What is MultiversX ? A Comprehensive Guide to the Future of Blockchain

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.

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July 19, 2023
Multivers X

Introduction

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.

Understanding MultiversX: A New Era of Blockchain

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: The Key to Scalability

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.

Secure Proof-of-Stake (SPoS): Ensuring Consensus and Security

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.

The Rebranding to MultiversX: A Step Towards the Metaverse

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.

xPortal: Your Gateway to the MultiversX Ecosystem

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: Creating Your Digital Universe

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.

xSpotlight: The MultiversX Web3 NFT Hub

Discover on xSpotlight exceptional content from across the MultiversX platform, crafted by individuals worldwide who are advancing the frontiers of creativity and technology.

xExchange: New approach to Decentralized Exchange (DEX) economics

xExchange is an innovative decentralized exchange platform powered by the MultiversX protocol, offering asset swapping, liquidity pools, and staking rewards.

xMoney: Digital Payments Network for all things Money

xMoney is a unified gateway for future payments, offering both crypto-enabled and fiat-ready solutions, powered by the internet-scale blockchain technology, MultiversX.

xLaunchpad: Build a community, raise funds.

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 :

  1. Holoride - Transforming each car ride into a vivid entertainment and memorable experience - $RIDE
  2. Itheum - Building The Metaverse Economy With Itheum, The Data Value Platform For Web3 - $ITHEUM
  3. Cantina Royale - Free-to-Play and Play-to-Earn Metaverse Arcade for the next Billion People - $CRT
  4. Ashswap - Adding Orders Of Efficiency To Market Liquidity With AshSwap, The Stableswap DeFi Protocol - $ASH
  5. Hatom - DeFi 2.0 Ignition: Liquid Staking And Lending Money Markets Powered by Hatom - $HTM

xFabric: The Backbone of MultiversX's Metaverse

xFabric is a customizable blockchain that external developers can easily deploy. It forms the blockchain infrastructure that underpins MultiversX's new metaverse world.

The Creation of MultiversX EGLD Coin

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.

The Value of EGLD: Why It Matters

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.

📈 Check here the $EGLD price

Why Use EGLD?

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.

Conclusion

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.

FAQs

Do you have questions about Waty DAO, decentralized marketing or the world of cryptography?

Check out our frequently asked questions to find out more 👇🏻

What is MultiversX?

MultiversX is a highly scalable, cost-effective smart contract platform designed to support a multitude of transactions and programs.

What makes MultiversX unique?

MultiversX employs two unique features: Adaptive State Sharding and Secure Proof-of-Stake (SPoS), which set it apart from its competitors.

Who created MultiversX?

MultiversX was created in 2017 by Lucian Todea, Beniamin Mincu, and Lucian Mincu.

Why does EGLD have value?

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.

How can I join MulitversX ?

In order to Join the most impactful Metaverse ecosystem in the world, just download xPortal. ✅

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