What is MultiversX (EGLD) [Former: Elrond)? Where To Buy?

MultiversX (EGLD) (formerly Elrond) positions itself as a blockchain that solves the blockchain trilemma. It incorporates blockchain sharding to maximize throughput while achieving fast transaction finality, security, and nominal transaction fees.

Please note the information below was written before Elrond rebranded to MultiversX.

The MultiversX network uses an innovative secure proof of stake consensus mechanism to provide the solutions other blockchains fail to solve.

MultiversX (EGLD) is currently the 38th largest cryptocurrency in the world by market cap.

How MultiversX (EGLD) Works

The MultiversX blockchain implements novel adaptive state sharding and secure proof of stake to ensure faster throughput of transactions, security, and improved decentralization. The MultiversX blockchain has quickly become one of the most popular blockchain networks in the crypto space.

Essentially, the MultiversX network relies on shards, which work in unison with other shards in the network, for processing transactions. The transaction sharding ensures that each shard is responsible for a fraction of each transaction, working in unison to achieve transaction finality.

The novel network sharding approach has garnered the blockchain network an immense amount of attention from institutions and retail investors alike.

This solves the blockchain trilemma and ensures blockchain scalability, security, and the quick finality of transactions – made possible through transaction sharding.

The MultiversX platform and EGLD tokens work hand in hand, much like ETH powers the Ethereum network, EGLD tokens power the MultiversX network.

EGLD tokens are used to pay for transactions and interactions with DApps in the MultiversX ecosystem. The intricate structure of MultiversX and its secure proof of stake help keep the MultiversX network secured.

What Is MultiversX (EGLD) Used For?

MultiversX describes itself as a fully capable blockchain able to facilitate the internet economy. Its superior functionality is achieved through the MultiversX VM (virtual machine) which is utilized for smart contracts.

Developers can use MultiversX to deploy distributed apps, and build decentralized applications, all while benefitting from the security of the network.

The MultiversX community at large benefits mainly from fluctuations in the EGLD token price. Much like other cryptocurrencies, the EGLD token experiences price volatility which makes it profitable for experienced traders.

Validator nodes on the network also earn rewards for agreeing not to sell their EGLD tokens and rather participate in staking EGLD in return for these rewards. The MultiversX project will reward network validators by the portion of their stake. MultiversX network validators play a key role in securing the network.

Where To Buy MultiversX (EGLD)

MultiversX (EGLD) has recently risen in popularity and its trading volumes on exchanges have seen a significant surge in the past few months. EGLD has quickly grown to become a well-known cryptocurrency.

EGLD tokens are commonly available and frequently traded on most centralized crypto exchanges. Before you’re able to purchase EGLD though, you’ll need to deposit fiat money onto an exchange, and sequentially EGLD tokens will be credited to your EGLD digital wallet on the exchange.

The crypto exchanges below are the safest place where you can buy, sell, and store EGLD tokens.

Five of the most popular crypto exchanges used in the US are:

1. Binance (US Customers use Binance.US)
2. Gate.io
3. Coinbase
4. KuCoin
5. Bitfinex

All of the above exchanges allow users to buy, sell, transfer and store EGLD tokens in a digital wallet on the exchange. You can use your debit or credit card to purchase EGLD tokens on centralized exchanges.

Individuals can also transfer their EGLD token to an MultiversX wallet, where they can use their EGLD tokens to participate in DeFi apps and earn rewards.

FAQs About MultiversX (EGLD)

How long has MultiversX (EGLD) existed?

Elrond was founded in 2017 by Lucian Mincu, Beniamin Mincu, and Lucian Todea. The EGLD coin went live in 2019 and has since been listed on most major cryptocurrency exchanges. It has since rebranded to MultiversX.

The Mincu brothers also previously founded MetaChain Capital which is a digital asset investment fund, specializing in the aggregation of ICO data.

What’s controversial about MultiversX (EGLD)?

The crypto market is fast-growing and new crypto projects are being introduced to the market at a rapid rate. It’s essential to do diligent research into crypto projects, and gain as many insights into the project, its history, tokenomics, team, and partnerships. The more you research, the more calculated your decisions will be.

Let’s take a look at the top two controversies surrounding MultiversX (EGLD)

• Tokenomics Change – One of the most prevalent issues with blockchain projects is altering the code. This is seen as a cardinal sin by blockchain purists, and almost always causes several concerns in the community.

  Before Elrod’s 2020 mainnet launch, the team announced that it would reduce EGLD token supply from 20 billion to 20 million tokens. While this implemented a more deflationary mechanism, similar to the likes of Bitcoin, it was met with much criticism by others.

