Dive into the world of MultiversX, a revolutionary blockchain platform designed for scalability and efficiency. Understand its unique features, the minds behind its creation, and why it holds value in the crypto market.
In the ever-evolving landscape of blockchain technology, MultiversX has emerged as a game-changer. This platform, formerly known as Elrond, has been rebranded to reflect its new direction towards metaverse development. MultiversX aims to compete against major blockchains like Ethereum and Zilliqa by creating an ecosystem of decentralized applications and cryptocurrencies. This article will delve into the intricate details of MultiversX, its unique features, and why it holds value in the crypto market.
MultiversX is not just another blockchain platform; it's a highly scalable, cost-effective smart contract platform designed to support a multitude of transactions and programs. It employs two unique features: Adaptive State Sharding and Secure Proof-of-Stake (SPoS), which set it apart from its competitors.
Adaptive State Sharding is a process that splits the blockchain's infrastructure to support more transactions and programs. This mechanism allows MultiversX to process approximately 12,500 transactions per second, a feat unmatched by many other blockchains.
SPoS is the consensus mechanism devised to sync separate network components to a common ledger. It's central to MultiversX's operations, keeping the distributed network of computers running its blockchain in sync.
In November 2022, the company officially rebranded as MultiversX to reflect its new direction towards metaverse development. As part of this transformation, MultiversX launched three new metaverse-based products: xFabric, xPortal, and xWorlds.
MultiversX describes xPortal as a multi-purpose app for storing avatars, cryptocurrency, and NFTs. Users can swap supported crypto-assets, send and receive fiat payments, chat with friends, and manage a crypto-fiat debit card.
xWorlds is the engine where developers and gamers can create their own immersive digital worlds. It's a testament to MultiversX's commitment to fostering creativity and innovation within its ecosystem.
Discover on xSpotlight exceptional content from across the MultiversX platform, crafted by individuals worldwide who are advancing the frontiers of creativity and technology.
xExchange is an innovative decentralized exchange platform powered by the MultiversX protocol, offering asset swapping, liquidity pools, and staking rewards.
xMoney is a unified gateway for future payments, offering both crypto-enabled and fiat-ready solutions, powered by the internet-scale blockchain technology, MultiversX.
The strategic xLaunchpad for projects with a high chance of making a lasting impact on the world using MultiversX, the internet-scale blockchain technology.
Launchpad's history :
xFabric is a customizable blockchain that external developers can easily deploy. It forms the blockchain infrastructure that underpins MultiversX's new metaverse world.
MultiversX was created in 2017 by Lucian Todea, Beniamin Mincu, and Lucian Mincu. The project conducted a private investment round in June 2019, raising $1.9 million from several angel investors. That same month, MultiversX held an Initial Exchange Offering (IEO) that raised $3.25 million in exchange for 25% of its total token supply.
MultiversX's cryptocurrency, EGLD, plays a key role in maintaining its network. By owning and staking EGLD, users gain the ability to vote on network upgrades. Stakers also receive newly minted EGLD, proportional to the amount staked.
Users may find MultiversX appealing based on its attempt to create a scalable platform for decentralized applications. EGLD will also play an integral role in fueling the company's new metaverse products, providing additional utility.
MultiversX is more than just a blockchain platform; it's a vision for a future where decentralized applications and cryptocurrencies coexist in a scalable, efficient ecosystem. With its unique features and ambitious plans for the metaverse, MultiversX is poised to leave a significant mark on the blockchain landscape.
MultiversX is a highly scalable, cost-effective smart contract platform designed to support a multitude of transactions and programs.
MultiversX employs two unique features: Adaptive State Sharding and Secure Proof-of-Stake (SPoS), which set it apart from its competitors.
By owning and staking EGLD, users gain the ability to vote on network upgrades. Stakers also receive newly minted EGLD, proportional to the amount staked.
In order to Join the most impactful Metaverse ecosystem in the world, just download xPortal. ✅