MultiversX is a blockchain protocol that aims to provide extremely fast transaction speeds through the use of sharding. It is a technology ecosystem for the new internet, encompassing fintech, decentralized finance, and the Internet of Things. The platform's smart contracts execution capability allows for 15,000 transactions per second, with a latency of six seconds and a transaction cost of $0.001.

MultiversX rewards the community and active participants with EGLD tokens, which is the native token of Elrond. EGLD acts as a store of value currency for network usage and facilitates exchanges between platform users and validators. It also enables developers to deploy smart contracts, protocols, and dApps, and provides governance functionality for holders to vote on network decisions.

MultiversX was announced in August 2019 and its mainnet went live in July 2020.

MultiversX was co-founded in late 2017 by Beniamin Mincu, Lucian Mincu, and Lucian Todea. The Mincu brothers previously co-founded MetaChain Capital, a digital asset investment fund, and ICO Market Data, an aggregator of information on initial coin offerings. Beniamin Mincu also has experience with blockchain platform NEM and has been an early investor in various projects. Lucian Todea is a serial tech entrepreneur with previous ventures in software and mobile payments, as well as angel investments.

MultiversX stands out as a blockchain platform for the new internet economy, decentralized applications, and enterprise use. Its key feature is its high scalability achieved through the implementation of state, network, and transaction sharding. The network consists of 2,169 validator nodes divided into four shards, allowing for parallel processing and scaling by adding additional shards when needed. MultiversX also supports developers by allowing them to earn royalties from smart contract fees.

The platform's economic model includes a limited supply of EGLD tokens, with new tokens minted to reward network validators. EGLD is distributed through private sales, initial exchange offerings, and reserved allocations for ecosystem rewards, marketing, community funds, advisors, founders, and core team members.

MultiversX implements state, transaction, and network sharding to achieve scalability and faster transaction processing. Adaptive State Sharding is used to scale the network and support a growing number of applications and transactions. The network is divided into three execution shards that process transactions at a rate of 5,400 transactions per second each, and one coordination shard known as the "Metachain." The platform combines three sharding methods to create its unique adaptive sharding approach.

MultiversX utilizes a secure proof-of-stake consensus algorithm where validators stake EGLD tokens to participate in the validation process. Validators are randomly selected and periodically shuffled between shards to prevent collusion. Strong cryptographic protection is ensured through the use of modified Boneh-Lynn-Shacham multi-signatures.

The total supply of EGLD tokens starts at 20,000,000 and can never exceed 31,415,926. The tokens are minted to reward network validators, and the supply decreases as more transactions are processed. The initial distribution of EGLD tokens included private sales, initial exchange offerings, and reserved allocations for ecosystem rewards, marketing, community funds, advisors, founders, and core team members.

MultiversX's tokens were first issued on Binance Chain as ERD tokens, with a total supply of 20 billion. A token swap event was later conducted to convert ERD and ERC-20 tokens to mainnet EGLD tokens at a swap ratio of 1,000 ERD for 1 EGLD.

MultiversX utilizes a secure proof-of-stake consensus algorithm to ensure network security. Validators must stake EGLD tokens to participate in the validation process and are assigned a rating score based on their past activity. Validators with low ratings may not be selected and may face fines. Continuous improper behavior can result in removal from the network and slashing of stakes. Validators are randomly selected and periodically shuffled between shards to prevent collusion. Strong cryptographic protection is implemented using modified Boneh-Lynn-Shacham multi-signatures for node communication.

EGLD can be purchased on various cryptocurrency exchanges such as Binance, OKEx, Bitfinex, and BitMax. It can be traded against fiat currencies, cryptocurrencies, and stablecoins on both spot and derivatives markets.

If you are interested in buying EGLD or other cryptocurrencies, BYDFi provides a step-by-step guide on how to get started.