$EGLD is bouncing off its Demand Box, targeting $50.76 (imbalance) and $78.10 (EQH). An explosive move could even reach $270 (+757%). 🔥 I think we need to take some more luggage #MultiversX
MetaMask users gain 2FA security via MultiversX Snap integration
MultiversX, a non-Ethereum Virtual Machine (EVM) blockchain, has introduced MultiversX Snap for MetaMask, featuring an onchain two-factor authentication (2FA) protective feature.
According to a press release shared with Cointelegraph, MultiversX Snap allows MetaMask users to connect to the MultiversX ecosystem while enhancing security measures via 2FA.
MetaMask Snaps are third-party audited add-ons that provide users with extended functionality beyond the normal features of the MetaMask wallet.
Related: MultiversX and Cornell launch sponsored blockchain education program
Speaking with Cointelegraph, Beniamin Mincu, co-founder and CEO of MultiversX, explained that the firm views “efforts like MetaMask Snap as a big win for the industry.”
“By removing barriers to multichain exploration, we highlight the performance, cost-efficiency, and scalability of MultiversX like never before."
2FA security implications
Integrating MultiversX’s 2FA feature into MetaMask aims to offer a substantial security feature improvement to MetaMask users.
According to the press release, the 2FA feature is “embedded into the sharded protocol itself,” ensuring compatibility across applications and wallets within the ecosystem.
Related: MultiversX boosts layer-2 transaction speed with Sovereign Chains
Lucian Mincu, chief information officer at MultiversX Labs, explained that the new integration “offers an important preview” for what “Sovereign Chains SDK for next-gen” layer 2s can provide Web3.
“It facilitates accessibility to the MultiversX ecosystem, its opportunities and innovations, providing MetaMask users with an integrated experience to most of our recent developments.”
The rationale behind the new integration
According to the press release, “324,000 users fell victim to crypto phishing scams” in 2023, accounting for over $300 million in digital assets losses.
In light of this, MultiversX developed its onchain 2FA solution — the Guardians — to prevent fund theft, even when a user’s secret phrase has been compromised.
The press release states that the Guardians were “publicly tested” via community initiatives. One example, dubbed EGLDHeist, is cited, where a wallet seed phrase was publicly shared.
Related: Google Cloud teams up with MultiversX amid blockchain firm’s focus on metaverse
Although the compromised seed phrase was accessible to the public, the funds remained secure due to the onchain 2FA feature.
MultiversX and Cornell blockchain education program
On June 12, MultiversX launched a sponsored blockchain education program for underserved college students in collaboration with Cornell University’s eCornell.
The program aimed to offer 100 students the opportunity to participate in a two-month educational experience that would award a certificate upon completion.
The online program was offered via private cohorts involving small, instructor-led groups to ensure students were provided with “personalized attention and a supportive environment.”
Magazine: How Chinese traders and miners get around China’s crypto ban
If there’s one constant in the universe, it’s this.
New features and improvements have been deployed on the public testnet, batched in the "Spica” release. These will soon be voted on in community governance.
Elrond crypto: the MultiversX blockchain lands on MetaMask thanks to Snaps
MultiversX, blockchain ecosystem of the crypto Elrond, has just announced the launch of the “Snaps” feature that will offer users the possibility to use the MetaMask wallet interface for their on-chain operations.
By doing so, Elrond improves interoperability with the external environment of its cryptographic network, while at the same time implementing advanced security features with 2FA.
These two innovations could help the infrastructure regain ground in DeFi by increasing its share of TVL, which has remained virtually flat over the past 2 years.
Let’s see everything in detail below.
MultiversX, the network of the crypto Elrond, introduces Snaps and lands on MetaMask
With great astonishment MultiversX, a well-known blockchain of the crypto Elrond, has opened the doors to the web3 infrastructure of MetaMask by implementing the on-chain solution “Snaps”.
For those who do not know, Snaps are third-party connections introduced by Consensys in September 2023 that allow you to connect to the MetaMask wallet from non-EVM networks.
By leveraging providers like Shapeshift, Cosmos Extension, Solflare, and Zion, it is possible to solve the problem of liquidity fragmentation by unlocking access to a multitude of blockchains.
Today marks a major milestone for MetaMask: we're launching MetaMask Snaps Open Beta, the first step towards our journey to create a fully permissionless ecosystem with MetaMask.
Read the for everything you need to know https://t.co/DuHrwxQvi8
— MetaMask (@MetaMask) September 12, 2023
With the latest feature, the super scalable network MultiversX and its army of “sovereign chains” can therefore connect with the famous non-custodial wallet MetaMask.
The crypto Elrond and other tokens built under the SDK of the infrastructure can be easily traded on multiple chains thanks to the user-friendly interface.
This opens the doors to an era of accessibility and interoperability for the MultiversX ecosystem, which is indeed particularly efficient but isolated compared to the rest of the on-chain world.
We remind that MetaMask is used by more than 30 million users and it is still today the most used gateway to operate with dapp. It is clear that this innovation could bring more activity to the Elrond network, pushing for a bull flow of capital.
The TVL of the chain unfortunately has not shown significant progress for more than 2 years now, when it collapsed in a short time from 2 billion to 150 million dollars.
