Your Tokize Review of MultiversX

After Bitcoin, Ethereum became the largest crypto in the world in terms of capitalization. 

Unlike Bitcoin, Ethereum’s blockchain targets the field of decentralized applications (dApps). With the ever-increasing number of dApps, this sector is gaining more and more momentum. 

For many, this is the sector that holds the future of crypto.

However, Ethereum is far from being the only blockchain in this niche. 

There are many other blockchains hoping to take their spot also. These blockchains are being called “Ethereum killers.” The MultiversX cryptocurrency—formerly Elrond—is part of the trend. Now, what is the MultiversX blockchain’s worth, and what are its main characteristics?

What Is MultiverseX?

Though originally called Elrond, the founding developers of the chain changed it to MultiversX. The crypto’s symbol, however, remains the same—EGLD. Here’s a look at what MultiversX is.

MultiversX’s future relies on smart contracts for the development of decentralized applications, making it similar to Ethereum. What differs is that Ethereum focuses on DeFi while MultiversX is focused on the metaverse. “Open the metaverse to the world,” is MultiversX’s official motto. 

On its website, we find an unconcealed jab at the giant, Meta, with the following: “Without blockchain, the metaverse cannot exist!”

The MultiversX Blockchain

At the time of writing this, the price of MultiversX staking hovered around $49. 
The capitalization of the MultiversX crypto is slightly more than one billion USD, and thus, the cryptocurrency is positioned 44th in the world. This market cap is close to that of Fantom (FTM), EOS and even The Sandbox (SAND).

The Story of the Multiverse

The MultiversX’s founders started in 2017 in Romania, and the following leaders are behind it:

• Benjamin Mincu—Before MultiversX, Benjamin created sMetaChain Capital and ICO Market Data. He has invested in blockchains like Zilliqa (ZIL), Tezos (XTZ), Brave and Binance.
• Lucian Mincu—With his brother Benjamin, Lucian participated in the creation of MetaChain Capital and ICO Market Data. He’s an IT engineer and security specialist.
• Lucian Todea—This entrepreneur served as CEO for the Soft32 firm.

It was in July 2020 that the blockchain was born and its token sent into distribution. The real turning point for ELGR came in November of 2022 when it was renamed.

The name change is reminiscent of that of the Californian company Facebook, which adopted the name “Meta” in October 2021. In both cases, the message is clear. There is a strong demand to explore metaverse. All of its products have also been renamed:

• The Maiar DEX became “xExchange” on December 10, 2022
• Inspire Art became “xSpotlight” on January 17, 2023
• Elrond Explorer became MultiverseX Explorer on January 31, 2023
• Elrond Web Wallet became MultiversX Wallet on February 4, 2023
• The Maiar application became xPortal on February 28, 2023
• The Ad-Astra portal became MultiversX Bridge on March 15, 2023
• The Maiar launchpad will become xLaunchpad in the second quarter of 2023

Why was MultiverseX Created?

MultiversX’s value fulfills two particular functions. 

It provides a fast, inexpensive and secure solution for developers of smart contracts and dApps. The blockchain, in fact, operates on a transaction rate of around 100,000 TPS. Aftering doing a few upgrades, developers were able to push their TPS up to 250,000.

On the MultiversX website, you’ll find a page with these apps as part of the ecosystem:

• Explorers
• Payments
• Transparency
• DeFi 
• Wallets 
• Gaming 
• Metaverse
• Oracles 
• Exchanges

However, MultiversX’s goal is not just to compete with Ethereum. MultiversX intends to offer a complete ecosystem to its users by focusing on the metaverse. The blockchain, therefore, offers a larger number of services such as:

• xExchange, a decentralized exchange (DEX)
• MultiversX, a web explorer
• MultiversX Wallet
• xLaunchpad, a platform to support emerging projects
• xWorlds, a metaverse platform
• xFabric, a module for building blockchain applications
• xPortal, a payment and social networking application
• MultiversX moto

To understand the final goal of MultiversX developers, we can say they want to create something similar to WeChat in China. The Chinese WeChat app brings a large number of features together. The services let you make doctor appointments, pay taxes, shop, or chat.

