MultiversX is a scalable, secure and decentralized blockchain network for building new applications for users, businesses, society and other stakeholders. With its advanced blockchain architecture, it covers DeFi, NFT, Web 3 and Metaverse. The project was formerly known as Elrond. MultiversX’s native cryptocurrency is EGLD. In this article, we will look for answers to questions such as what is MultiversX (EGLD), what does MultiversX (EGLD) do, what are the advantages of MultiversX (EGLD).
What is MultiversX (EGLD)? What Does It Do?
MultiversX is a blockchain network that is committed to decentralization, security and scalability to provide solutions to decentralized application developers (dApps) and enterprises. This project, which enables interoperability between various blockchains, was initially launched under the name Elrond and continues its formation under the name MultiversX. The Elrond project also focuses on supporting developers and achieving maximum operational efficiency. With its advanced architecture, it serves a wide range of domains such as DeFi, NFT, Web 3 and Metaverse.
The Elrond team calls their project an internet-scale blockchain. Thanks to the sharding technology it uses to divide data into smaller and more manageable chunks , the Elrond network can handle 250,000 transactions per second. It becomes an affordable solution by demanding a price of 0.1 cents against high-cost solutions such as Bitcoin and Ethereum. Moreover, the network is capable in terms of throughput, output rate and overall user experience.
EGLD, the native cryptocurrency of the MultiversX project, is used to participate in governance processes, reward staking and validator transactions, pay gas fees, etc.
What Advantages Does MultiversX (EGLD) Offer?
The advantages of the MultiversX project that have made it gain traction among users, developers and investors are as follows.
MultiversX achieves high processing speeds using Sharding technology. This allows thousands of transactions to be processed per second, enabling fast value transfers at low fees.
Sharding fragmentation technology improves scalability by increasing the processing capacity of the network. MultiversX can process more transactions to support its growing user base, so that it does not lose its fighting spirit if the volume increases.
MultiversX ensures network security using the Proof of Stake (PoS) consensus mechanism. PoS is an algorithm that improves the security of the network and increases resilience against attacks.
MultiversX is an economical solution for value transfers and transactions as it has high transaction speed and low transaction fees.
MultiversX provides easy-to-use tools and SDKs (Software Development Kit) for developers. This means that new applications and projects can be built more quickly and efficiently on the MultiversX network.
MultiversX offers tools and provides options that facilitate the migration of existing applications and blockchains to its network. This makes it easy to migrate from other blockchains to MultiversX. With its vast blockchain ecosystem, MultiversX appeals to many different user audiences and industries and offers advantages for their benefit.
How does MultiversX (EGLD) work?
MultiversX is a detailed software for building dApps and developing digital assets backed by smart contracts . To scale the environment for developers and users, it uses Adaptive State Sharding, a function that divides the infrastructure of the network to support the growing number of applications and transactions on the ledger.
MultiversX uses the Secure Proof of Stake consensus mechanism, a variation of the traditional PoS protocol, to ensure that all separate parts of the network divided by sharding are connected to a functional platform on the ledger. Developers can use the MultiversX Integrated Development Environment to build decentralized applications that emulate products and services. MultiversX Integrated Development Environment is a software tool for developers to develop applications and smart contracts on the MultiversX network.
Users can run smart contracts with a variety of programming languages, including C, C++ and Rust, and can also build decentralized applications with the same set of languages. The nodes are tasked with running the network to support transactions and secure the platform. Shredding is done by dividing the network into smaller pieces. This allows nodes to resolve fractions of transactions one at a time to avoid congestion and enable scaling. The Secure Proof of Stake consensus mechanism synchronizes the nodes running the network to link all the fractions separated by sharding. Thanks to sharding, MultiversX can handle up to 250,000 transactions per second.
Who are the Founders of MultiversX (EGLD)?
MultiversX was founded in 2017 under the leadership of Beniamin Mincu and Lucian Mincu, two brothers together with Lucian Todea, and was launched in 2020.
Beniamin Mincu is co-founder and also CEO of the MultiversX project. He graduated in Economics and Management from the University of Sibiu Romania Germany. His career started with NEM, the world’s first smart asset blockchain, where he was a business, marketing and community leader. He then co-founded and served as CEO of Metachain Capital, a digital asset investment platform that supports teams and technologies in the blockchain space, before launching MultiversX.
Lucian Todea is co-founder and also COO of the MultiversX project. He studied finance, insurance, banking and stock exchange at the Bucharest University of Economic Studies. Lucian Todea had 12 different ventures before MultiversX. His career history includes co-founder and CEO at Mobaba, founder and CEO at Travelgator, founder and CEO at ITNT, founder and CEO at Soft32. Apart from these initiatives, he has partnered with 4 companies and has been an investor in 4 different companies.
Lucian Mincu is both co-founder and CIO of MultiversX. He received his IT specialization and a specialization in computer science from the Chamber of Industry and Commerce in Germany. Looking at his career life, he made his first breakthrough as the co-founder and CTO of Metachain Capital with his brother. Prior to MultiversX, he co-founded and was CTO of ICO Market Data to help people make sense of the ICO world.
What Other Things to Know About MultiversX (EGLD)?
To find out a little more about MultiversX (EGLD), it is useful to look at the answers to some of the following questions.
Is EGLD a token? Or is it a coin?
Coin is a cryptocurrency created on its own blockchain. A token is a cryptocurrency that does not have its own blockchain and is created on an existing blockchain. EGLD is a coin because it has its own blockchain.
Which blockchain is EGLD coin on?
EGLD coin is built on its own blockchain network. It uses the Proof of Stake (POS) consensus mechanism.
Is EGLD token being mined?
EGLD is not mined. However, rewards can be earned by staking.
How to buy EGLD coin?
To buy EGLD coins, it is sufficient to create a membership on ICRYPEX. Once you have completed the membership process, buying and selling other cryptocurrencies including EGLD coin is fast, easy and secure.
How to Become a Member of ICRYPEX?
After visiting www.icrypex.com from a browser, you can click on the “SUBSCRIBE” button at the top right of the page, fill in the required information and you can easily create your membership.
From mobile devices, primarily;
Android users can download our app by clicking here, Apple users by clicking here and HUAWEI users by clicking here. After logging in to the application, you can click on the menu icon at the top left, then click on “SUBSCRIBE” to fill in the required information and easily create your membership.