MultiversX EGLD Price

What is MultiversX (EGLD)?

MultiversX, formerly known as Elrond, is a blockchain network designed to provide high throughput, low latency, and secure transactions. It utilizes a unique Adaptive State Sharding technology and a Secure Proof of Stake (SPoS) consensus mechanism to enable scalability and efficiency. MultiversX aims to facilitate decentralized applications (dApps), enterprise solutions, and digital assets, positioning itself as a prominent player in the blockchain ecosystem.

The native cryptocurrency of the MultiversX platform is EGLD (eGold), which is used for transaction fees, staking, and governance within the network. As of early 2024, EGLD has seen significant adoption, with over 1.5 million wallets created and a market capitalization that often ranks within the top 50 cryptocurrencies globally.

Who are the Founders of MultiversX?

MultiversX was co-founded by Beniamin Mincu, Lucian Todea, and George A. Toma. Beniamin Mincu serves as the CEO and is known for his expertise in blockchain technology and business development. Lucian Todea has a background in software engineering and has previously worked on various startups, while George A. Toma focuses on the technological architecture and development of the network. Together, they have driven the vision of creating a scalable and efficient blockchain ecosystem.

How does MultiversX Work?

MultiversX operates through a combination of several innovative technologies:

• Adaptive State Sharding: This technology allows the network to split into shards, processing transactions in parallel to improve scalability. Each shard can handle its own set of transactions, significantly increasing the network's capacity.
• Secure Proof of Stake (SPoS): In this consensus mechanism, validators are chosen based on the amount of EGLD they stake, along with a random selection process. This helps secure the network and ensures fast transaction confirmations.
• Smart Contracts: MultiversX supports smart contracts written in various programming languages, enabling developers to build dApps efficiently. Its ecosystem includes tools like the MultiversX SDK, which simplifies the development process.
• Interoperability: The platform is designed to interact with other blockchains, fostering a more connected ecosystem. This is achieved through bridges and protocols that enable asset transfers across different networks.

Through these mechanisms, MultiversX aims to achieve thousands of transactions per second (TPS) while maintaining low latency and transaction costs, making it suitable for a wide range of applications.

Top Use Cases of MultiversX

MultiversX has a variety of use cases across multiple sectors:

• Decentralized Finance (DeFi): With its high throughput and low fees, MultiversX is an ideal platform for DeFi applications, including decentralized exchanges, lending platforms, and yield farming services.
• Non-Fungible Tokens (NFTs): The network supports the creation and trading of NFTs, enabling artists and creators to monetize their digital art and collectibles securely.
• Gaming: Gaming dApps built on MultiversX can benefit from its scalability, allowing for real-time interactions and transactions, which is essential for play-to-earn models.
• Enterprise Solutions: MultiversX provides tools for businesses to build custom blockchain solutions, enhancing transparency and efficiency in supply chain management, identity verification, and more.
• Governance: EGLD holders can participate in governance decisions, voting on protocol upgrades and other key changes, thereby fostering community engagement.

How to Keep your MultiversX Safe?

To ensure the safety of your MultiversX assets, consider the following best practices:

• Use Hardware Wallets: Storing EGLD in hardware wallets like Ledger or Trezor provides a secure offline environment, reducing the risk of hacks.
• Enable Two-Factor Authentication (2FA): For exchanges and wallets that support it, always enable 2FA to add an extra layer of security to your accounts.
• Keep Software Updated: Regularly update your wallet software and any applications related to MultiversX to protect against vulnerabilities.
• Beware of Phishing: Always verify website URLs and avoid clicking on suspicious links. Phishing attacks are common in the crypto space.
• Backup Your Wallet: Regularly back up your wallet's seed phrase and private keys in a secure location. This ensures you can recover your assets if you lose access.

By following these guidelines, you can significantly mitigate the risks associated with holding and transacting in MultiversX (EGLD).