Learn more about these three tokens:
What is Elrond?
Elrond is a blockchain protocol that seeks to offer quicker transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance and the Internet of Things.
Elrond was co-founded in 2017 by brothers Beniamin and Lucian Mincu alongside Lucian Todea. It was created as a solution to combat blockchain’s scalability issues. The smart contracts execution platform is capable of 15,000 transactions per second, with instant completion and a $0.001 transaction cost.
Solution to Blockchain scalability
Elrond's adaptive state sharding architecture essentially divides data into smaller chunks and distributes it over different states, transactions and networks. It has the ability to scale by adding an additional shard when the throughput demand is unmet. On one of its recent testnet results it was able to allow up to 260,000 TPS in a public environment with 1,500 nodes from 29 countries grouped in 50 shards.
EGLD, also known as eGold, is the native token of the Elrond blockchain that is used for paying network fees, staking, smart contract execution and rewarding validators. The maximum supply of the token can never exceed 31,415,926 EGLD.
What is Nano?
Nano brands itself as "digital money for the modern world."
Founderd by Colin LeMahieu, the development of the Nano project began in 2014 under the name RaiBlocks. It was rebranded to Nano (NANO) in January 2018, with the name chosen to better represent the speed and simplicity the project offers to users.
Unlike many cryptocurrencies built on the blockchain, Nano is built around a similar ledger technology called a directed acyclic graph (DAG), which is highly reliable and forgoes energy-intensive mining networks.
Nano also uses a system known as Open Representative Voting (ORV) — which sees account holders vote for their chosen representative, who then works to confirm blocks of transactions securely.
Free, eco-friendly and instant
Nano transactions are completely free, as representatives do not receive financial compensation for their efforts to secure the network. It is designed to facilitate secure, practically instant payments without fees, which addresses some of the major limitations of both financial infrastructure and many cryptocurrencies in place.
The maximum supply of token is 133,248,290 NANO is already in circulation. The original threshold was set much higher, but any remaining tokens above the current 133 million limit were permanently burned.
What is Sia?
Sia is a blockchain-based distributed, decentralized cloud storage platform where users can lease access to their unused storage space — think of it as an “AirBnB for hard drives.” Founded by David Vorick and Luke Champine in 2013, Sia was launched officially in June 2015. The project’s name is a reference to the Egyptian god of perception.
Competing with existing storage solutions
The main goal of the project is to become the "backbone storage layer of the internet." It sees itself as being in direct competition with major cloud storage providers like Amazon, Google and Microsoft.
The Sia blockchain offers a more efficient storage and exchange of files. No single node can access them even if malicious actors somehow got the renter’s private key, all they would retrieve is a fraction of the file as files are divided into 30 encrypted segments. This means Sia is able to provide a consistently high uptime and security.
Siacoin (SC) is the native utility token of the Sia platform. Siacoin acts as the method of payment on the network, with renters paying hosts with SC to use the hard drive space and hosts are paid in SC once file is stored.
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As with every other supported token on Coinhako, we endeavour to update our users on key news about each project through our various channels.
The Coinhako platform also features a News Feed section where you will be able to receive all the latest updates on the other top DeFi projects, like uniswap, polkadot, band protocol, as well as EGLD, NANO and SC.
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.