What is MultiversX (EGLD)?

Deep Dive

1. Purpose and technology

MultiversX is a Layer 1 blockchain, meaning it is a base network where applications and transactions run directly. It uses sharding, which splits network work into parts that can be processed at the same time, and a proof of stake system, where validators help confirm transactions by committing tokens. The project calls its consensus approach Secure Proof of Stake. MultiversX FAQ

2. What EGLD does

EGLD, also called eGold, is the network’s native cryptocurrency. People use it to pay transaction fees, and validators can stake it to participate in securing the network. EGLD also supports governance, which lets holders take part in decisions about network changes. MultiversX FAQ

3. What can be built on it

MultiversX supports smart contracts, or software that runs on the blockchain and carries out instructions automatically. These can power decentralized applications for services such as finance, payments, and digital assets. The network’s token standard also lets developers create and transfer assets on MultiversX. MultiversX FAQ

Conclusion

MultiversX is a smart contract blockchain designed to scale transaction processing, while EGLD is used to pay for and help secure activity on it. How well does its parallel processing support the applications developers want to build?null