About MultiversX (EGLD): An in-depth look at the next-gen blockchain platform

MultiversX, formerly known as the Elrond network, is a groundbreaking blockchain platform designed to meet the demands of the rapidly growing decentralized finance (DeFi) sector and the new internet economy. The platform leverages cutting-edge technologies like adaptive state sharding and secure proof of stake (SPoS) to deliver a highly scalable, fast, and secure environment for decentralized applications (dApps). In this article, we’ll explore the history, technology, and market trends of the MultiversX network, the price of EGLD, market predictions, and why this project is considered a strong contender in the blockchain space.

What is MultiversX?

MultiversX is a decentralized blockchain network created to solve the scalability issues that have plagued earlier blockchain projects like Bitcoin and Ethereum. At its core, the MultiversX network uses a combination of adaptive state sharding and secure proof of stake (SPoS) to achieve unprecedented levels of scalability and security. This combination allows the entire network to process transactions at speeds far exceeding traditional blockchains, making it a key player in the race to build the new internet economy.

The history of MultiversX and its founders

MultiversX was founded in 2017 by Beniamin Mincu, Lucian Mincu, and Lucian Todea. Initially known as Elrond, the project was rebranded to MultiversX in November 2022 to better align with its broader vision, which now includes not just blockchain but also the metaverse and other advanced digital ecosystems. The MultiversX crypto team has been instrumental in driving the project’s growth, focusing on innovative technologies and strategic partnerships to expand the platform's reach.

How does MultiversX work?

MultiversX operates on a unique blockchain network architecture that employs adaptive state and sharding methods. This method involves dividing the network into multiple shards, each responsible for processing transactions independently. The network and transaction sharding techniques used by MultiversX ensure that the platform can scale effectively while maintaining high-security levels.

Transaction sharding

The platform's adaptive state sharding is further enhanced by network slicing, a technique that optimizes the communication between shards that process transactions together. Network slicing contributes to optimizing communications. This parallel processing method allows the network to handle a high throughput demand, ensuring that it can meet the needs of a growing user base. EGLD tokens are used within this ecosystem for staking, paying transaction fees, and participating in governance, making them central to the platform's operations.

Key milestones and achievements

Since its inception, MultiversX has reached several important milestones:

• Mainnet launch (July 2020): The successful launch of the Elrond mainnet marked a significant achievement for the project, showcasing its ability to deliver on its promises.

• Rebranding to MultiversX (November 2022): The rebranding reflected the project’s expanded focus beyond just blockchain to include the metaverse and other advanced technologies.

• Strategic partnerships: MultiversX has formed numerous partnerships that have enhanced the technology ecosystem and increased the utility of the EGLD token.

The role of MultiversX in the crypto market

MultiversX plays a vital role in the crypto market by offering a highly scalable, secure, and developer-friendly platform for building decentralized applications. The smart contracts execution platform is particularly appealing to developers, providing them with the tools they need to build and deploy sophisticated dApps. To increase adoption, the blockchain also supports developers building on the platform, allowing them to earn 30% of the smart contracts' contract fees as royalties.

MultiversX's native token and its price

The EGLD price reflects the platform's growing adoption and importance within the blockchain space. As more developers and users flock to the platform, the current market cap of MultiversX has steadily increased and varies at around $750 million, making it one of the most promising projects in the blockchain industry.

The MultiversX economic model

The MultiversX economic model is designed to incentivize participation and ensure the platform’s long-term sustainability. EGLD tokens play a central role in this model, being used for staking, paying transaction fees, and participating in governance. The platform's adaptive state sharding and network slicing contribute to its ability to scale efficiently, ensuring that it can support a growing user base without compromising performance.

Segment process transactions

Transaction fees on MultiversX are relatively low, making it an attractive option for both developers and users. The platform's ability to handle a high volume of transactions with minimal latency further enhances its appeal, particularly in the context of decentralized finance and other high-demand applications.

The MultiversX community

MultiversX combines a vibrant and growing ecosystem of developers, investors, and blockchain enthusiasts. The platform’s open-source nature encourages collaboration and innovation, with developers creating a wide range of dApps and DeFi protocols on the network. The community is also actively involved in governance, with EGLD token holders having a voice in key network decisions.

Typical investors and platform users of MultiversX

Investors in MultiversX are typically those interested in high-growth blockchain projects with strong technical foundations. The platform’s unique approach to scalability and its focus on the metaverse make it an attractive investment for those looking to participate in the future of decentralized technology. The MultiversX crypto team is highly regarded for its technical expertise and commitment to innovation, further boosting investor confidence.

Why trade MultiversX (EGLD)?

There are several compelling reasons to consider trading MultiversX (EGLD):

• Scalability: The platform’s adaptive state sharding allows it to process thousands of transactions per second, making it highly scalable.

• Low transaction fees: MultiversX offers low transaction fees, making it cost-effective for both developers and users.

• Strong ecosystem: The platform’s growing ecosystem of dApps and strategic partnerships enhances its utility and long-term potential.

• Active development: The MultiversX crypto team is continuously improving the network, ensuring that it remains at the forefront of blockchain technology.

EGLD price and market cap

As of today, the price ofEGLD is a reflection of the platform's strong fundamentals and growing adoption. The current market cap of MultiversX is a testament of the platform’s increasing popularity and robust technological foundation. The EGLD's price has experienced fluctuations, common in the cryptocurrency market, but it remains one of the more stable assets due to its solid infrastructure and active development community.

Market cap is an important metric for investors, indicating the total value of all EGLD tokens currently in circulation. The current market cap of more than $750 million places it among the top blockchain projects, highlighting its significant role in the cryptocurrency ecosystem.

The highest price of the EGLD token was $545.64, which was reached in November of 2023. In 2024, the coin is usually priced at about $25 or higher, with predictions that it will rise above $30 in 2026.

Future outlook for MultiversX and EGLD price predictions

Looking ahead, the future of MultiversX appears promising, driven by its innovative technology and expanding ecosystem. Analysts and enthusiasts have made various pricepredictions for EGLD for the coming years, with some expecting significant growth as the platform continues to attract more users and developers.

EGLD price predictions for 2024 and beyond often point to the potential for the token to increase in value as the platform matures and more dApps are built on it. The platform’s focus on scalability, low transaction fees, and developer-friendly environment positions it well for long-term success in the new internet economy.

Why is MultiversX a strong contender in the blockchain space?

MultiversX stands out in the crowded blockchain space due to its unique combination of adaptive state sharding, network slicing, and secure proof of stake. These features enable the platform to handle a high throughput demand, making it one of the few blockchain networks capable of supporting large-scale applications and the new internet economy.

Moreover, the MultiversX economic model is designed to reward participants, from state transactions and network validators to developers, ensuring a balanced and sustainable ecosystem. The platform’s focus on creating a technology ecosystem that supports the internet economy further solidifies its position as a leading blockchain project.

Final thoughts on MultiversX

In summary, MultiversX is a highly innovative blockchain platform that offers significant advantages in terms of scalability, security, and cost-effectiveness. The platform’s use of adaptive state sharding and network slicing enables it to meet the growing demands of the decentralized finance sector and beyond. With a strong community, active development team, and a promising future, MultiversX is well-positioned to play a crucial role in the evolution of the blockchain industry.

Investors and developers alike should keep an eye on the EGLD price and current market cap, as these indicators will provide insights into the platform's growth and adoption. As the new internet economy continues to develop, MultiversX is likely to remain at the forefront, driving innovation and providing the infrastructure needed for a decentralized future.