MultiversX (EGLD) Complete Guide: Everything You Need to Know About Next-Generation Blockchain
Hello! π Today, we're going to take a closer look at MultiversesX (EGLD), a cryptocurrency that's gaining attention in the blockchain industry. I'll explain it step by step so that even those who are new to cryptocurrencies can easily understand it. Shall we embark on a journey into the world of MultiversesX together? π
Introducing MultiverseX (EGLD): An Innovative Blockchain Platform
MultiverseX is an innovative blockchain platform that aims to build the next-generation internet infrastructure, not just a simple digital currency. You may be more familiar with its former name, 'Elrond', but it changed its brand to MultiverseX in November 2022.
Its biggest feature is its ultra-fast transaction processing capability. It can process more than 15,000 transactions per second, which is incomparably faster than existing Ethereum (15 transactions per second) or Bitcoin (7 transactions per second). The transaction fee is also very low at around 0.001 EGLD.
MultiverseX's core technology is 'Sharding'. This is a method of dividing the network into several small pieces and processing them in parallel, similar to solving traffic congestion by dividing a highway into several lanes. Thanks to this, the network has the amazing characteristic of not slowing down even when it grows, but rather getting faster.
The exciting history of MultiverseX
MultiverseX's journey began in 2017. Founded by two Romanian brothers, Beniamin Mincu and Lucian Mincu, the project had an ambitious goal from the beginning: to create an “internet-scale blockchain.”
The first testnet was launched in 2019, and the mainnet was officially launched in July 2020. At that time, the industry was already highly acclaiming Elrond’s technology. In particular, during the cryptocurrency boom in 2021, the EGLD token price exceeded $500, entering the top market cap rankings.
The biggest change came in November 2022, when Elrond completely changed its branding to MultiverseX, presenting a larger vision of building a metaverse and web3 ecosystem beyond simple blockchain. This was a large-scale rebranding that was a hot topic in the blockchain industry.
MultiverseX's Core Operating Principles
MultiverseX operates on three innovative technologies. The first is the aforementioned 'Adaptive State Sharding'. This is a method of sharding not only transactions but also smart contracts and network states, making it one of the few blockchains to implement complete sharding.
The second is the 'Secure Proof of Stake (SPoS)' consensus mechanism. It is an improvement on the existing Proof of Stake method to make it faster and safer, with a block generation time of only 6 seconds. This is really fast compared to Bitcoin's 10 minutes and Ethereum's 12 seconds.
The third is the 'WebAssembly Virtual Machine'. This allows developers to write smart contracts in various programming languages such as C++, Rust, and Go. Unlike existing blockchains that are limited to specific languages (e.g. Ethereum's Solidity), this provides developers with more freedom.
Various Applications of MultiverseX
MultiverseX is being used in a variety of fields. The most notable one is DeFi (decentralized finance). Maiar DEX (now xExchange) offers a variety of DeFi services, including token swaps, liquidity provision, and yield farming.
NFTs and games are also receiving a lot of attention. Thanks to low fees and fast transaction speeds, NFT transactions are very active. In particular, blockchain games such as 'Cantina Royale' and 'Age of Zalmoxis' are being developed based on the MultiverseX network.
Enterprise solutions are also not to be missed. Various enterprise applications, such as supply chain management, digital identity authentication, and carbon credit trading, are utilizing the MultiverseX platform. They also say that a collaborative project with the Romanian government is in progress, so you can see that it is being utilized in a variety of fields.
MultiverseX Exchange Guide
There are many places where you can trade MultiverseX (EGLD). In Korea, it is traded on major exchanges such as Upbit, Bithumb, and Coinone. It is also actively traded on overseas exchanges such as Binance, Kraken, and KuCoin.
Each exchange has different features, but Upbit has the advantage of supporting Korean and having a high trading volume, and Binance offers a variety of trading pairs and derivatives. For beginners, I recommend a domestic exchange that supports Korean.
I will tell you what to consider when choosing an exchange. Security is the most important, so check out 2-step authentication, cold wallet storage, etc. Transaction fees are also important, so if you plan to trade frequently, it's a good idea to choose a place with low fees. Lastly, customer support is also important. Please check in advance whether there is a place where you can get quick solutions when problems arise.
Active MultiverseX Community Ecosystem
MultiverseX's community is really active and diverse! π The official Telegram channel has over 100,000 users from all over the world, and active discussions are also taking place on Discord, Twitter, and Reddit.
The Korean community is also quite active, so you can easily find information and discussions in Korean. In the 'MultiverseX Korea' Telegram channel, Korean users share information and answer questions with each other.
