MultiversX is a public blockchain featuring smart contracts, enabling developers to build decentralized applications (DApps), deploy non-fungible tokens (NFTs), and more. In late 2022, the project underwent a rebranding, transitioning from Elrond to MultiversX to align with its focus on the metaverse.
The MultiversX blockchain emphasizes scalability alongside security, leveraging a consensus mechanism called Secure Proof-of-Stake (SPoS) and sharding. Its native cryptocurrency, eGold (EGLD), powers the network. Launched in 2018, MultiversX's mainnet went live in mid-2020.
Deep Dive into MultiversX Blockchain Technology
The crypto and blockchain industry faces challenges like scalability, transaction fees, and security. MultiversX addresses these with its unique technical architecture:
- Scalability: Targets over 100,000 transactions per second (TPS). Testnet achieved 263,000 TPS, while mainnet handles 15,000 TPS.
- Low Fees: Average transaction cost is $0.001, with block times of six seconds.
👉 Compare MultiversX’s performance to Bitcoin, which processes ~7 TPS with 10-minute block times.
Adaptive State Sharding
MultiversX employs Adaptive State Sharding, splitting responsibilities across the network to manage high loads. This system adjusts based on validators and demand, ensuring efficiency.
MultiversX WASM VM
The blockchain uses a WebAssembly-based Virtual Machine (WASM VM), supporting multiple programming languages for developer flexibility.
EGLD Cryptocurrency
EGLD is MultiversX’s native asset, used for:
- Staking: Validators must stake 2,500 EGLD to earn rewards.
- Transactions: Powers all operations on the blockchain.
👉 Track EGLD’s live price in USD, alongside market cap and supply metrics.
FAQ Section
What is MultiversX?
A scalable blockchain for DApps and NFTs, rebranded from Elrond in 2022.
How does MultiversX achieve high TPS?
Through Adaptive State Sharding and SPoS consensus.
Where can I buy EGLD?
Major exchanges like OKX list EGLD for trading.
What’s the staking requirement for validators?
2,500 EGLD.
Is MultiversX secure?
Yes, its SPoS mechanism and sharding enhance security.
Why did Elrond rebrand to MultiversX?
To pivot toward metaverse-focused development.