What is MultiversX (EGLD)?
MultiversX (formerly Elrond) is a highly scalable, secure and decentralized blockchain network created to enable radically new applications, for users, businesses, society, and the new metaverse frontier.
The EGLD token is the centerpiece powering one of the most ambitious Metaverse ecosystems in the world, securing the network via staking, and enabling accessibility and value exchanges across all of its applications and worlds.
EGLD is MultiversX's native cryptocurrency, it is used to interact with applications, send transactions, and incentivize participants supporting the network.
What are EGLD key features and how does it work?
Unique to MultiversX are its sharding and proof-of-stake designs that are fundamental to the network’s ability to process about 12,500 transactions per second.
Adaptive State Sharding works by splitting the network into shards. This means that nodes are split into subsets and only process a fraction of the network’s transactions. Once transactions are processed, the shards send them to MultiversX’s central blockchain where they are finalized. In order to prevent any collusion, one-third of nodes validating transactions in each shard are swapped out to a new shard every 24 hours.
The MultiversX network uses Secure Proof-of-Stake (SPoS), similar to traditional PoS, to secure the network, validate transactions, and distribute newly minted EGLD coins. It is used because Elrond’s network consists of shards instead of a single chain, as such the mechanism selects validating nodes to produce blocks within a shard rather than the entire network.
To achieve finality, validators must check the work of block producers and sync with other shards within the network. Once a set of transactions are successfully added to the MultiversX's blockchain, EGLD tokens are rewarded to the contributors.
Developers can use the Elrond Integrated Development Environment to write and launch customizable programs. A variety of programming languages are compatible with the network and can be used to create custom smart contracts and design new dApps that offer a variety of products and services.
Also, MultiversX is hoping to deploy Elrond Standard Digital Tokens (ESDTs) which can be tokenized stablecoins, synthetic assets, and fiat currencies that run on top of the Elrond Network.
What can MultiversX be used for?
MultiversX developers are seeking to create a blockchain that is at the heart of a global, borderless and fully accessible digital economy. As such, the platform has a variety of use cases.
The Maiar mobile dApp is a prime example. It is a wallet that has a number of features that tie in with the broader goals of MultiversX. Maiar is an incredibly fast and privacy-focused browser. Users also have the ability to store, stake, send, and receive eGLD coins and also to purchase eGLD tokens right from the wallet using more than 150 different fiat currencies.
Also, MultiversX is compatible with NFTs and they are supported by its NFT framework called Smart Accounts. They allow users to store large amounts of information, for example, emails, bitcoin addresses, health data, proof of citizenship, directly in their MultiversX Network account. This opens up MultiversX to a multitude of different use cases across a variety of sectors.
MultiversX is a blockchain protocol that offers true horizontal scalability by using all aspects of sharding (Network, Transaction & State). The project describes itself as a technology ecosystem for the new internet, which includes decentralized finance, real world assets and the Metaverse. Its smart contracts execution platform is reportedly capable of up to 100,000 transactions per second, 6-second latency and a $0.002 transaction cost.MultiversX is governed and secured through the EGLD token. EGLD, or Electronic Gold, is MultiversX's native token. It acts as a store of value currency to pay for network usage. The coin also serves as a medium of exchange between platform users and validators. Users pay transaction fees in EGLD and validators participate in the consensus process.EGLD allows developers to deploy smart contracts, protocols, and dApps on the platform. It empowers participants to perform any network action. Through staking and validation rewards, as well as transaction fees, EGLD manages the MultiversX network. Plus, EGLD is endowed with the functionality of a governance token, so its holders can vote on network decisions.