MultiversX (previously Elrond)

MultiversX is a highly secure decentralised blockchain network that enables new applications for users, businesses, societies, and a new metaverse frontier.

The main contribution of MultiversX to an innovative public blockchain solution designed to scale is based on two fundamental elements:

1. A genuine State Sharding approach: effectively partitioning the blockchain and account state into multiple shards, handled in parallel by different participating validators;
2. Secure Proof of Stake consensus mechanism: an improved variation of Proof of Stake (PoS) that ensures long term security and distributed fairness, while eliminating the need for energy intensive PoW (Proof of Work) algorithms.

The two main entities of MultiversX are the users and the nodes (over 3200 independent nodes, distributed around the world). Each user holds a finite number of public/private key pairs, and use MultiversX to deploy signed transactions, while the nodes are represented by the devices that form the MultiversX network and can be passive or actively engaged in processing tasks. The transactions are fully carbon negative, meaning that each Money, Defi, NFT and DAO transactions have been fully offset.

The usage to its network is granted via the native utility token: eGold (EGLD). The costs of processing transactions on the blockchain, running smart contracts and different rewards are paid in EGLD. Its utility comprises all core network functionalities, such as staking, governance, transactions, smart contracts, and validator rewards.

Compared to Ethereum, MultiversX eliminates both energy and computational waste from PoW algorithms by implementing a SPoS consensus while using transaction processing parallelism through sharding.

History

Elrond was created in 2017, first announced in August 2019, and its mainnet went live in July 2020. Its creators are the Beniamin and Lucian Mincu brothers, alongside Lucian Todea. Beniamin Mincu was also responsible for product, marketing and community for blockchain platform NEM from 2014 to 2015. Lucian Mincu has additional experience as an information technology engineer and security specialist, and Todea is a serial tech entrepreneur and angel investor.

Beniamin Mincu – https://www.linkedin.com/in/beniaminmincu/

Lucian Mincu – https://www.linkedin.com/in/lucianmincu/

Lucian Todea – https://www.linkedin.com/in/luciantodea/

MultiversX – https://multiversx.com/

Starting with November 3rd, 2022, Elrond became MultiversX, the transition being announced at X-Day, Paris.

Therefore:

• Elrond became MultiversX;
• Maiar Exchange – xExchange;
• Maiar App – xPortal;
• Maiar Launchpad – xLaunchpad;
• Ad Astra Portal – MultiversX Bridges;
• Utrust+TwisPay – xMoney;
• Elrond Web Wallet – MultiversX Wallet;
• Elrond Explorer – MultiversX Explorer;
• Inspire Art – xSpotlight.

Other important “tools” for creation and construction are also added to the ecosystem:

• XFabric;
• XWorlds.

Find out more about MultiversX by accessing the following links:

1. WhitePaper
2. MultiversX.com