MultiversX (EGLD)
MultiversX, initially known as Elrond, is a decentralized platform for smart contracts, founded by Lucian Todea, Benjamin Mincu, and Lucian Mincu. Established in September 2017, it underwent rebranding to MultiversX in November 2022. The platform focuses on scalable blockchain solutions and Web3 technologies, with an emphasis on metaverse applications. MultiversX uses the native token EGLD to power its ecosystem.
The platform integrates advanced technologies such as quantum computing and virtual reality, allowing users to simulate and explore diverse virtual environments. Artificial intelligence enhances the experience by creating responsive virtual entities.
Infrastructure of MultiversX
Adaptive state sharding
| Ticker | EGLD |
| Category | Protocol |
| Website | https://multiversx.com/ |
| @MultiversX | |
| Telegram | MultiversX |
| https://www.reddit.com/r/elrondnetwork/ |
MultiversX employs adaptive state sharding to enhance blockchain scalability. Sharding divides the blockchain into smaller units called shards, which process transactions in parallel, increasing efficiency. The adaptive nature of MultiversX allows the reorganization of shards based on network needs, optimizing resource utilization.
Secure Proof of Stake (SPoS)
The Secure Proof of Stake consensus mechanism is used by MultiversX to ensure efficient network agreement. It involves a randomized selection process for validators, enhancing trustworthiness. Validators are chosen based on staked tokens and performance ratings, promoting a meritocratic environment.
MultiversX Virtual Machine
The MultiversX Virtual Machine (VM) is compatible with Ethereum's EVM, providing an abstraction layer for smart contract developers. The VM supports cross-chain interoperability and is built on the K Framework, enabling formal verification of smart contracts.
Tokens in MultiversX
MultiversX's ecosystem is powered by EGLD, the native token, alongside various other token types including fungible, non-fungible (NFTs), and semi-fungible tokens.
ESDT
eStandard Digital Tokens (ESDT) are the standard for managing tokens within MultiversX. ESDT tokens integrate seamlessly with the network's sharding mechanism, ensuring efficient transactions and secure storage.
Staking in MultiversX
Staking is a key process in MultiversX, transforming nodes into validators. Validators are essential for network operations and receive rewards for their participation. To begin staking, operators lock a specific amount of EGLD per node.
Submitting staking transactions
Staking transactions are sent to the Staking Smart Contract and require specific information, including the EGLD amount and a unique validator key.
Services offered by MultiversX
xExchange
Launched on December 10th, 2022, xExchange is MultiversX's trading platform, offering secure and efficient digital asset trading.
xSpotlight
Introduced on January 17th, 2023, xSpotlight supports innovative blockchain projects, acting as a launchpad for token sales and community engagement.
Explorer
The MultiversX Explorer, available since January 31st, 2023, provides insights into transaction history and network activity, enhancing transparency.
Wallet
Released on February 14th, 2023, the MultiversX Wallet is a secure solution for managing digital assets, supporting multiple cryptocurrencies and NFTs.
xPortal
xPortal, launched on February 28th, 2023, serves as a gateway to the MultiversX ecosystem, offering tools and resources for blockchain interactions.
Bridge
The MultiversX Bridge, introduced on March 15th, 2023, enables asset transfer between compatible blockchains, promoting connectivity and collaboration across networks.