The biggest companies in the world are getting into the market and making partnerships.
Remember when Amazon partnered with Avalanche to step into Web3? This time we’ve heard of the partnership between EGLD and Tencent’s Cloud division. Anyone’s EGLD bags are making new highs.
Talking about Tencent, the China giant is one of the highest-grossing multimedia companies in the world based on revenue; owner of WeChat, and big games like Fortnite, and League of Legends. Big into AI, the internet, and digital content!
And what about EGLD (Elrone Network)? Its current name is MultiversX.
Let’s learn more about this blockchain.
It was first announced in August 2019, and launched mainnet in July 2020.
MultiversX is a highly scalable public blockchain known for its Adaptive State Sharding and Secure Proof of Stake.
Adaptive State Sharding
Basically, it is a way of partitioning data in a database so each partition can be stored on a different data server.
In this case, MultiversX splits the blockchain and account state into multiple shards, handled by participating validators.
Learn more about how adaptive state sharding works through documentation.
- do transactions in parallel
- run consensus
- add blocks
- maintain the state
- get rewarded
This mechanism enables shards to be organized based on active nodes. Each node’s workload is balanced by a unique technique.
Secure Proof of Stake
This Proof of Stake consensus mechanism ensures security and fairness while eliminating the need for PoW algorithms.
By this mechanism, MultiversX introduces an improvement in:
- Allowing each node in the shard to randomly choose validators at the beginning of a round through staking and rating
- Reducing the network’s latency
- Optimizing the size of the Consensus group
MultiversX grants access to the usage of its network through a utility token called eGold, in short EGLD.
In the early stages, EGLD is a BEP-20 Token on the Binance blockchain.
$EGLD is used for:
- Processing transactions
- Running smart contracts
- Rewards for various contributions to the network
Basic information about EGLD:
|Blockchain||Previously BNB, then Elrond Network, then MultiversX Network|
|Token Type||Utility Token|
|Total Supply||25,066,813 EGLD|
|Circulating Supply||25,061,661 EGLD|
EGLD’s Allocation is broken down as the following:
- IEO: 25%
- Private Sale:19%
- Team: 19%
- Advisors: 2.5%
- Protocol Treasury: 17%
- Ecosystem Rewards: 7%
- Marketing/Grants/Accelerator Pool: 8.5%
- Community Fund: 2%
EGLD Price Live Data
|24h Trading Volume||$39,373,189|
|Volume / Market Cap||0.0328|
Where to buy EGLD?
The top cryptocurrency exchanges for trading in EGLD are Binance, OKX, BingX, Deepcoin, and BTCEX.
Two ways to buy EGLD include:
- Buy directly
- Become a validator to validate transactions and earn EGLD token rewards
The more dApps will be built on the MultiversX blockchain, the higher the demand for buying EGLD tokens.
What Makes MultiversX Unique?
MultiversX is a blockchain built for true scale and mass adoption.
In order to increase adoption, the project also supports developers to build on the platform, earning 30% of the smart contacts fees. Furthermore, validator nodes earn a 36% annual percentage rate.
Its main selling points are high scalability, full decentralization, and robust security.
It is the first blockchain in which state, network, and transaction sharding have all been implemented.
At this point, it enables the network to achieve performance at least equal to the centralized counterpart – as measured in TPS.
MultiversX eliminates the need for any third parties.
MultiversX has been known for attack vectors that help prevent any attacks and secure transactions.
> A quick Guide for GMX Crypto