Elrond is a distributed transactional computation protocol which relies on a sharded state architecture and a Proof of Stake consensus mechanism. While most other blockchain networks require custom hardware and high energy consumption, Elrond runs on average computers. By employing sharding, a method of parallelizing data & transactions processing, Elrond’s performance aims to scale up the number of computers joining the network while growing increasingly decentralized.
The EGLD token is a unit of value that is native to the Elrond network. It represents a medium of exchange between users & developers who pay to use the network and validators who take the fees as payment for the services they provide.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Elrond. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing Elrond and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Elrond without any technical knowledge. Here is a brief overview of the existing wallet options to store your Elrond:
Hosted wallets are wallets where the private keys to your Elrond are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Elrond online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your Elrond. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Elrond, and if malicious parties have access to your device, your private keys (and therefore your Elrond) can be stolen.
A hardware wallet is a physical device on which you can store your Elrond offline. It is one of the safest ways to store your Elrond, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Elrond is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Elrond. Once you have purchased Elrond on Bitvavo, you can choose to send your Elrond from your Bitvavo wallet to your own software or hardware wallet.