What is MultiversX (EGLD)? Everything you need to know about EGLD

MultiversX (EGLD) is an advanced blockchain platform with numerous unique advantages and improvements. Built on blockchain technology, MultiversX promises flexibility, high security, and robust support for complex applications.

To learn more about the MultiversX project and related information about EGLD, please follow the article content below from AZCoin!

What is MultiversX (EGLD)?

What is MultiversX (EGLD)?
What is MultiversX (EGLD)?

MultiversX, formerly known as Elrond, is a decentralized blockchain network known for its scalability and high security, designed to support large-scale applications including dApps and enterprises.

The system utilizes advanced sharding architecture to partition the network into smaller shards, enabling parallel transaction processing, enhancing performance, and scalability.

MultiversX stands out with its fast transaction speed, low transaction costs and high security. The platform also supports smart contracts, allowing the development of powerful and autonomous decentralized applications.

Who founded MultiversX?

MultiversX was founded by two experienced technology developers, Beniamin Mincu and Lucian Mincu. The brothers have over 15 years of experience in blockchain projects and technology, having previously worked at leading tech companies such as Microsoft, Google, and Intel.

Together with a team of talented engineers and developers, they built the MultiversX platform with the goal of creating an efficient, secure, and user-friendly blockchain.

What makes MultiversX stand out?

What makes MultiversX stand out?
What makes MultiversX stand out?

MultiversX is a blockchain platform for the new internet economy, catering to decentralized applications and enterprises. The project is notable for its high scalability and is the first blockchain network to deploy state sharding, network, and transaction sharding across 2,169 validator nodes divided into four shards.

The adaptive state sharding model helps scale by adding shards as needed. MultiversX also supports developers in building and earning fees from smart contracts in a copyright token format, while maintaining the token supply of EGLD for staking on the network.

How does MultiversX work?

MultiversX utilizes an advanced blockchain architecture with Sharding technology and the Secure Proof of Stake (SPoS) consensus mechanism. Sharding divides the network into smaller parts (shards), enhancing speed and scalability. SPoS randomly selects validators based on their stake and activity history to create new blocks and validate transactions, thereby boosting security and reducing costs.

Users can stake EGLD tokens to participate in the network and receive rewards. MultiversX provides robust development tools, supporting DeFi and NFTs, aiming to build a comprehensive and secure blockchain ecosystem for both enterprise and individual applications.

Information about EGLD token

Information about EGLD token
Information about EGLD token

EGLD token metric

  • Token name: EGLD token
  • Symbol: EGLD
  • Blockchains: MultiverX, Binance Smart Chain
  • Contract: 0xbf7c81fff98bbe61b40ed186e4afd6ddd01337fe
  • Token type: Utility
  • Total supply: 31,415,926 EGLD

EGLD token allocation

  • Private round: 19%
  • Binance Launchpad: 25%
  • Development team: 19%
  • Community: 2%
  • Marketing: 8.5%
  • Advisors: 2.5%
  • Rewards: 7%
  • Treasury: 17%

EGLD token use case

EGLD is used to pay fees on the MultiversX network, facilitate transactions, and ensure network security. Additionally, the token is used to reward participants who contribute to maintaining and developing the network, similar to Ethereum.

Where to buy and sell EGLD tokens?

Where to buy and sell EGLD tokens?
Where to buy and sell EGLD tokens?

You can buy EGLD on top best crypto exchanges like Binance, OKEx, Bitfinex, and BitMax. EGLD can be traded against the US Dollar (USD), Bitcoin (BTC), Binance Coin (BNB) and Tether (USDT). This token is available on both spot and derivative markets.

In which wallet to store EGLD tokens?

With MultiversX’s multi-chain compatibility, you can store EGLD tokens in various wallets such as Ledger Nano X, Trezor Model T, Trust Wallet, Atomic Wallet, Exodus or MultiversX’s own wallet. It’s advisable to choose a wallet with high security features and keep it regularly updated to ensure the safety of your tokens.

The end

In summary, AZcoin has just introduced you to information about the MultiversX project and the EGLD token. It is hoped that this article has provided you with an overview and helped you make informed decisions before investing. Wishing you success on your cryptocurrency journey!

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