MultiversX

What is MultiversX (EGLD)?

EGLD, also known as eGoldis its own token MultiversX blockchain (formerly known as Elrond). If you are interested in learning more about its market performance, check out the EGLD price chart above. MultiversX brings together concepts such as the Internet of Things (IoT), decentralized finance (DeFi) and FinTech into one network. The MultiversX crypto project aims to offer high transaction speed at optimal costs. Taking into account the statistics, MultiversX offers:

• Up to 15,000 transactions per second (TPS)
• Delay about 6 seconds
• $0.001 transaction fee

MultiversX developed Elrond virtual machine to enable borderless communication between various external services. This solution is an effective tool for people who want to use network services to reduce their energy and computing needs.

Overall, the MultiversX blockchain aims to strengthen its ecosystem and make EGLD a store of value. For this purpose the network uses sharding Sharding is a scalability technique that divides the blockchain into chunks called fragments. These shards can be assessed simultaneously.

MultiversX validator nodes are distributed across four fragments. Three out of four fragments fragments of execution, which are capable of handling up to 16,200 TPS combined. The remaining fragment is called Metachain, and he is responsible for coordination. In total, MultiversX uses 2169 validation nodes. Thanks to this method, Elrond is able to quickly complete a large number of transactions.

State, transactions and the entire MultiversX network are fully sharded using adaptive state segmentation architecture. Additionally, when bandwidth demand is not met, the network can be scaled by adding additional segments.

Additionally, to encourage adoption of MultiversX, the project encourages developers to use the platform by giving them the opportunity to receive 30% of the commissions charged smart contracts as a royalty.

Who founded MultiversX?

The MultiversX crypto project was founded by two brothers, Beniamin and Lucian Mincu together with Lucian Todea.

Lucian Todea, former founder and CEO of software review and download website Soft32 and partner of mobile payment app mobilPay, is a seasoned technology entrepreneur.

Before founding MultiversX, Benjamin Mincu also worked with the NEM blockchain platform and invested in projects such as Binance, Brave and Tezos. Along with his brother, Beniamin also founded MetaChain Capital and ICO Market Data.

In addition to co-founder of the above-mentioned projects, Lucian Mincu has worked with projects such as Uhrenwerk 24, Cetto and Liebl Systems, where he gained experience in information technology and security development.

Among the company’s key players are also Felix Crisan (Head of Research), CTO and Co-Founder of Netopia, and Adrian Dobrita (engineering manager) who has created software for companies such as Samsung, Intel and Continental.

The team began work on MultiversX (then Elrond) in August 2019. The official launch took place almost a year later, in July 2020. At the time of release, the price of EGLD was about $13.

How does the MultiversX blockchain work?

MultiversX uses Secure Proof of Stake (SPoS) consensus mechanism.

To participate in the SPoS verification process, Nodes must stake their EGLD tokens. Validators are selected randomly based on the results of the previous round of validation. This means that validators cannot be predicted or changed.

The selection process is also influenced by the validator’s rating, which is assigned based on its previous results. The price value of MultiversX’s staked assets does not play a key role in their chances of becoming validators, although it can serve as evidence of active participation in the blockchain.

A validator will not be selected and may be penalized if their rating drops too low. Additionally, if validators consistently act in a way that compromises the integrity of the network, they could potentially be kicked out of the network and have their share reduced. To avoid collusion, validators regularly switch between shards.

Additionally, please note that users may also become Observer nodes. These are nodes that have no stake in the network. They connect to the network and transmit information; however, they are not involved in processing transactions and do not receive any rewards as a result.

Purpose of EGLD coins

EGLD is the engine that powers the entire MultiversX network. It has more than one use case, including:

• Payment of network commissions. EGLD coins are used to pay any fees incurred on the MultiversX network.
• Bid. EGLD coins can be staked to secure the network and receive rewards.
• Rewarding validators. Validators of the SPoS consensus mechanism are rewarded with EGLD coins for their work.
• Control. Holders of EGLD coins can participate in decision-making processes on the network.

Tokenomics of EGLD coins

The maximum number of EGLD coins is 31,415,926.. However, it is likely to decrease as the number of transactions processed increases. The initial supply of EGLD was 20 million tokens. However, it continues to grow as new EGLD tokens are released. If you are looking to buy EGLD coins, consider studying MultiversX price charts.

During the first private sale of EGLD, 19% of its initial volume was sold. The public gained access to an additional 7.5% upon token creation, with a further 15.41% made available at three-month intervals. In addition, 25% of EGLD’s supply was also sold in an initial exchange offering (IEO) on the exchange. Binance.

The remaining 56% of the initial supply was allocated to ecosystem rewards, marketing, grants, an accelerator pool for decentralized application developers, consultants, MultiversX founders, core team members, community fund and ecosystem support. Since the maximum supply is limited, the price of MultiversX is expected to increase over time.

EGLD tokens were originally issued as ERD tokens on Binance Chain based on BEP-2 token standard. At that time, 20 billion tokens had been issued. However, after burning 500 million of this supply, they were minted on Ethereum as ERK-20 tokens. In addition, the platform has launched a swap specifically for exchanging BEP-2 based tokens for ERC-20 based tokens. Thus, the supply of EGLD (then ERD) was reduced from 20 billion to 20 million.

MultiversX coins can be purchased on major cryptocurrency exchanges. Keep in mind that the asset is considered volatile due to frequent changes in the market. The price of EGLD has been affected by fluctuations in the broader cryptocurrency market.

Elrond renamed to MultiversX

In November 2022, Elrond’s rebranding to MultiversX was announced. The main reason for the rebranding was the fact that the network shifted its focus to the metaverse. Along with the rebranding, three new projects were presented – xFabric, xPortal and xWorlds. xFabric is a deployable blockchain module and core for blockchain applications. xPortal is a portal to the Metaverse. xWorlds is a network of interoperable metaverses that also allows you to create new ones.

In addition to the recently launched tools, the MultiversX crypto project will still continue to work on the foundations developed under the name Elrond Network.