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:
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
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
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.
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:
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.
Complete ecosystem with concrete utility
Codes smart contracts via several languages
Success depends on the metaverse
Your FAQ for MultiversX
What is the MultiversX crypto?
MultiversX is the name of the blockchain that was formerly called Elrond. The associated coin is the EGLD.
Who are the founders of the MultiversX project?
The MultiversX project was born in Romania. The creators of the Ultra project on a technical level are the Mincu brothers. Lucian Todea is the third person behind the project in the role of investor.
Where to buy the MultiversX crypto?
You can buy the MultiversX cryptocurrency on centralized exchange platforms (called exchanges) such as Binance.
How is the MultiversX crypto used?
The MultiversX crypto is at the heart of an ecosystem which includes multiple products such as a wallet, a DEX, an explorer and a metaverse.
In seeing a digital world explode, Joseph invested his writing in the field of technology over 8 years ago. As a leading-content creator, he believes in clarity, credibility and writing topics people want to read. From blockchain to Web3.0, Joseph sees no shortage of developments as crypto pushes forward. He’s become a voice in technology that people can trust and look forward to hearing more from.