• Transactional Capacity – According to MultiversX’s website, it claims that the network can process 250,000 transactions per second, and up to 260,000 transactions per second when utilizing adaptive state sharding.

  This can be seen as misleading because these results were achieved on the test net and may not be a true reflection of the network’s abilities.

How many MultiversX (EGLD) tokens are there?

At the time of writing, EGLD has a circulating supply of 21,812,225.98 EGLD (69% of the total supply).

The total supply of MultiversX (EGLD) is 23,016,298.

The max supply of MultiversX (EGLD) is 31,415,926.

Can MultiversX (EGLD) be mined?

MultiversX (EGLD) is not a mineable cryptocurrency. EGLD, unlike Ethereum, can’t be mined.

However, many individuals earn yields from using their EGLD tokens to participate in DeFi applications within the MultiversX ecosystem where they can earn rewards from staking or liquidity pools.

Some centralized exchanges also offer rewards for EGLD holders that lock up their tokens for a certain duration.

What is the market cap of MultiversX (EGLD)?

MultiversX (EGLD) market cap is total amount of coins in circulation multiplied by the current market price of EGLD.

So, the market cap of MultiversX (EGLD) is: 21,812,225.98 EGLD x $161,71 = $3,53 billion (38th largest market cap)

MultiversX (EGLD) is a recently launched project that has garnered an immense amount of hype in the crypto space. Its native EGLD coin has seen significant price appreciation since its inception.

It is currently one of the top 50 cryptocurrencies by market capitalization and continues to grow in popularity as the project attracts more investment and grows user adoption.

Be aware that the market cap fluctuates according to circulating supply and market price.

Biggest Competitors Of MultiversX (EGLD)

There is a lot of competition in the blockchain space, as many projects aim to provide solutions for problems that traditional blockchains fail to provide.

MultiversX is relatively new to the space but the project has performed significantly well since its launch. However, it faces stiff competition – most notably from Algorand.

When considering competitors, it’s important to factor in various blockchains’ aims, sectors, and utility. Algorand and MultiversX essentially aim to provide similar solutions in the blockchain space.

From a current market cap perspective, these projects are battling to become top projects – each has some similarities and differences. Let’s compare the two blockchains:

MultiversX

• Secure proof of stake (SPOS) consensus algorithm
• Adaptive State Sharding
• Capable of processing more than 260,000 per second
• 20 million token supply
• #38 market cap rank
• EGLD token price: $161

Algorand

• Pure proof of stake (PPOS) consensus algorithm
• Verifiable Random Function
• Capable of processing 1,000 transactions per second
• 10 billion token supply
• #29 market cap rank
• ALGO token price: $0,75

   

What are the future plans for MultiversX (EGLD)

The MultiversX team has announced its intention of developing a sophisticated governance mechanism that will allow individuals holding MultiversX tokens to participate in a decision affecting the protocol.

MultiversX continues to position itself as an internet-scale blockchain that is more capable than competitors in the space. Its blockchain platform is prioritizing the advancement of cross-chain interoperability to further provide solutions and seamless integrations.

MultiversX’s smart contracts achieve functionality through the MultiversX Virtual machine, and team developers continue to work on improving infrastructure to make the project more appealing to DApp developers and retail investors.

Its blockchain network looks to surpass the ability of entire blockchain protocols, thereby positioning MultiversX as the best alternative in the space.

Pros and Cons of MultiversX Network and EGLD Token

Pros:

• Adoption Increases Scarcity Of EGLD – The unique tokenomics model of MultiversX facilitates a reduction in token supply as token adoption increases.
• Enormous Transactional Capacity – MultiversX’s network can process more than 260,000 transactions per second – which is superior to the throughput of any other competing project.
• Rapid Transaction Finality – Through MultiversX’s transaction sharding mechanism, consensus can be reached in 4 seconds.
• Fixed Supply – There will never be more than 31,415,926 EGLD tokens.
• Store of Value – The built-in scarcity mechanism means that EGLD tokens could be seen as a profitable investment, as there will never be more EGLD than the total token supply.

Cons:

• Significant Competition – EGLD has recently come into the crypto space and multiple successful projects have already established themselves in the blockchain space. Many of these projects already have flourishing ecosystems and provide similar solutions to EGLD.
• Tokenomics Change – Many people expressed significant concerns after MultiversX announced that it would be altering its tokenomics model – reducing the total supply from 20 billion to 20 million. Purists believe that code should never be altered.

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