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Elrond Wallet
The Elrond Wallet is a public blockchain created to provide high-level scalability, interoperability, and high throughput. The goal is to create a decentralized network that can provide the same or better performance when compared with centralized networks, while also providing users with greater privacy.
The Elrond Network plans on achieving these goals through its unique technology Adaptive State Sharding, and by using the Secure Proof of Stake (SPoS) consensus mechanism.
How Elrond Works
Using secure proof of stake, Elrond is validated rather than mined. Elrond relies on open source software, which means anyone can view the source code. Here’s how the Elrond blockchain operates:1
- Validators process and record transactions: Validators stake—agree to not trade or sell—EGLD tokens to earn the right to process EGLD transactions. Validators work together to simultaneously process transactions and add new blocks to the Elrond blockchain.
- Fishermen continuously hunt for malicious transactions and users: Fishermen in SPoS networks verify new blocks after they are added to the Elrond blockchain by validators. Fishermen are tasked with finding any invalid blocks or malicious actors participating the network.
- Observers passively maintain the history of the Elrond blockchain: Observers of the Elrond blockchain store the blockchain’s entire history. Observers are passive network participants who do not create new blocks and are ineligible for EGLD rewards.
Validators, fishermen, and observers operate the Elrond blockchain simultaneously. This concurrent participation is what makes the Elrond blockchain highly scalable.
Buying Elrond
You can buy EGLD via several cryptocurrency exchanges including Binance.us, KuCoin, Gate.io, Bitfinex, OKEx, and Crypto.com.75
Wallets
You need a cryptocurrency wallet that is compatible with EGLD before you can buy the digital currency. You have a couple of wallet options:
- Software wallet: Elrond supports the official Elrond Wallet.8 Other software wallet alternatives include those by MetaMask, Trust Wallet, and Math Wallet.
- Hardware wallet: The Ledger and Trezor hardware wallets are both compatible with EGLD.