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EGLD
The live MultiversX (EGLD) price is currently —, — — in the last 24-hours. MultiversX is currently — by market capitalization, which is calculated by multiplying the current price (—) with the circulating supply (—), and has a total supply of —. Buy MultiversX at MoonPay's current rate:
MultiverseX, formerly known as Elrond (EGLD), is a Layer-1 blockchain designed to be highly secure, efficient, scalable, and interoperable. Built on the Elrond network, MultiversX provides a scalable and secure platform for various financial applications, including decentralized finance (DeFi), smart contracts, non-fungible tokens (NFTs), and decentralized exchanges (DEXs).
EGLD serves as Elrond's native currency and is used for various purposes within the Elrond ecosystem. It enables users to participate in governance decisions, stake their tokens for rewards, and pay transaction fees. EGLD coins also facilitate cross-chain interoperability, allowing seamless communication and asset transfer between different blockchains.
The MultiversX blockchain network leverages innovative technology to achieve high throughput and low transaction fees. The project utilizes a novel consensus mechanism called Secure Proof-of-Stake (SPoS) to ensure the security and efficiency of the network. This consensus algorithm combines elements of Proof of Stake (PoS) and secure randomization to select validators and reach a consensus on the blockchain.
The Elrond network is designed to be highly scalable, capable of processing thousands of transactions per second, making it suitable for mass adoption and mainstream usage. The blockchain platform also incorporates features such as sharding, adaptive state sharding, and meta chains to achieve optimal performance and scalability.
In 2019, EGLD had its initial exchange offering on Binance Launchpad. The ICO token price during the sale was set at 1 ERD (Elrond) = $0.00065. While the total number of tokens available was 20 billion, the total token supply was later reduced to 25 million.
The Elrond price was strong through the end of the year, rising from $9.29 in early December and peaking at $28 towards the end of the month.
2021 proved to be a remarkable one for the EGLD token as it experienced significant growth and reached its all-time high.
Riding on the wave of Bitcoin's record-breaking performance, the token soared to $542.58 in late November.
As the year drew to a close, however, market dynamics shifted, and the Elrond price dropped in December. EGLD experienced a correction throughout the month, settling around $238 at the end of the year.
2022 proved to be a challenging one for the EGLD token. As the cryptocurrency market entered a bearish phase after a bull run in 2021, the token faced significant downward pressure, resulting in a substantial decline in the Elrond price.
Throughout the year, the token experienced a sharp decrease in price, losing approximately 90% of its value. After starting 2022 at approximately $245 per token, Elrond was trading at around $33 by the end of December.
The Elrond price continued its downward trend in 2023, starting the year at just under $33 per token and landing at $24.60 by September.
MultiverseX addresses the blockchain trilemma by implementing a combination of sharding techniques and a unique consensus algorithm.
MultiverseX utilizes adaptive state sharding, which is a combination of network, transaction, and state sharding. Network sharding partitions the network into smaller shards, each hosting its own set of nodes. Transaction sharding directs transactions to specific shards, enabling parallel processing. State sharding ensures that each node only needs to hold the state of its shard, facilitating cross-shard communication and scalability.
The protocol also employs a consensus algorithm called Secure Proof of Stake (SPoS), which is an enhanced version of the traditional Proof of Stake algorithm. SPoS adds benefits specific to the protocol's needs, ensuring security and efficient resource allocation.
The system includes a meta chain, a unique shard responsible for global data operations and facilitating cross-shard communication. It notarizes mini blocks that contain grouped transactions for efficient processing and fast cross-chain communication.
MultiverseX dynamically adjusts its resources by spinning up or decommissioning shards based on network demand, maintaining optimal network efficiency. This adaptability allows for infinite blockchain scalability beyond its current test net limitations.
MultiverseX aims to process up to 15,000 transactions per second while keeping transaction finality and gas fees low to create a complete ecosystem for fintech, the Internet of Things, smart contracts, and decentralized applications (dApps).
The founders of MultiversX, are Lucian Todea, Beniamin Mincu, and Lucian Mincu.
Lucian Todea was previously the CEO of Soft32, a software review website that received significant traffic and offered a wide range of downloadable programs. He has also been an angel investor in companies like TypingDNA and SmartBill.
Beniamin Mincu has previous experience with the NEM project and has been an early investor in various successful projects such as Zilliqa, Tezos, Brave, and Binance.
Lucian Mincu has worked as a technology engineer and security specialist for companies like Uhrenwerk 24, Cetto, and Liebl Systems.
The EGLD token, as the native cryptocurrency of the MultiversX network, facilitates transactions within the MultiversX ecosystem. It is used as a medium of exchange between users and developers who pay to utilize the network's services, as well as validators who receive the fees for their contributions. It can be staked by token holders to participate in the network's consensus mechanism and earn rewards.
MultiversX (EGLD) addresses crypto’s long-standing scalability challenge by implementing adaptive state sharding, a groundbreaking approach that breaks the network into shards and assigns randomized sets of validators to produce blocks.
This enables Elrond to process up to 15,000 transactions per second while maintaining transaction finality with low transaction costs. Its Secure Proof of Stake consensus mechanism enhances efficiency and reduces latency, allowing for quicker consensus group elections.
The MultiversX network aims to achieve scalability without compromising availability and provides instant dispatching and traceability, ensuring seamless tracking of assets across the blockchain platform.
MultiverseX (EGLD) utilizes a Secure Proof of Stake (SPoS) consensus algorithm, which means that instead of mining like Bitcoin, MultiverseX (EGLD) holders have the opportunity to stake their tokens and participate in the network's consensus and block validation process.
Below is a step-by-step guide to staking MultiverseX (EGLD):
The MultiversX EGLD token reached its highest price of $542.58 on November 23, 2021, while its lowest price was recorded at $6.54 on October 6, 2020.
There are currently — EGLD tokens in circulation, with a total supply of — MultiversX coins.The maximum supply of EGLD tokens is set at —. Elrond had an initial token supply of 20 billion ERD tokens (as they were called at the time). But after launching on the mainnet, EGLD tokens replaced ERD at a ratio of 1000:1, effectively reducing the Elrond supply by 99%.
You can buy MultiversX directly via MoonPay or through one of our many partner wallets, such as Trust Wallet and Exodus. MoonPay’s simple widget makes it easy to buy EGLD with a credit or debit card, bank transfer, Apple Pay, Google Pay, and more payment methods. You can also add funds to your wallet in euros, pounds, or dollars and use your MoonPay Balance to purchase crypto like EGLD. Make your transactions smoother and more affordable, all with higher approval rates.
