MultiversX, originally – Elrond network, is a blockchain platform designed to provide high throughput, scalability, and fast transaction speeds while maintaining a high level of security.
It aims to enable efficient decentralized applications (DApps) and provide a user-friendly experience for both developers and users.
A sharding architecture
MultiversX employs a sharding architecture called Adaptive State Sharding, which divides the network into smaller shards, each capable of processing transactions and smart contracts independently. This design aims to significantly increase the network’s throughput and scalability.
It uses a secure Proof-of-Stake consensus mechanism, which combines the benefits of PoS with added security measures. Validators are randomly selected to propose and validate blocks, and they are held accountable through a mechanism called “Stake and Rating.”
Elrond Virtual Machine (EVM)
Elrond has its own virtual machine called the Elrond Virtual Machine (EVM), which is compatible with the Ethereum Virtual Machine (EVM). This allows developers to port over existing Ethereum smart contracts to the Elrond platform.
EGLD token
EGLD is the native utility token of the MultiversX network. It is used for staking, paying transaction fees, participating in governance decisions, and participating in the network’s economic activities.
Participants in the Elrond network can stake EGLD tokens to secure the network and earn rewards in the form of additional EGLD tokens.
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