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FAQ

You can stake minimum 1 EGLD. There is no maximum limit. 

Staking could be executed by validators. Inception Network is one of them. For that, you need to launch your own node and lock a large amount of tokens, more precisely 2500 eGLD. Otherwise, your node will have no chance of being designated a validator.

But ordinary users can delegate their tokens to staking providers, receiving income even from small amounts. Such staking is supported by Elrond web wallet and Maiar mobile wallet where you can also store EGLD tokens. You may read about other Maiar functions in this detailed article.

Delegates pay a commission (fee) to staking providers (SP) for the validating service they provide, this commission is set by validators themselves. Let’s see an example of how the fee is calculated. A user staked 100 EGLD with a provider who has a 10% fee and the APR is 10% also. Over a year this user will get 10 EGLD(10% from 100 EGLD) as an income and will pay for the validating service only 1 EGLD(10% from 10 EGLD), as SP fee is calculated from the rewards but not the actual sum staked.

 

Source and more details here: https://medium.com/everstake/elrond-how-the-platform-works-and-what-beginners-need-to-know-62030817707c

EGLD tokens are stored in cryptocurrency wallets. If you don’t have one, then you must first create such a wallet. Here are some crypto wallets in which you can store EGLD tokens:

  • Elrond Wallet — the original wallet for EGLD;
  • Trust Wallet is a mobile multicurrency wallet with Binance Smart Chain (BSC) support.
  • Ledger Nano S/Nano X is a secure EGLD cold storage hardware wallet.
  • Maiar Web Wallet — powered by the amazing technology of the Elrond blockchain.

Source: https://medium.com/everstake/elrond-how-the-platform-works-and-what-beginners-need-to-know-62030817707c

You can get EGLD directly with credit card, bank transfers, Revolut or ApplePay through one of the many payment processors that Elrond is integrated with. Elrond http://buy.elrond.com page will help you find the most efficient onboarding platform available in your region.

Furthermore, you can get EGLD on cryptocurrency exchanges or exchangers. Here is a list of exchanges where tokens are traded:

  • Binance;
  • OKEx;
  • Crypto.com;
  • Bithumb Global;
  • Bitfinex and others.

A complete list of crypto exchanges can be found on the coin page on CoinMarketCap.

Exchanges, unlike exchangers, allow you to buy EGLD tokens at market prices. Exchangers charge a commission, so the price is higher. Therefore, it is most profitable to exchange on exchanges.

Source: https://medium.com/everstake/elrond-how-the-platform-works-and-what-beginners-need-to-know-62030817707c

Staking could be executed by validators. Inception Network is one of them. For that, you need to launch your own node and lock a large amount of tokens, more precisely 2500 eGLD. Otherwise, your node will have no chance of being designated a validator.

But ordinary users can delegate their tokens to staking providers, receiving income even from small amounts. Such staking is supported by Elrond web wallet and Maiar mobile wallet where you can also store EGLD tokens. You may read about other Maiar functions in this detailed article.

Delegates pay a commission (fee) to staking providers (SP) for the validating service they provide, this commission is set by validators themselves. Let’s see an example of how the fee is calculated. A user staked 100 EGLD with a provider who has a 10% fee and the APR is 10% also. Over a year this user will get 10 EGLD(10% from 100 EGLD) as an income and will pay for the validating service only 1 EGLD(10% from 10 EGLD), as SP fee is calculated from the rewards but not the actual sum staked.

Elrond is a blockchain platform for building high performance and secure applications (DApps) based on smart contracts. The platform creates a global digital economy by enabling blockchain interoperability. Elrond’s network is capable of processing up to 15,000 transactions per second, making it one of the highest performing blockchains. Transactions at Elrond are confirmed almost instantly. For comparison, Ethereum can process up to 15 tps, and Tron — up to 1000.

This high throughput is achieved through sharding: the network is divided into several interconnected shards that can work in parallel to each other. This increases the performance and speed of transactions. The same principle is implemented in the ETH 2.0 update, but sharding is already working in Elrond.

Elrond is based on Secure Proof-of-Stake or SPoS consensus mechanism. The network is supported by validators, of which there are now more than 2169. There will be more information about who validators are and how they are chosen in Elrond in the next section. Any user can become network validators or delegate EGLD tokens issued on the Elrond blockchain, and this comes with a reward.

Source: https://medium.com/everstake/elrond-how-the-platform-works-and-what-beginners-need-to-know-62030817707c

The Elrond platform uses a modified consensus algorithm called Secure Proof-of-Stake (SPoS). Elrond nodes form a consensus group rating, based on which the chances of becoming a validator for the next block are determined. Validators are shuffled randomly and can be reassigned to another segment. This maintains a high level of network security.

Unlike classical PoS, the improved mechanism selects node operators in a truly random and unbiased manner. The new source is determined by signing the previous random source generated by the validator. For successful block additions, validators receive Elrond tokens (EGLD).

Source: https://medium.com/everstake/elrond-how-the-platform-works-and-what-beginners-need-to-know-62030817707c

Proof of Stake (PoS) is a modification of PoW introduced in 2012 as a means to solve its perceived dependency on energy consumption as a means to determine blockchain ordering.

Rather than rely on computers racing to generate the appropriate hash, the idea behind a PoS protocol is that participation is determined by ownership of the coin supply.

Using a set of factors determined by the protocol, the PoS algorithm pseudo-randomly elects a node (anyone who owns the coin) to propose the next block to the blockchain. 

When a node gets elected, its role is to verify the validity of the transactions within the block, sign it and propose the block to the network for validation.

Source: https://www.kraken.com/learn/proof-of-work-vs-proof-of-stake

blockchain is a growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.

Blockchains are typically managed by a peer-to-peer network for use as a publicly distributed ledger, where nodes collectively adhere to a protocol to communicate and validate new blocks. Although blockchain records are not unalterable as forks are possible, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance.[5]

Read more at: https://en.wikipedia.org/wiki/Blockchain

3D rendering Network and data exchange over planet earth in space. Connection lines Around Earth Globe. Global International Connectivity. Elements of this image furnished by NASA

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