eGold: Elrond's new cryptocurrency

While its new browser, Maïar, is in a rapid iteration phase, the Elrond blockchain is preparing to say goodbye to its historic native token - the ERD - and prepare for the gradual arrival of eGold. An ambitious choice, which redefines Elrond's vision and strategy. Overview of the operation.

EGold will be an expensive commodity

As of September 3, eGLD has started its first trading on Binance. If you are the ERD owner, be aware that it will take 1000 ERD to constitute 1 eGold (eGLD). Each eGLD will therefore be worth 1000 times more than an ERD. At the current ERD price, 1 eGLD will be worth around € 7,200, or the order of magnitude of a BTC price.

EGold will be a rare commodity

This is the main change to remember. There will now be a maximum amount of Elrond tokens in circulation. Therefore, we are moving from an inflationary architecture (without an issue ceiling) to a rare currency, hence the name eGold. To be more precise, there will be no more than 31,415,926 eGLDs in circulation, again, corresponding to more or less the order of magnitude of Bitcoin (21,000,000 BTC). The choice was to guarantee users a maximum value for the new token.

Bitcoin without the problems of Bitcoin

As you will have understood, Elrond's ambition is to create the new Bitcoin without Bitcoin's problems. With a record time of 11,500 transactions per second, Elrond aims to become one of the world's fastest blockchains in future. The eGLD will take advantage of this speed and a completely revised user interface on the Maïar browser, all while taking up the fundamentals of the queen of cryptocurrencies. The cocktail is seductive.

What will happen if I have ERDs?

The practical question, how will the transition from ERD to eGLD go? Three scenarios are possible:

You have ERDs in staking delegation on a master node.

Your ERDs will be automatically swapped against the equivalent amount in eGLD.

You have ERDs on Binance.

Identically, your ERDs will be automatically swapped into eGLD on the corresponding amount, and you will not have to do anything.

If you have ERDs on any other wallet (Ledger, Metamask, Bitmax, Crypto.com, TrustWallet, etc.).

You will need to use the Elrond Bridge, a simple four-step process that will allow you to surrender your ERDs and get your eGLD counterpart. You will have between 12 and 24 months to make the exchange.

The whole thing is quite simple then. And the ambition is clear: to arm ourselves to compete with the best cryptocurrencies in the world.