Why?
MultiversX (formerly known as Elrond) is a blockchain protocol that aims to provide fast transaction speeds through sharding. It positions itself as a technology ecosystem for the “new internet” and covers areas such as fintech, decentralized finance (DeFi) and the Internet of Things (IoT).
What is it for?
MultiversX offers a platform that allows developers to create dApps (decentralized applications), smart contracts and protocols. The platform promises benefits such as fast transaction speeds, low transaction fees and high security.
How does it work?
MultiversX increases scalability by using a technology called sharding. In sharding, the blockchain network is divided into multiple shards. In this way, each shard can run faster and more efficiently by handling less processing load.
Who Uses It?
MultiversX is used by developers, investors and cryptocurrency enthusiasts. Developers use the platform to create dApps, smart contracts, and protocols, while investors can invest in the EGLD token or trade on the platform.
Why is it important?
MultiversX has the potential to provide an important infrastructure for the next generation internet. The fast transaction speeds, low transaction fees, and high security offered by the platform can help mass adoption of blockchain technology.
Additional Information:
MultiversX's native token is EGLD.
EGLD token can be used to pay transaction fees, stake and participate in governance on the platform.
MultiversX launched its mainnet in 2020.
Built by the MultiversX team, Beniamin Mincu, Lucian Todea and Marcel Tănase.
