MultiversX (EGLD)

MultiversX is a high-throughput public blockchain focused on providing security, efficiency, scalability, and interoperability by employing two key elements: Adaptive State Sharding and a new Secure Proof of Stake (“SPoS”) consensus mechanism.

MultiversX can process over 30k transactions per second with low block times (6s), negligible transaction fees, and fast finality for cross-shard transactions in a matter of seconds.

At X-Day Paris 2022, its first annual conference, Elrond announced its rebrand into MultiversX, introducing three new products:

• xFabric: a high performance sovereign blockchain layer, incorporating several application modules for creatives, brands and companies, ready to scale with the rapid metaverse expansions;
• xPortal: an all purpose Metaverse SuperApp that will empower users to traverse the legacy digital space into the multiverse of opportunities;
• xWorlds: a new world of Metaverse, opening a new creative space for builders, entrepreneurs and gamers to explore, discover, and conquer.

EGLD is the native token of the project. The current use cases for EGLD include:

• Network transactions: EGLD is paid by users for transaction fees for interacting with dApps, smart contracts, web3 payments and NFTs.
• Staking: Users can run validator nodes and stake EGLD to secure the network. Alternatively, users can also stake their EGLD to non-custodial staking services providers.
• Governance: participate in on-chain governance and vote on various improvement proposals.

The project consists of the following major components working in conjunction:

• Adaptive State Sharding: works via shard merges & splits for unlimited scalability and uses a fully sharded Architecture, which includes state, transactions, and network. This architecture is deemed highly resilient against malicious attacks due to validators shuffling between shards.
• Smart-contract royalties: 30% of the fees are reallocated to the smart contract author.
• Secure Proof of Stake: eliminates PoW computational waste, and combines eligibility through stake and rating with random validator selection, and an optimal dimension for the consensus group.

As of Jan 17th 2023, the maximum token supply of EGLD is 31,415,926. The current circulating supply is 24,184,559 (~77% of the total max supply). Custom tokens on MultiversX operate natively, being as fast, scalable and inexpensive as EGLD. Moreover, their creation and management don’t imply the Virtual Machine (Smart Contracts) at all, which mitigates ‘hidden’ security risks when transferring tokens.