What is MultiversX?

MultiversX (EGLD) is a blockchain protocol that strives to provide quick transaction speeds through the use of sharding. It serves as a technology ecosystem for the new internet, encompassing fintech, decentralized finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of handling 15,000 transactions per second, with a six-second latency and a $0.001 transaction cost. MultiversX compensates its community and active participants with EGLD tokens, which are used to pay for network usage and as a medium of exchange between platform users and validators.

How does MultiversX work?

MultiversX operates using a unique adaptive state sharding technology to scale while sharing infrastructure to support a growing number of applications and transactions on the ledger. This technology divides the network into four shards: three execution shards that process transactions, validating 5400 transactions per second, and a coordination shard known as the Metachain. MultiversX's adaptive state sharding architecture completely shards state, transactions, and network. It can scale by adding an additional shard when the throughput demand is unmet. The project also supports developers building on the platform, allowing them to receive 30% of the smart contract fees as royalties.

What are the potential use cases for MultiversX?

MultiversX aims to contribute to the cryptocurrency space by providing a platform for deploying smart contracts, protocols, and decentralized applications (dApps). It empowers participants to perform any network action. Through staking and validation compensation, as well as transaction fees, EGLD manages the MultiversX network. Additionally, EGLD is endowed with the functionality of a governance token, so its holders can vote on network decisions. This positions MultiversX as a platform for a range of applications in the fintech, decentralized finance, and Internet of Things sectors.

What is the history of MultiversX?

MultiversX was co-founded in late 2017 by brothers Beniamin and Lucian Mincu alongside Lucian Todea as a solution to the problem of blockchain scalability, which they believed to be a pressing issue facing the industry. Prior to MultiversX, the Mincu brothers co-founded MetaChain Capital, a digital asset fund, and ICO Market Data, an aggregator of information around initial coin offerings. MultiversX was first announced in August 2019, and its mainnet went live in July 2020. The project describes itself as a blockchain platform for the new internet economy, decentralized applications, and enterprise use. One of its features is its scalability, stating that it is the first blockchain network in which state, network, and transaction sharding have all been implemented.