EGL meaning in Cryptocurrency ?

Answer:

To learn more about this project, check out our deep dive of Ethereum Eagle.

What Is Ethereum Eagle (EGL)?

Ethereum Eagle (EGL) aims to overcome the lack of transparency and incentive mismatch between the Ethereum community and miners. The project is community-led, and operates to maximize value for all stakeholders in the process.

Users of the Ethereum blockchain are not satisfied with the increased transaction fees. Miners define gas limits and block sizes (for protocol), and blockchain users have no vote. This situation is a problem and Ethereum Eagle aims to provide a solution. This is where the EGL token enters the scene with the aim of smoothing the corners of this issue and offering the coordination token. The idea is that holders use the token to vote on the Ethereum gas cap, thus the entire ETH ecosystem can vote on the gas cap. There is a stimulation of mining pools, and EGL encourages miners to adhere to a single and joint solution.

The official launch announcement took place in June 2021, and the IEO (Initial Exchange Offering) event ran from July 28, 2021 to Aug. 11, 2021.

Who Are the Founders of Ethereum Eagle?

Ethereum Eagle (EGL) is built by the bloXroute team which creates the crucial blockchain network infrastructure to scale Web 3.0. They are audited by HALBORN – a cybersecurity provider for blockchain companies. As for the bloXroute company, it was founded in 2017 by Prof. Aleksandar Kuzmanovic (Chief Architect), Dr. Uri Klarman (CEO), and Eyal Markovich (COO).

BloXroute is a blockchain distribution network whose mission is to provide assistance in scaling blockchains to thousands of transactions per second. The platform is backed by a global network of servers that are optimized for network performance using compression, encryption and advanced technologies. Through its functionality, the bloXroute platform quickly disseminates transactions and blocks, which allows customers to make data distribution more efficient, and this factor increases the throughput of transactions.

What Makes Ethereum Eagle (EGL) Unique?

Ethereum Eagle in every possible way creates an economic incentive for the community to research, vote and determine the most "cost-effective" gas limit. It also rewards mining pools. EGL is a community initiative that serves as a bridge of the incentive gap between Ethereum miners and Ethereum users.

How EGL works: each week EGL holders vote on a desired gas limit. Then, this limit is set (also once a week), and miners earn EGL by mining the block following the vote of the EGL holder.

On Aug. 7, 2021, EGL Genesis started and took about a week on CoinList. During that period, it was possible to earn ETH in the EGL Genesis contract; token holders and the entire ETH community could vote for gas limits – and as a result earn EGL tokens. If miners meet the EGL and ETH community gas limits, they earn EGL tokens in addition to the regular rewards. In this way, the EGL plays the role of both a coordination mechanism and a reward. According to Ethereum Eagle, the company plans to offer similar benefits in the future.

The EGL token was created to solve all coordination problems in Ethereum. ETH holders can participate in EGL Genesis events by staking ETH and receiving additional rewards in the form of EGL tokens.

The EGL token goes to the main developers in order to take part in the vote, influence the result of the vote, and to communicate their opinion to the participants.

When the gas limit is adjusted in accordance with the ecosystem's requests, mining pools are rewarded.

EGL was created to quickly deploy the ETH-EGL Balancer pool, resulting in value for EGL. Furthermore, when the gas limit is optimized to the maximum safe value, value is created for the entire ecosystem.

Related Pages:

Read about Ethereum (ETH) and Balancer (BAL).

Take a tech deep dive into Ethereum 2.0 with CMC Alexandria.

What is an IEO (Initial Exchange Offering)? Go to our educational portal and find out.

What is a gas limit? Learn more here.

What is the Genesis Block? The answer is here.

Web 3.0 is coming, but what is it? Let's cover some basics.

How Many Ethereum Eagle (EGL) Coins Are There in Circulation?

Ethereum Eagle (EGL) is an ERC-20 token on Ethereum. In addition, EGL is a coordination token – it can be used to vote on the desired gas limit for Ethereum blocks. The token encourages mining pools when all participants in the process follow a joint decision and miners listen to the community and users. In this way, EGL creates an economic incentive for the entire community. Ethereum Eagle issued 4,000,000,000 $EGL, and the platform itself accepts ETH, BTC, USDC and USDT in exchange for EGL tokens.

The distribution of the total supply is as follows: community gets 2B $EGL (DAO – 250M, voting rewards – 500M, Genesis – 1.25B); pools/miners allocated 1.25B $EGL; the team (EGL creators) receive 750M $EGL.

How Is the Ethereum Eagle Network Secured?

The main role in the creation and development of Ethereum Eagle was executed by a professional team – bloXroute. Over the five years of its existence, the company has earned a solid reputation in the crypto market, gaining support of leading funds, including Coinbase Ventures, 1confirmation, Pantera and MetaStable.

Halborn is responsible for the substantial audit of EGL smart contracts. Halborn focuses on cybersecurity for blockchain organizations every step of the way, acting as a third-party partner assessing critical assets, providing automation and ensuring security advice.

On the other hand, EGL chose the Balancer protocol, one of the leading DeFi protocols, as its liquidity pool. It has completed an audit with Consensys Diligence, Trail of Bits and Open Zeppelin. Balancer has existed since March 2020 and has already demonstrated stability and high performance.

Where Can You Buy Ethereum Eagle (EGL)?

As of August 2021, Balancer(v2) and 1inch Exchange are the only exchange options where you can buy, sell and trade EGL tokens ​​legitimately and safely. To learn how to exchange fiat currency for EGL, check our step-by-step guide on how to go about that.

Stay up-to-date with the CoinMarketCap calendar and don’t forget to visit the CMC blog for more tips, tech dives, market musings, guides and crypto basics.

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