# MileiMemeCoinControversyMultiversX is a high-capacity public blockchain that aims to provide security, efficiency, scalability, and interoperability by using 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 within 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 businesses, ready to scale with the rapid expansion of the metaverse;
xPortal: a universal metaverse super-application, which will allow users to traverse the legacy digital space into 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 project's native token. 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 validator nodes and stake EGLD to secure the network. Alternatively, users can stake EGLD to non-custodial staking service providers.
Governance: participating 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 the network. This architecture is considered highly resistant to malicious attacks due to the fact that validators mix partitions.
Smart contract royalties: 30% of the fees are reallocated to the smart contract author.
Secure Proof of Stake: eliminates the computational waste of PoW and combines eligibility through staking and evaluation with random validator selection and an optimal consensus group size.
As of January 17, 2023, the maximum supply of EGLD tokens was 31,415,926. The circulating supply is 24,184,559 (~77% of the total maximum supply).
Custom tokens on MultiversX work natively, being as fast, scalable and cheap as EGLD. Moreover, their creation and management do not involve the virtual machine (smart contracts) at all, which mitigates the "hidden" security risks when transferring tokens.
