Elrond’s future after ICI Bucharest utilization

By: Milko Trajcevski
Milko Trajcevski
Milko leverages his passion for cryptocurrencies and teaches investors something new each day. During his spare time, he loves… read more.
on Jun 15, 2022
  • Romania's National Institute for Research and Development In Informatics is known as ICI Bucharest (ICI)
  • They will be building an Institutional NFT marketplace and a decentralized Domain Name System (DNS).
  • Both of these services are planned to be developed on top of the Elrond blockchain network.

Elrond EGLD/USD is a blockchain protocol that offers high transaction throughput and speed due to the fact that it utilizes sharding.

The blockchain has a native cryptocurrency token that’s dubbed eGold and uses the ticker symbol EGLD. 

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The cryptocurrency is mainly used for the payment of network fees, for staking, and for rewarding the validators on the network.

The ICI Bucharest (ICI) utilization as a catalyst for growth

On June 14, 2022, Elrond on their official publication made an announcement that their blockchain would be utilized by ICI Bucharest (ICI).

Specifically, Romania’s National Institute for Research and Development In Informatics will be building two specific products on top of Elrond.

These include an institutional non-fungible token (NFT) marketplace as well as a decentralized domain name system (DNS).

Both of these services are being built on the specific blockchain network due to its ability to speed up transactions through the sharding process.

ICI was originally founded in 1970 and is conducting government-sponsored research in the field of information technology in Romania.

These initiatives, according to the Elrond publication, are the first of their kind within the European Union. 

A use-case for the NFT marketplace is to digitize, access, transfer and store official documents, as well as property deeds or a variety of certificates through a decentralized blockchain identity.

They will also be leveraging Elrond’s network of 3,200 validators to overcome security vulnerabilities surrounding legacy DNS and TLD systems.

All of this has the potential to boost the value of the EGLD token.

Should you buy Elrond (EGLD)?

On June 15, 2022, Elrond (EGLD) had a value of $41.86.

In order for us to get a better perspective as to what kind of value point this is for the EGLD cryptocurrency, we will be going over its all-time high point of value, as well as its performance throughout the previous month. 

Elrond (EGLD) had its all-time high on November 23, 2021, when it reached a value of $545.64.

When we take a look at its performance throughout the previous month, Elrond (EGLD) had its highest point on May 5 at $140.17.

Its lowest point was on May 27 at $66.28. Here we can see a decrease in value by $73.89, or by 52%.

With this in mind, at $41.86, EGLD provides a solid buying opportunity as it can reach $60 by the end of June 2022.

Where to buy right now

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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.