Welcome to our Beginner's Guide! We're on a mission to educate the masses on the transformative potential of cryptocurrency and blockchain technology.
What is a cryptocurrency?
A cryptocurrency is just like a digital form of money. Moreover, at its core, cryptocurrency is typically decentralized digital money designed to be used over the internet. We, at Maiar, like to call eGold: internet money :).
Crypto makes it possible to transfer value online without the need for a middleman like a bank or payment processor, allowing value to be transferred globally, near-instantly, 24/7, for negligible fees. If a bank or government isn’t involved, how is crypto secure? It’s secure because all transactions are vetted by a technology called a blockchain.
What is a blockchain?
A cryptocurrency blockchain is similar to a bank’s balance sheet or ledger. Each currency, including Elrond, has its own blockchain, which is an ongoing, constantly re-verified record of every single transaction ever made using that currency.
Unlike a bank’s ledger, a crypto blockchain is distributed across participants of the digital currency’s entire network. No company, country, or third party is in control of it; and anyone can participate. When making an eGold payment, for instance, you don’t need to provide any sensitive information. That means there is almost zero risk of your financial information being compromised, or your identity being stolen.
Is eGold a blockchain? eGold is a form of digital money. And the underlying technology that makes it possible is the Elrond blockchain.
Why is cryptocurrency and blockchain the future of finance?
Cryptocurrencies are Money 2.0. -- a new kind of cash that is native to the internet, which gives it the potential to be the fastest, easiest, cheapest, safest, and most universal way to exchange value that the world has ever seen, that can’t be manipulated by any central authority, simply because there isn’t one. Thus, cryptocurrencies like eGold provide equality of opportunity and expand economic freedom around the world, regardless of where you were born or where you live.
What is eGold?
eGold is the native currency of the Elrond blockchain and is designed for simplicity and global adoption. There are only 20 Mil initial eGold at Genesis relative to 8 Billion people. This means there is a very limited supply of only 0.0025 eGold per person. This sets an arms race game of accumulation in motion, since owning a few thousand eGold now is like owning a few thousand Bitcoin in 2010.
Elrond eGold has taken the most robust and universal store of value in existence, and improved its every aspect by making it digital. Whether it's fungibility, portability, durability, divisibility, impossibility to be counterfeited, seamless transferability, scarcity, or non-sovereignty, all of these take a superlative form in eGold. But perhaps most important aspects when it comes to eGold, are global transferability at a negligible cost via any communication channel, infinite programmability, and digital scarcity.
Similar to the evolution of Mail to eMail, from Books to eBooks, now we have the evolution from Gold to eGold: digital gold or Gold 2.0.
What is Elrond, why is it different from other blockchains?
Elrond is a public blockchain that is 1000 times more efficient than Bitcoin or Ethereum. It is faster, inexpensive and energy efficient. It can process 15,000 transactions per second and can scale to process more than 100,000 transactions per second, making it the internet-scale blockchain.
What is Maiar?
A crypto wallet is a place where you can securely keep your crypto. Wallets are custodial - centralized, you own the funds, but not the keys, i.e. an exchange, and non-custodial - decentralized, you own both the funds and the keys.
Maiar is a non-custodial wallet:
- Is a decentralized wallet
- Only you hold the keys and therefore access to it
- You have full control over your funds
- Has access to DApps unlike hosted wallets
- Does not keep any personal information
Maiar does not hold or control any crypto, it just gives you access to it. Maiar is also free to download. The small fees you pay for transactions go to the validator nodes running the blockchain.
Crypto resources: What to read, watch, and stream in crypto
- Blockchain for beginner- Antonopoulos
- UPGRADE 100 - Elrond, interview with Beniamin
- Maiar. The money & DeFi app from Elrond
- Reuters Visual guide to Blockchain
- Ben Horowitz explains the rise of crypto
- The Internet of Money
- What is Blockchain: the Complete Wired Guide
- The State of Crypto: A Builder’s Guide From Crypto Startup School
- Why decentralization matters