Elrond (EGLD), Monero (XMR): Things you need to know about these cryptos

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Elrond (EGLD), Monero (XMR): Things you need to know about these cryptos

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Highlights

  • New Zealand’s crypto adoption is growing at a fast pace
  • Elrond is a smart contract platform that focuses on scalability and low transaction fees
  • Monero is created to offer maximum privacy and anonymity.

Cryptocurrencies are a rage these days. Tech-savvy investors are increasingly adopting these new-age digital currencies as an alternative investment option. Even Kiwi investors are charmed by these cryptos and are foraying into the crypto world.

As per reports, 64% of the Kiwi adults know what cryptocurrency is, which is much ahead of countries like the US and Russia, wherein only 59% and 60% of adults are aware of the nuances of cryptos.

A lot of crypto exchanges are there in New Zealand which facilitate the buying, selling and trading of cryptocurrencies. One of them is Easy Crypto, which offers trading in more than 100 cryptos at no hidden costs.

With this backdrop, let us explore the two most favoured cryptos, namely Elrond and Monero, this week at Easy Crypto.

Related Read: Easy Crypto: Is it a safe platform for crypto trading in NZ?

cryptocurrency, Elrond crypto, Monero crypto

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Elrond

Founded by Beniamin, Lucian Mincu and Lucian Todea, Elrond is a blockchain platform focusing on improved blockchain speed, scale, cost and user experience. Its in-house token is called Elrond eGold, i.e., EGLD.

Do Read: Why is Elrond (EGLD) crypto gaining attention?

It uses a SPoS, i.e., a secure Proof of Stake consensus mechanism, which is not only energy-efficient but also ensures long-term security and distributed fairness and also helps validators in staking eGold to secure the network and earn rewards.  

The smart contract platform supports the most popular programming languages and flexible tools and boasts an easy-to-integrate blockchain with unmatched scalability, high speed, and low transaction cost.

Currently, EGLD is priced at US$84.02, up 18.96% over the last 24 hours. There are around 22 million EGLD coins in circulation, and its maximum supply is nearly 31.4 million coins.

Apart from Easy Crypto, Elrond is available on Binance, FTX, Bybit, Kucoin, Bitget, etc.

Monero

Another cryptocurrency that is gaining traction on Easy Crypto is Monero. Making its debut in 2014, Monero is an open-source, privacy-oriented crypto, ensuring transactions take place privately and with anonymity. Its native token is called XMR.

It focuses on preventing centralisation and achieving the greatest level of decentralisation possible. For this, the platform uses CryptoNight as its consensus mechanism, which is based on proof-of-work, thus obstructing large mining farms from becoming a dominant force.

Its network uses stealth addresses, which are one-time crypto addresses that are erased after each transaction.

Also Read: What is Monero (XMR) crypto? Know about its features and weaknesses

However, in spite of having many legitimate use cases, Monero has limited mainstream adoption, as it is increasingly being used in cybercrime due to its privacy-focused features.

At the time of writing, XMR is priced at US$187.70, gaining by 9.76% over the previous day and presently has around 18 million XMR coins in circulation.

Bottom Line

Investing in cryptocurrencies calls for thorough research and due diligence as crypto assets are risky and volatile.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

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