This week we’d like to introduce MultiversX, a blockchain network aiming to interconnect and elevate the relationship between the physical world and Metaverse world by being a technology ecosystem incorporating real world assets, decentralized finance, and the Metaverse.

MultiversX’s very own cryptocurrency, EGLD, serves as the base and its main currency. 

MultiversX and EGLD stats:

• Market cap: $601.63 M
• Founded: 2017
• Total MultiverseX accounts created: 6,933,890
• Circulating supply: 27.93M EGLD 
• Total supply: 27.98M EGLD

How the MultiversX Protocol Works, in a Nutshell

At its core, MultiversX is a distributed transactional computation protocol that relies on sharding and a secure proof of state consensus mechanism. Sharding is the process of breaking a blockchain’s consensus mechanism (validator nodes that validates transactions and actions) into smaller units called shards. Sharding allows the process time of transactions to be much faster and more efficient provided enough nodes are verifying each translation. 

The secure proof of state consensus mechanism processes transactions by selecting validator nodes for consensus based on a randomness source derived from the previous block. Each round, a consensus group is formed, with one validator chosen as the block proposer based on a deterministic process, ensuring quick and efficient block production, and speeding up transactions. Nodes are selected based on both stake and performance rating, promoting meritocracy. 

Key Selling Points

• MultiversX is constructed as an architecture, a blockchain network, that is able to connect different environments and to ultimately pave the way for secure and efficient interactions and exchanges in everyday life. 
• MultiversX also offers users of the platform to build and explore different digital universes once you have a MultiversX wallet. 
• The platform also offers security to individuals’ assets, especially those facing uncertainty due to external pressures and circumstances. 
• MultiversX uniquely connects the elements of the blockchain network, which includes secure and decentralized assets and function as a wallet, and elements of the Metaverse that allows users to to develop their own spaces in the digital world. 

EGLD Forms the Core of the MultiversX Ecosystem

A central part of MultiversX is its fundamental cryptocurrency, EGLD. EGLD is a global and digital currency, but it also serves as the primary asset and currency in MultiversX. 

EGLD offers many advantages and features:

• Your ownership of EGLD is full and secure, and EGLD, just like other cryptocurrencies, is decentralized. 
• You are also able to split EGLD into very small parts for convenient transactions, and you only need internet access to transact using EGLD. 
• Lastly, using EGLD is direct chain-to-chain, as if you are handling cash to cash. 

What MultiversX offers

MultiversX offers users many features, both common to other cryptocurrencies but also uniquely their own. 

• Firstly, MultiversX has very low-end requirements for hardware, making it more accessible to the general public. 
• Secondly, MultiversX’s transaction cost is also next to nothing, making it highly economical and convenient for users to use. 
• Thirdly, MultiversX can also act as a platform for users to create their own cryptocurrencies within MultiversX. Despite EGLD’s status as the predominant asset in MultiversX, the innovation of new cryptocurrencies and coins are very welcomed in MultiversX. An example of a cryptocurrency created on the MultiversX network would be HTM, with a market cap of over $23 million. 

There are also many unique features that make MultiverX stand out from other blockchain networks and cryptocurrencies as well. 

• Firstly, MultiversX offers a feature called sovereign chain, which allows businesses and users to utilize only the decentralized network systems. This allows enterprises to keep all their operations on chain with very low costs. 
• MultiversX has developed hundreds of projects on their platform – categories include wallets, tools and infrastructure, video games, NFTs, and payments – making the platform already vastly appealing to users with a lot of functions. 
• Being a developer on MultiversX also has many perks. MultiversX is one of the largest platforms to publish apps on where blockchain is the main technology.The process of publishing apps on MultiversX is also simple and straightforward, you can create a simple app in 15 minutes. 
  • A successful app/community/token is BOBER, which accumulated over 21,000 users on their platform. 

How to Use MultiversX

This is the first screen you will see after creating an account/wallet, displaying the overview of your wallet, and if you would like to buy EGLD. The dashboard on the left will navigate you to different functions such as the Hub, your transaction history, your tokens and NFTs, etc. 

If you click on the Hub function on the dashboard, it will take you to a page where you can select and play around with different apps developed on the platform. This page is where all the created apps are displayed and you could interact with each individually. 

Here are more examples of digital apps and applications in MultiversX. These applications include tools, games, infrastructure apps, and many more. 

This page shows what will pop up when users want to issue tokens in MultiversX. The page is rather simple but also allows you to customize your token. 

There are many other functions and features in MultiversX that users can use and explore, including payment in real life with their wallet and EGLD too.

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