What is e-Gulden (EFL)?
Future of EFL Cryptocurrency and know how to buy EFL

#1 - e-Gulden (EFL): The Basics

What is e-Gulden?

  1. Electronic Gulden, or more commonly known as e-Gulden is a cryptocurrency created primarily for the Netherlands. The cryptocurrency is identified by the symbol “EFL” and is regulated by the Electronic Gulden Foundation.
  2. At its core, e-Gulden is a fork of Litecoin, but with slight variations to make it easily adoptable by the Dutch community. The e-Gulden platform intends to replace Bitcoin and other major payment systems in the Netherlands and become its dominant currency. Or at the very least, dominant cryptocurrency.

e-Gulden Development

  1. e-Gulden is inspired by the Gouden Florijn, more specifically the Dutch Gulden, which was in use from the middle ages up until 2002 when it was replaced by the Euro. The creators wanted to revive the Dutch Gulden in electronic form, so they created e-Gulden.
  2. e-Gulden was started by a group of students back in 2014. As the platform grew to about 3000 members, the EFL holders felt the need for a more organised and regulated distribution of EFL coins. With the help of community and volunteers, Electronic Gulden Foundation was founded on July 3, 2014. Gerrit Oerlemans, Niels Harmsen, and Henk Compier were appointed as the directors of the Foundation.
  3. Similar to Bitcoin, the maximum supply of EFL coin is also limited to 21 million coins. However, in the case of e-Gulden, a large amount i.e. 50% of the maximum supply of EFL coins was premined.

 

#2 - What are the benefits of e-Gulden?

e-Gulden Technology & Features

e-Gulden lacks a whitepaper or a proper form of documentation. Additionally, the website does not provide any in depth insight into the coin’s technological features.

  1. Although e-gulden is forked form Litecoin, it has many similarities with Bitcoin, such as the maximum supply of coins, consensus mechanism, block reward etc.
  2. It uses the Scrypt algorithm for its Proof-of-Work basic mining processes, with a maximum supply limit capped at 21 million coins.
  3. The block reward is 25 EFL coins, with this reward halving every 210,000 blocks, the block time being about 2 minutes.
  4. 50% of the coin’s supply - 10.5 million coins - was premined at launch.
  5. e-Gulden also uses what it calls Oerushield, to combat mining centralisation. Miners across cryptocurrencies tend to come together to mine as a single entity - this method being called a mining pool. But this leads to a high mining power for a pool when they have too many miners in its group. A major pool operator can then potentially exploit the network using its increased hash power.
  6. This is where the Oerushield comes in. It introduces “optional miner-identification and whitelisting”, which prevents non white-listed pools from mining more than five blocks in a row.
  7. What this means is that at least one out of every six blocks on the e-Gulden blockchain must mandatorily be mined by a white-listed pool. In other words, “the network’s total mining capacity is restricted to six times the power of all white-listed pools combined.”

 

#3 - How to buy and store EFL Coin?

How to Buy e-Gulden/ EFL Coin?

Similar to Bitcoin, e-Gulden is also a mineable cryptocurrency, so new EFL coins can be created via EFL mining. The platform also gives free coins for promoting the e-Gulden on social media platforms.

  1. Other than EFL mining and promotions rewards, the e-Gulden cryptocurrency can be obtained by trading on a cryptocurrency trading platform. e-Gulden is available for trading on Bittrex and Cryptopia.
  2. Another important aspect to note here is that EFL is not available to trade against fiat currency, or even most popular cryptocurrencies for that matter. Due to its limited reach, it can only be exchanged with Bitcoin.
  3. To buy EFL coins, users will require an EFL wallet, which can be generated on the e-Gulden web wallet portal.
    1. Head over to wallet.efl.nl and get your 64 digit PUK code. Then, configure your wallet’s security by clicking the gear icon in the middle of top tab. Users must keep a backup of their PUK code for recovering their wallet should the need arises.
    2. Next Click on the “Account number” button to create a new account.
    3. Next users will be required to generate their Bitcoin address by clicking on “Bitcoin address."
    4. Once you have your private address, choose your cryptocurrency exchange, purchase Bitcoins, and then exchange them with e-Gulden coins.
  4. Since Bitcoin is the only option if you’re looking to acquire e-Gulden, you can take help of CoinSwitch to obtain Bitcoins if you don’t have any.
  5. CoinSwitch is the largest cryptocurrency exchange platform, and it allows users to trade 400+ cryptocurrencies in 45000+ possible pairs, aggregating their prices from all the major exchanges at one portal. At CoinSwitch, users have access to all the leading cryptocurrency exchanges, with their listed cryptocurrencies, enabling users to easily compare rates of EFL on all available exchanges and make a profitable trade.

