughput, rivaling that of centralized platforms. This feature allows the network to scale and process multiple transactions simultaneously, improving the blockchain speed, costs, and user experience. The Elrond platform also encourages developers to create innovative and cost-effective applications and earn up to 30% of the smart contract fees as royalties.

Another unique feature of EGLD is its smart contract loyalties, where 30% of the transaction fees collected are sent to the smart contract developers, incentivizing them to create more applications on the network. Additionally, 10% of the fees are rewarded to the community participants participating in special events like bounty projects and network development.

The Elrond platform also has a unique rating mechanism that benefits the ecosystem by encouraging validators to do their work honestly and maintain the highest efficiency possible. This mechanism ensures that the nodes keep operating at the highest efficiency, regardless of what may come.

Tokenomics and Distribution Model

Total Token Supply

The total token supply of EGOLD is not explicitly stated in the search results. However, the live tokenomics page on TokenInsight shows the current price of EGOLD at $0.41.

Number of Tokens in Circulation

The number of tokens in circulation for EGOLD is also not explicitly stated in the search results.

Maximum Supply Cap

There is no mention of a maximum supply cap for the EGOLD token in the search results.

Token Distribution Model

The tokenomics and distribution model of the EGOLD token are not explicitly provided in the sources. However, I can provide a general overview of the tokenomics and distribution models based on the information from the sources.

Tokenomics refers to the economic model behind cryptocurrency tokens, which plays a pivotal role in their distribution and success. The tokenomics model includes various elements, such as token distribution, token utility, total supply, token price stabilization, governance model, token economics, token distribution model, and token standards.

In the context of the EGOLD token, the sources do not provide specific details about the percentage allocated to the team, investors, community, and other stakeholders. However, the general concept of token distribution models includes allocating tokens to different stakeholders, such as the team, investors, community members, and other stakeholders.

Mechanisms to Control Inflation

To control inflation, EGOLD has implemented token burning mechanisms. For instance, 0.05% from liquidity provider (LP) fees is used to buy EGOLD tokens and burn them. The aim is to make deflation higher than emission, by building deflationary mechanisms into EGOLD's products. The goal for the medium-long term is for more EGOLD to leave circulation than the amount being created.

The Team Behind EGOLD

Core Team Members

The Elrond Network, now MultiversX, was founded in 2017 by brothers Lucian and Benjamin Mincu and Lucian Todea. The team has a strong focus on scalability and security, which has been a significant concern for blockchains. Elrond aimed to become the industry leader in scalability and throughput, addressing the challenges faced by even the largest blockchains.

• Lucian Mincu, Co-Founder and Chief Technology Officer: Lucian is a computer science engineer with experience in distributed systems, security, and blockchain technology. He has a strong background in software development, having worked for companies like Microsoft and IBM.
• Benjamin Mincu, Co-Founder and CEO: Benjamin has a background in economics and finance, with experience in the blockchain industry. He has been involved in various