EGLD

Overview of EGLD

EGLD, issued in 2019, is the native token of MultiversX, acting as a store of value currency to pay for network usage. The coin also serves as a medium of exchange between platform users and validators. MultiversX rewards the community and active participants with EGLD tokens. Users pay transaction fees in EGLD and validators provide services. Plus, EGLD is endowed with the functionality of a governance token, and its holders can vote on network decisions.

Pros and Cons

Crypto Wallet

There are three official wallets provided by MultiversX to support EGLD.

• XPortal: XPortal is a digital crypto wallet and global payments app that allows you to exchange and securely manage crypto on your mobile phone.
• MultiversX Wallet: MultiversX Wallet is a highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases and the new internet economy, helping you securely store, transfer and swap tokens and collectibles.
• MultiversX DeFi Wallet: The MultiversX DeFi Wallet is a MultiversX wallet web extension that can be added to Chrome browsers. It enables users to securely store EGLD and ESDT tokens on the MultiversX Network, send transactions and smart contract calls and sign messages.

What Makes EGLD Unique？

EGLD offers innovation within the cryptocurrency realm by emphasizing scalability and transaction efficiency. The network's unique system, built for optimal adaptability, permits increased transaction processing as demand grows. This scalability comes from the MultiversX's introduction of sharding, where the blockchain and network operations are divided into smaller sections, allowing for simultaneous execution and increased transaction speed.

Furthermore, EGLD uses a Secure Proof of Stake (SPoS) consensus mechanism, which is a variant of the common Proof of Stake (PoS) model. The SPoS model enhances security, maintains decentralization, and ensures an efficient network, thus addressing some of the pressing concerns within other PoS-based blockchain models.

How Does EGLD Work？

EGLD is the native token of the MultiversX blockchain, a high-throughput, low-cost, and scalable blockchain platform. EGLD has several important functions within the MultiversX ecosystem, including paying transaction fees, securing the network, participating in governance, and purchasing goods and services on the network. In addition to these core functions, EGLD can also be used to purchase goods and services on the MultiversX network, such as NFTs, games, and decentralized finance (DeFi) projects.

Exchanges to Buy EGLD

EGLD is supported for buying on numerous reputable cryptocurrency exchanges, each offering different currency and token pairings for trade.

1. Binance: This exchange supports multiple EGLD trading pairs, including EGLD/USDT, EGLD/BTC, and EGLD/BUSD. See this link for details on how to buy EGLD: https://www.binance.com/en/how-to-buy/multiversx-egld.

Step 1: Create a free account on the Binance website or the app.

Binance is a centralized exchange where you can buy several cryptocurrencies including EGLD. Before you can use the Binance platform, you'll need to open an account and verify your identification. You can register via the Binance App or the website using your email and mobile number.

Step 2: Choose how you want to buy EGLD.

Click on the “Buy Crypto” link on the top of the Binance website navigation to know about the available options to buy EGLD in your country.

Step 3: Check the payment details and fees.

You have 1 minute to confirm your order at the current price. After 1 minute, your order will be recalculated based on the current market price. You can click Refresh to see the new order amount.

Step 4: Store or use your EGLD in Binance.

Now that you bought your crypto, you can store it in your personal crypto wallet or simply hold it in your Binance account. You can also trade for other crypto or stake it on Binance Earn for passive income.

2. Gate.io: Gate.io operates pairs such as EGLD/USDT. See this link for details on how to buy EGLD: https://www.gate.io/how-to-buy/multiversx-egld.

Step 1 - Create an Account on Gate.io

Create an account with Gate.io, or login to your existing Gate.io account.

Step 2 - Complete KYC & Security Verification

Ensure that you have completed KYC and security verification.

Step 3 - Choose your preferred method to buy EGLD

Buy EGLD at the market price or present a buy price that you desire for the most popular EGLD currency pair, EGLD/USDT.

Step 4 - Purchase successful

Your EGLD is in your wallet now. If you havent received your crypto, you may visit the Help Centre or ask reach out to the customer service team by live chat.

3. Crypto.com: This exchange supports EGLD purchases with USDT, providing the EGLD/USDT pair.

4. eToro: While eToro primarily operates as a CFD platform, it also supports direct purchases of EGLD with fiat currency.

5. OKEx: On OKEx, traders can leverage various pairs including EGLD/USDT and EGLD/BTC.

How to Store EGLD？

You can store EGLD in the official wallets provided by MultiversX, including xProtal and MultiversX. And EGLD can be stored using various wallet options.

Trust Wallet: This is a mobile wallet that supports many different cryptocurrencies. It offers features like a built-in dApp browser that can interact with other decentralised applications directly from the wallet.

Crypto.com Wallet: This wallet is part of the Crypto.com exchange and offers users the ability to buy, sell, and pay with a variety of cryptocurrencies. It also has security features including biometric recognition and two-factor authentication, and allows users to earn interest in select cryptocurrencies.

Ledger: This refers to Ledger's hardware wallets, the Ledger Nano S and Ledger Nano X, which are devices that securely store the user's private keys offline. This 'cold storage' methodology is considered one of the most secure ways to keep cryptocurrencies safe from online threats such as hackers.

Is It Safe？

The design of EGLD incorporates several security measures. It uses a secure proof-of-stake consensus protocol, which requires nodes to stake their EGLD tokens to participate in the validation process. The protocol also assigns rating scores to each validator based on their past activity. A validator with a low rating score will not be selected to participate in the validation process and may also incur fines.

In order to protect the network's integrity, validators that continuously act against it can be removed and have their staked EGLD tokens slashed. Validators are selected randomly and shuffled between shards periodically to prevent collusion, making it unpredictable and preventing manipulation.

Communication among nodes uses modified Boneh-Lynn-Shacham (BLS) multi-signatures, providing robust cryptographic security.

How to Earn EGLD？

Airdrop Participation: Stay updated with official MultiversX announcements and follow its social media to take part in airdrops when available.

Staking: By staking your EGLD holdings, you can earn an approximate annual percentage return (APR) of 7.68%.

Network Task Participation: By joining the MultiversX network and getting involved in tasks like validating transactions (when selected as a validator), you can earn more EGLD.

Purchase and Trade: Buy EGLD at a low price, and sell when the price increases for potential profits.

FAQs

Q: Where can I buy EGLD？

A: EGLD can be purchased through various exchanges including Binance, Crypto.com, and eToro among others.

Q: How to store EGLD？

A: It can be stored in official wallets provided by MultiversX, as well as in other wallets like Trust Wallet and Ledger.

Q: What's the circulating supply of EGLD？

A: As of February 5, 2024, the circulating supply of EGLD is 26,520,565.

Q: Who is an ideal EGLD investor？

A: The ideal EGLD investor could be long-term investors, tech enthusiasts, or active crypto traders who are aware of the risks associated with market volatility and are willing to invest money they can afford to lose.