MultiversX: development of dApps and a portal to the Metaverse
MultiversX is a decentralized, scalable, and secure blockchain protocol launched in 2017 to create dApps for the Metaverse. The ecosystem includes 7 crypto applications.
The distributed transactional computing protocol uses the sharded state architecture and the Proof-of-Stake consensus algorithm to solve the scalability problem. It does not require special powerful equipment with high power consumption: MultiversX is supported by conventional computers.
Sharding (parallel processing of data and transactions) allows the protocol's efficiency to increase as more computers are connected to it. It also allows for speeding up transactions. MultiversX can process 15,000 TPS, for a fee of $0.001 per transaction. Blockchain application developers are rewarded with 30% of the commission for using the platform.
The protocol combines three types of sharding: state sharding, network sharding, and transaction sharding, which are implemented simultaneously. Special adaptive components of the blockchain architecture are dynamically configured to maintain the required level of security while scaling.
The project was previously called Elrond, but the founders rebranded it in November 2022. The company shifted its focus to the metaverse and expanded its commitments, showing its interest in creating a digital metaspace.
MultiversX views virtual space as a positive and magical addition to the real world. The protocol's creators believe that the metaverses and physical space should coexist harmoniously with each other, and they are committed to take this idea to the limit in terms of scope, scale, diversity, and richness.
Ultimately, all decentralized apps created based on the protocol will be combined into MultiversX single ecosystem and will be renamed as follows:
Elrond Wallet — xWallet;
Maiar Launchpad — xLaunchpad;
Maiar Exchange — xExchange;
Inspire — xSpotlight;
Ad Astra bridge — xBridges;
Utrust — xMoney Crypto;
Twispay — xMoney Fiat.
Additionally, MultiversX intends to deal with the two main issues that prevent the metaverse from being widely used: switching from dial-up access to broadband access and changing user experience paradigms.
MultiversX homepage
The native token of the EGLD platform
EGLD is the native utility token of the MultiversX blockchain deployed on the BNB network. It is used for staking, governance, transaction execution, smart contract validation, and validator rewards.
The token was listed on the American exchange Coinbase in 2022. 108 million new customers, including institutional investors, now can trade EGLD. More clients will now have access to the MultiversX ecosystem. The offering came after a series of strategic public sales of EGLD.
In addition, the fintech company Revolut added the EGLD token to its list of supported digital assets in August.
According to CoinMarketCap, the MultiversX token is ranked #39, with a market cap of over $1 billion. The all-time high of the token is $490, now it is traded at $46. The token is significantly more expensive than the top-ranked blockchain tokens on CoinMarketCap, including Polygon, Matic, Cardano, and Polkadot.
What products were added after the rebranding
The blockchain protocol divided its capabilities into three categories.
xFabric. An independent blockchain for deploying decentralized apps with the ability to customize a huge set of features. The protocol can be used by brands and companies of any size for their needs.
xPortal. A social metaverse for chatting with friends, and a crypto wallet feature, available anywhere in the world.
xWorlds. A platform for creating metaverses that can be integrated with decentralized applications.
The CEO of the project stated that, despite the rebranding, the technology will still follow the principles of a secure public blockchain with high bandwidth, scalability, and functional compatibility.
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