ELROND (EDLG): Worth Buying?

Elrond is another blockchain whose 'mainnet' has just gone live which promises to be the future of the internet economy:

Like many other new blockchains, ELROND offers three main strengths: scaleablity, efficiency (fast transaction times) and being developer friendly - it will be possible to integrate fintech and IOT apps with Elrond...

... And a marketing campaign is currently underway to onboard a billion new users to the network....

The problem is as far as I can tell the only application so far built on Elrond is the wallet, rather clumsily named ' Maiar' - maybe that means something in another language? But the name means nothing to this native English speaker.

I actually downloaded this wallet, and while initially impressed with how easy it was to set up (you can create an encrypted back up file straight to Google Drive) once that was done, you're just badgered into buying 'egold' - the token which secures the network.

I guess you could call the block explorer an application too, it is pretty funky...

Elrond - market ranking and tokenomics:

Elrond is currently sitting 46th by Market Cap:

And I do quite like the tokenomics - you can stake EDLG ('Elrond Gold') for a 20% return, which is pretty tasty, and there is a hard cap of 30 million tokens, with 20 million having been printed already.

Elrond - worth buying?

TBH not really, this is just another blockchain trying to attract people to develop dapps on it, and to date it doesn't appear to have had any luck at all.

I can't really see what it offers that Algorand or Hive or ETH 2.0 don't offer. There's just too much competition and I think this chain and token just don't look that competitive.

This just seems to be yet another chain offering yet the same promises, with more attention paid to marketing and a shiny website rather than actually anything being build on said chain!

Lord knows how it's managed to rank 46th by market capitalisation, unless I'm missing something?

Posted Using LeoFinance ^Beta