eGold (EGLD) is the native cryptocurrency of the Elrond blockchain platform. It is a multi-purpose token used for staking, voting, and conducting transactions on the network. EGLD is also a central asset in the incentivization system, rewarding network participants for their contributions. It is used to secure the network, vote on proposals, and facilitate transactions, making it a crucial component of the Elrond ecosystem.
eGold, also known as EGLD, is the native token of the Elrond Network. It serves multiple purposes within the network:
- Store of Value and Medium of Exchange: EGLD is used as a store of value and medium of exchange, facilitating transactions and interactions within the Elrond ecosystem.
- Transaction Fees: EGLD is used to pay transaction fees when interacting with the Elrond blockchain. These fees are then used to reward validators for securing the network and providing services.
- Staking and Governance: EGLD is used for staking in the governance of the network, allowing participants to contribute to the network's security and decision-making processes.
- Smart Contract Loyalties: 30% of the fees are sent to smart contract developers as royalties, incentivizing the development of decentralized applications.
Overall, EGLD is the central asset in the incentivization system that rewards network participants and supports the growth and security of the Elrond Network.
To store eGold (EGLD) tokens, you can use various wallets that support the MultiversX platform. Here are some options:
MultiversX Wallet: This is the native wallet for storing and managing EGLD tokens. You can create a new wallet by visiting the MultiversX website and following the steps.
xPortal: This is a native mobile wallet that provides non-custodial storage and streamlined management of EGLD tokens.
MultiversX Web Wallet: This is a secure web wallet that allows users to stake their EGLD, manage NFTs, and more.
Ledger Live: This is a comprehensive platform that offers features such as purchasing cryptocurrencies, staking assets, and managing NFTs. It provides a seamless and user-friendly experience for interacting with your devices and crypto assets.
Atomic Wallet: This is a multifunctional crypto wallet that enables buying, staking, and trading of over 300 digital currencies, including EGLD.
Hardware Wallets: Options like Ledger or Trezor provide the most secure offline storage and backup for storing larger amounts of EGLD.
Software Wallets: These are free and easy to use, available as smartphone or desktop apps, and can be custodial or non-custodial. Examples include the Elrond Wallet and Maiar.
Online Wallets: These are free and easy to use, accessible from multiple devices using a web browser. However, they are considered less secure than hardware or software wallets and are best suited for smaller amounts of EGLD or frequent trades.
Kriptomat: This platform offers a secure storage solution, allowing you to store and trade your EGLD tokens without hassle.
When choosing a wallet, consider factors such as security, ease of use, and the amount of EGLD you need to store.
To buy eGold (EGLD) tokens, follow these steps:
Create an Account: Open an online account with a cryptocurrency trading platform that supports eGold, such as KuCoin, Swyftx, Binance, Binance.US, or Crypto.com.
Deposit Funds: Deposit Australian dollars (AUD) or other accepted currencies into your account using various transfer methods, including credit and debit cards.
Buy eGold: Use your deposited funds to buy eGold (EGLD) tokens on the platform. You can also buy eGold with other cryptocurrencies on some platforms.
Store Your Tokens: Store your eGold tokens securely in a wallet, such as the Elrond Wallet or non-custodial wallets like Maiar.
Optional: Stake eGold: You can stake your eGold tokens to earn interest and support the Elrond network.
Remember to ensure the security and credibility of the platform you choose, as well as the fees associated with transactions.