Regarding the news, Lucian Mincu, CIO of MultiversX Labs, commented as follows:
“MultiversX Snap offers an important preview of what the next-generation Sovereign Chains SDK for L2 will bring to the entire Web3. It facilitates accessibility to the MultiversX ecosystem, its opportunities, and innovations, offering MetaMask users an integrated experience for most of our recent developments.”
MultiversX increases security by adding 2FA protection
In parallel with the introduction of Snaps for MultiversX and the opening of the crypto Elrond on the MetaMask wallet interface, the developers have also thought about security.
In order for the end user to enjoy a smooth experience, MultiverX has introduced an on-chain 2FA solution based on a multi-signature scheme, called “Guardians”.
This is a protection measure with two-factor authentication that requires a secondary signature as confirmation of the operation.
Similar to those of Google and Microsoft, the 2FA of the cryptographic project eliminates the complexity of the tool and removes the problem of managing the backup of seed.
This solution is not directly available on the Ethereum network or on EVM chains but can be accessed via MultiversX Snap on MetaMask.
Furthermore, Guardians has several protection measures in place that protect wallet owners even if they lose their authentication key.
This security feature has been tested with a publicly shared secret phrase containing a 5-digit sum that has remained untouched to this day. Despite the post reaching 5.7 million views, no one has managed to hack the wallet, demonstrating the impenetrability of the tool.
billions of USD stolen by crypto scams, millions of users affected.#MultiversX solves this. TODAY.
meet Guardians – the first Onchain 2FA LIVE in production.
let's kill crypto scams.
activate Guardians, keep your money safe. #EGLDSqueezepic.twitter.com/MM8ymX8sXi
— Beniamin Mincu | sharding/acc (@beniaminmincu) July 12, 2024
Think that only in 2023, about 324,000 users lost money amounting to 300 million dollars due to phishing crypto scams.
The web3 world still needs to solve the problem of cyber attacks, which are becoming increasingly frequent given the continuous growth of the blockchain sector.
The 2FA on-chain solution by MultiversX was conceived precisely as a response to this challenge that sees less experienced users being harmed. The scam of phishing indeed seeks to obtain the access credentials of a crypto wallet by deceiving the user with fake messages. The introduction of two-factor authentication could greatly limit the negative impact of this fraudulent practice.
Analysis and forecasts of the crypto Elrond (EGLD)
While MultiversX introduces access to MetaMask and improves security for its users, the crypto Elrond (EGLD) must face tough challenges at the chart level.
In 2024 the cryptocurrency recorded an unconvincing performance, with only the first 3 months of the year marked by a bull trend. After a timid attack on the 80-dollar threshold, from March onwards Elrond saw lose over 65% of its value.
The prices have fallen below the EMA 50 daily and have not been able to return above the average with conviction.
In recent days, the situation has been aggravated by the collapse of the crypto market, which has caused billions of dollars in speculative positions to evaporate.
In all this, the RSI is in the oversold zone and could leave room for a brief bull leg up in the coming days.
Expanding the horizons unfortunately the situation becomes more complicated: since June 2022 the crypto of Elrond has been trapped in the trading range that goes from 20 to 80 dollars.
From the top of November 2021, this coin has seen a 95% drop in its quotations, facing a bloody bear market.
While Bitcoin and other altcoin have approached the previous market top, here the gap still appears unbridgeable.
The low utility of the token, the weakness of the MultiversX ecosystem, and the strong dilution in the market have led to a significant depreciation in recent years.
Now with the latest improvements on the technical front, it is possible that the crypto can ride the next bull market in serenity. In any case, a recovery of the historical highs appears at least unlikely.
With Apple Pay, you can pay quickly and easily with your xPortal card straight from your iPhone or Apple Watch. Discover MultiversX , Xportal , Xmoney $BNB
$EGLD Everything @VitalikButerin envisioned for #ETH a few years ago, including unlimited scalability and decentralization through sharding, has been realized by #EGLD. This is the most advanced & scalable chain in history of the world that can rule them all via sovereign-chains.
ELGD Coin: Transforming the Future of Finance with Elrond Network! 🚀💫
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MultiversX's Sovereign Chains Technology Boosts L2 Blockchain Network Transaction Throughput
According to Odaily, MultiversX's smart contract platform has demonstrated the potential to increase the transaction throughput of existing L2 blockchain networks by up to 100 times through its newly launched Sovereign Chains technology. This Blockchain-as-a-Service (BaaS) solution allows L2 networks to inherit the scalability of MultiversX.
Beniamin Mincu, CEO and co-founder of MultiversX, stated that by leveraging Sovereign Chains, existing L2 networks can increase their transactions per second (TPS) and smart contract TPS by up to 100 times. In addition to improving throughput, Sovereign Chains can also enhance the interoperability of L2 built on top of Bitcoin, Ethereum, and Solana.
$EGLD maintains its uptrend as $BTC is bullish, confirms the 38$ mark. The next target upon its upward movement is 75$. In case of momentum loss, 32.5$ will function as the next support. Let's wish for Bitcoin bullish trend. Across past scenarios, we've noted a 260% profit.
This hype around unstable blockchains and memcoin investors era goes crazy. People confused about what's realy valuable in crypto. We have smart contract platform which solved blockchain trilemma. Not sacrifasing decentralization or security and can scale 70 000+ tps per 1 sovereign chain!
Definetly see EGLD future in top 10, because its: The most scalable The most customizable The most secure Multi-VM Natively interoperable Fully composable SDK for building entire blockchains