MultiversX

MultiversX is a smart contract-wielding public blockchain on which developers can build decentralized applications (DApps), deploy nonfungible tokens (NFTs) and more. In late 2022, the project rebranded, changing its name from Elrond to MultiversX in a move to position itself more toward the metaverse. 

The MultiversX blockchain touts significant scalability in line with security, utilizing a consensus mechanism called secure proof-of-stake (SPoS) and sharding. The blockchain has its own coin called eGold (EGLD). The MultiversX project was initiated in 2018, and its mainnet launched in mid-2020. 

Diving deeper into the Elrond crypto and blockchain project

In the years since its inception, the crypto and blockchain industry has faced several roadblocks, including challenges around scalability, fees and security, to name a few. The MultiversX blockchain’s technical makeup focuses on scalability and security, among other aspects. 

The MultiversX blockchain aims to process in excess of 100,000 transactions per second (TPS). MultiversX reports that its testnet has tapped 263,000 TPS and its mainnet has achieved 15,000 TPS. The MultiversX blockchain also reportedly requires just $0.001 in fees per transaction on average and produces a block in a matter of six seconds. In contrast, the Bitcoin (BTC) blockchain processes around seven TPS, with block times of approximately 10 minutes. 

The MultiversX blockchain incorporates sharding in tandem with network, transaction and data layers as a focal point of its makeup — forming a system it calls “Adaptive State Sharding.” This specific sharding setup gives the MultiversX blockchain versatility, with the ability to adapt depending on validator counts and blockchain demand. Essentially, the concept of sharding divides responsibility on a blockchain so that it can handle larger loads at a time.

The MultiversX blockchain also has its own WebAssembly-based virtual machine (MultiversX WASM VM) that provides flexibility in terms of compatible programming languages, among an array of other technical points around the overall MultiversX blockchain framework. 

EGLD coin 

EGLD is MultiversX’s coin — the native asset of the blockchain. Being a validator on the MultiversX blockchain garners rewards but requires staking 2,500 EGLD.

Price action for EGLD acts similarly to other crypto assets, constantly fluctuating in U.S. dollar (USD) value. The EGLD to USD live price is available at the top of the page, in addition to EGLD market cap and coin supply figures.