MultiverseX outperforms WeChat in two ways. It’s a decentralized network protected against censorship, which isn’t the case on WeChat. MultiversX also hosts its services on a blockchain.

How Does MultiversX Work?

The MultiversX ecosystem is complex to understand, for you need to know the following:

• Adaptive State Sharding—It’s a technique that consists of partitioning the processing of transactions, which makes it possible to reduce congestion. With Sharding, the blockchain has a scalability of 100,000 TPS.
• Secure Proof of Stake—This is a consensus algorithm with the well-known POS protocol on the Cardano blockchain and now on Ethereum since “The Merge.” According to the MultiversX white paper, its SPoS allows the network to select nodes in less than 100 ms, which is compared to 12 seconds in the case of Algorand.
• MultiversX Virtual Machine (VM)—This manages the execution of the smart-contract code, allowing several computer languages ​​for programming.

Binance

• Low fees
• One of the largest crypto exchanges
• Fee discount for using native BNB

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MultiversX is environmentally friendly and has a negative balance in terms of carbon emissions.

Where to Buy MultiverseX?

Unlike fiat currencies or even other digital assets like stocks, you won’t need a bank to acquire cryptocurrencies. To buy crypto, consider online exchanges that are made for crypto.

The two types of exchanges are either centralized and decentralized. Decentralized exchanges are more difficult to start with. If you’re new to crypto, you need a securer platform.

Coinbase

• Regulated exchange
• An easy-to-use platform
• Free crypto training offered

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However, you must create an account on the exchange that suits you. The registration will be more or less long depending on the platform. Overall, you need to provide personal information and follow the Know Your Customer (KYC) procedures.

Once you’re registered, connect a crypto wallet where your tokens will be stored after purchase. However, adding an external wallet isn’t always necessary because many exchanges offer an integrated wallet. First, you can choose to use this online wallet.

You are now ready to buy MultiverseX crypto. 

Some platforms give you the option to pay for your purchase directly by credit card. On other exchanges, you will first need to fund your account with bank transfers or Paypal. You’ll then use that money deposited to purchase MultiversX.

MultiversX is among the 50 largest in terms of capitalization. It is, therefore, relatively widespread and is available on many crypto exchanges. 

As for now, we recommend the following exchanges to start using:

• Binance—The world leader in centralized platforms
• Coinbase—A solid platform with 89 million users worldwide
• Kraken—An exchange with a simple interface that suits all types of investors

These three platforms are reliable and secure. Of course, there are many alternatives on the market. However, be sure to do your own research before trusting an online platform.

Kraken

• Great customer support
• Secure exchange
• Lower fees with Kraken Pro

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Is MultiversX a Good Investment?

If you want to invest in crypto, you should get to know the MultiversX’s price in USD. This ecosystem has important assets which could propel the price of MultiversX.

At its core, your MultiversX prediction is based on the development of decentralized applications. Analysts suggest that MultiversX stock price could grow soon. 

However, no one can indefinitely say if MultiversX will go up or if MultiversX will recover.

Our MultiversX forecast has everything in place to establish itself, offering significant scalability. Being a “green” blockchain scores it major points in the field of ecology. MultiversX is a rich ecosystem, and its value can be followed on MultiversX charts. 

Yes, it is still in development but has a robust structure with dozens of apps in different fields.

Our Final Look At MultiversX

The “universe” of the MultiversX cryptocurrency is complex to understand, for its developers aim to create an integrated solution. The MultiversX ecosystem to USD is centered on the metaverse and offers different products such as a DEX, a wallet and launchpad. The network’s crypto is based on robust technology, which is evidenced through its quality whitepaper.

If you want to invest for the long term, EGLD might be for you. Setting up an important ecosystem takes time. Furthermore, to boost its adoption, MultiversX must rally behind the acceptance of metaverse, having been somewhat slowed in recent months. 

However, once ideal conditions are met, the MultiversX crypto has every reason to shine.