$ETH MultiversX is a high-capacity public blockchain that aims to provide security, efficiency, scalability, and interoperability through the use of two key elements: adaptive state partitioning and a new consensus mechanism, Secure Proof of Stake (SPoS).
MultiversX can process over 30,000 transactions per second with low block times (6s), negligible transaction fees, and fast finality for cross-partition transactions in a few seconds.
At X-Day Paris 2022, its first annual conference, Elrond announced its rebranding to MultiversX, introducing three new products:
xFabric: a high-performance sovereign blockchain layer that incorporates multiple application modules for creators, brands, and companies, ready to expand with the rapid expansion of the metaverse;
xPortal: a universal metaverse super app, which will allow users to traverse the inherited digital space in the multiverse of opportunities;
xWorlds: a new world of the metaverse, opening a new creative space for developers, entrepreneurs, and gamers, where they can explore, discover, and conquer.
EGLD is the native token of the project. Current use cases for EGLD include:
Network transactions: EGLD is paid by users for transaction fees for interacting with dApps, smart contracts, web3 payments, and NFTs.
Staking: users can run validation nodes and stake EGLD to secure the network. Alternatively, users can stake EGLD to non-custodial staking service providers.
Governance: participation in on-chain governance and voting on various improvement proposals.
The project consists of the following major components that work together:
Adaptive state partitioning: works by merging and splitting partitions for unlimited scalability and uses a fully partitioned architecture that includes state, transactions, and network. This architecture is considered highly resilient to malicious attacks due to validators mixing partitions.
Royalties for smart contracts: 30% of fees are reallocated to the author of the smart contract.
Secure Proof of Stake: eliminates PoW computational waste and combines eligibility through staking and evaluation with random selection of the validator and an optimal size for the consensus group.
As of January 17, 2023, the maximum reserve of EGLD tokens was 31,415,926. The circulating fund is 24,184,559 (~77% of the total maximum reserve).
Custom tokens on MultiversX work natively, being as fast, scalable, and inexpensive as EGLD. Moreover, their creation and management do not involve the virtual machine (smart contracts) at all, which mitigates the 'hidden' security risks in token transfers.
