Elrond (EGLD) and IoTeX (IOTX) are now available on Okcoin. Here’s what the projects are all about, in simple terms. 👇
- What? You can now deposit, withdraw and trade EGLD and IOTX against USD on Okcoin.
- Who? All Okcoin customers including those in the United States, except for residents of the EU, the UK, Singapore, and Brunei.
- When? Deposits, withdrawals, trading, and quick buy for EGLD and IOTX are live as of June 16 at 10am PT.
What’s Elrond (EGLD)?
Elrond was created to offer better digital payment experiences thanks to a blockchain that is intended to be faster, more scalable, and cheaper than current alternatives. With the use of sharding, a way to process data and transactions in parallel, Elrond’s performance can theoretically improve as more computers join the network and reach a significant number of transactions per second while becoming increasingly more decentralized.
The other technique Elrond uses in an attempt to solve the consensus problem is called “Secure proof-of-stake” (SPoS). The intended benefit of SPoS is to reduce the number of possible attack vectors while allowing for high throughput and fast execution. The Elrond network demonstrates that all three components of sharding — state, network, and transactions — can be implemented simultaneously on standard computers, while most other blockchain networks need specialized hardware and use significant amounts of energy.
EGLD (also known as eGold) is the native token of Elrond. It’s used to take part in the network’s governance, to pay for transaction fees, and to secure the network through staking.
What’s IoTeX (IOTX)?
Internet of Things (IoT) devices can carry a lot of sensitive information about their users. While the advantages of IoT devices can be substantial, many of these smart devices may lack the security and privacy settings potentially necessary to protect data exchanges. IoTeX was created to address this issue.
IoTeX (IOTX) is a decentralized, privacy-focused blockchain built for IoT devices. IoTeX’s goal is to create an “Internet of Trusted Things” in which all physical and virtual “things” — persons, machines, businesses, and dApps — can share information and value securely on a global scale. With this technology, users can own their own data, rather than giving it to centralized businesses.
IOTX is the protocol’s utility token. It is used to make sure that interactions between different entities in the IoTeX network are trustworthy and open. It is also used to register devices, pay for gas fees, stake, and take part in community governance.