Let me introduce some notable activities in the community. Developer workshops are held regularly, and hackathons are also held frequently. Also, governance voting allows community members to directly participate in the direction of the project. Through these activities, the community goes beyond a simple investor group and becomes a true collective of ecosystem participants.
MultiverseX Wallet: The Key to Safe Asset Management
Choosing the right wallet is very important to safely store and manage MultiverseX. The most popular one is the official Maiar app (now renamed xPortal). It's really convenient because it's easy to use with a smartphone and even integrates DeFi functions.
If you prioritize security, I recommend a hardware wallet. Since Ledger Nano S/X supports MultiverseX, you can safely store it offline. If you plan to store a large amount of money, a hardware wallet is the safest choice.
For the web, there are Web Wallet and Extension Wallet. They can be used directly in the browser, so they're very convenient when using DApps (decentralized applications). However, since it is an online wallet, you should pay more attention to security, and we recommend that you set up 2-step authentication.
MultiverseX Staking: Passive Income Opportunity
One of the biggest attractions of MultiverseX is staking! π° If you hold EGLD tokens, you can participate in network validation and earn an annual return of about 8-12%. This is much higher than the bank deposit interest rate.
There are two main ways to stake. The first is direct staking, where you can become a direct validator if you hold more than 2,500 EGLD. The second is delegated staking, which allows even small holders to delegate tokens to existing validators and receive staking rewards.
The advantages of staking are as follows. First, you can enjoy the compounding effect. If you stake the rewards you received, your profits will increase exponentially. Second, you can contribute to strengthening network security and earn profits at the same time. Third, the unstaking period is 10 days, which is relatively short compared to other chains.
Things to know when investing in MultiverseX
Volatility risk: All cryptocurrencies, including MultiverseX, show extreme price volatility. It is common for daily fluctuations of 20-30%, and sometimes even a plunge of more than 50%. Before investing, please fully understand this volatility and invest only the amount you can afford.
Technical risk should also be considered. No matter how proven a blockchain is, it cannot be guaranteed to be completely bug-free. Unexpected problems can occur, especially when there are new features or updates.
Regulatory risk is also an important consideration. Depending on changes in cryptocurrency regulatory policies in each country, transactions may be restricted or prices may be significantly affected. In particular, in the case of Korea, virtual asset regulations are constantly changing, so it is a good idea to constantly check related news.
Follow the investment principles:
1. Diversify your investments: Do not invest all your funds in one stock
2. Loss Tolerance: Only invest an amount that you can afford to lose
3. Continuous Learning: Continuously study market trends and technological advancements
4. Emotional Control: Don't be swayed by FOMO (Fear of Missing Out)
Major Projects in the MultiverseX Ecosystem
The MultiverseX ecosystem is full of diverse and innovative projects! π The most representative one is xExchange (formerly Maiar DEX). As a representative decentralized exchange of the MultiverseX network, it provides various DeFi services from token swaps to liquidity mining.
xLaunchpad is a launching platform for new projects. Here, you can meet the tokens of promising new projects first. xMoney is a digital banking service that acts as a bridge between traditional finance and cryptocurrencies.
In the gaming field, 'Age of Zalmoxis' is attracting a lot of attention. It is a blockchain game in the RPG genre that applies the P2E (Play-to-Earn) model where you can earn tokens while playing. 'Cantina Royale' is also a popular blockchain game that combines NFT elements with the battle royale genre.
MultiverseX's future vision and roadmap
The future of MultiverseX is really exciting! π Our biggest goal is to complete an 'internet-scale blockchain'. It's fast enough now, but we're aiming to increase the number of shards in the future to process over 1 million transactions per second.
Entering the metaverse is also one of our key strategies. The name MultiverseX itself shows our ambitions for the metaverse. We plan to provide a new form of digital experience combined with virtual reality and augmented reality.
Achieving carbon neutrality is also an important goal. MultiverseX is already claiming to be a carbon-negative blockchain, so it is gaining attention as an environmentally friendly blockchain. I think it will be a great advantage in an era where ESG (environment, society, governance) management is becoming more important.
We have learned about MultiverseX (EGLD) in detail so far! ✨ You must have felt that it is a really interesting project with innovative technology, a vibrant ecosystem, and an ambitious vision.
But remember. No matter how good a project is, there is always risk in investing. I hope you make wise investment decisions through sufficient study and careful judgment. I hope you all have a safe and successful cryptocurrency investment journey! ππ