How to Store EFL Coin?

  1. The platform provides an official e-Gulden Wallet for storing EFL coins. The wallet is available for major PC operating systems, such as Windows, Linux, and macOS. The platform also supports an official web wallet.
  2. Users can download the official wallet from e-Gulden’s official Github repository. The development team also launched an Android wallet in 2014, which seems to be removed from the Google Play Store for some reason.
  3. ELF coins can also be stored on a paper wallet which can be generated at walletgenerator.net

 

#4 - What is the future of e-Gulden?

Also Read: Complete Analysis of e-Gulden | Live e-Gulden (EFL) Price Charts And Predictions

  1. As of August 20, 2018, e-Gulden has a market cap of over $760,000. The total supply of coins is 20,777,184 EFL coins out of which about 16,934,512 EFL coins are in circulation.
  2. On March 26, 2014, EFL began trading in the global cryptocurrency market at an initial price of $0.016243. Within the first month of its launch, EFL’s price witnessed a steep increase followed by a decline at nearly the same rate. Typical cryptocurrency movement.
  3. The cryptocurrency became highly active in July 2017 and its price started to grow at a rapid pace. In January 2018, the price reached at its all-time high of $0.53.
  4. Since it reached its all-time high, EFL’s price has been declining with some occasional improvements. As of August 2018, the price is trending near $0.044.

Price (USD) History

Date

Open

High

Low

Close

Volume

Market Cap

Aug 19, 2018

0.043227

0.047411

0.042752

0.043436

707

731,998

Apr 01, 2018

0.111661

0.118946

0.107941

0.115448

3,934

1,850,464

Sep 01, 2017

0.138808

0.153779

0.131729

0.148111

90,619

2,144,098

Feb 01, 2017

0.012978

0.014610

0.012704

0.014583

2,099

196,240

Jul 01, 2016

0.006821

0.009683

0.006783

0.006848

189

99,817

Dec 01, 2015

0.023517

0.023650

0.021653

0.022086

392

322,202

May 01, 2015

0.004841

0.005295

0.004713

0.004866

182

25,905

Oct 01, 2014

0.002731

0.002806

0.002682

0.002685

236

12,152

Mar 26, 2014

0.016243

0.020638

0.016207

0.016262

92

187,268


#5 - How is e-Gulden different from other cryptocurrencies?

  1. On a technological level, e-Gulden is a fork of Litecoin, but it has many elements taken from Bitcoin. E.g. The maximum supply of Litecoin is 84 coins million whereas, both Bitcoin and e-Gulden have their maximum supply capped at 21 million coins.
  2. Both Bitcoin and e-Gulden use Proof-of-Work consensus, but the difference lies in their algorithms. Bitcoin uses SHA-256 mining algorithm while the consensus in the e-Gulden network is reached by leveraging the Scrypt algorithm.
  3. Similar to Bitcoin, e-Gulden also intends to be a payment network. However, instead of aiming for global adoption, e-Gulden seeks to focus its use primarily within the Netherlands.

#6 - Should you invest in e-Gulden?

  1. e-Gulden is amongst some earliest altcoins that are still active in the market. Over time, its performance has exhibited lower volatility compared to other cryptocurrencies in the market. Analysts are hopeful for its long-term growth potential.
  2. However, there are some major issues with e-Gulden that raise some red flags. There is little information about who developed the project. Another issue is the lack of a whitepaper or some sort of documentation that can provide some insight into the technological aspects of the project.
  3. The website itself seems to not properly structured and is only in Dutch; the latter can be accepted considering that the project is only intended for the Dutch community. On the other hand, a majority of its social media channels have been silent since 2014, which is of course, not a good sign to a potential investor.
  4. The e-Gulden project is a highly ambitious one. The project intends to be used as the national currency of the Netherlands. It has to be acknowledged that replacing the national currency of a country is not an easy task to achieve. And despite having been existing since 2014, the project seems to be lacking the ability to attain its goal.
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