MultiversX (ex-Elrond) (EGLD): What is it?
MultiversX EGLD by Crypto Nation – July 12, 2021
By Crypto Nation – July 12, 2021
MultiversX crypto card summary:
The fundamental data of MultiversX
- Name: MultiversX
- Symbol: EGLD
- Type: Blockchain, Payment
- Consensus: Secure Proof Of Stake (SPoS)
- Year of creation: 2020
- Founders: Beniamin Mincu and Lucian Mincu
- Official website: elrond.com
- Mainnet: Yes – https://explorer.elrond.com
- Whitepaper: https://elrond.com/assets/files/elrond-whitepaper.pdf
- Code: https://github.com/ElrondNetwork
- Twitter: @ElrondNetwork
MultiversX market data
Below are the basic market informations regarding this cryptocurrency:
- Price: It is expressed in dollars ($). There is also its percentage change (%) over the last 24 hours.
- Rank: Ranking of this cryptocurrency among all those referenced on CoinMarketCap. This is done according to the market cap.
- Market cap: Market capitalization represents the total dollar ($) value of all coins in circulation.
- Volume: It represents the total dollar ($) amount of the cryptocurrency in question traded over the last 24 hours.
What is the goal of the MultiversX project?
The project MultiversX aims to create a platform to meet all transactions worldwide.
The network can process up to 15,000 transactions/second (only 7 for Bitcoin and 15 for the current version of Ethereum).
Maiar application makes it possible to democratize the project, and opens the doors to a global adoption.
The origin of the project
Beniamin Mincu launched the Elrond project in 2017 in Sibiu, Romania. The mainnet was launched in July 2020, the token was then initially ERD, which later migrated to EGLD.
eGold (EGLD) refers to the desire to reinvent gold digitaly.
Note also that Lucian Mincu, Beniamin’s brother, co-founded the project, with Lucian Todea and Felix Crisan.
What is its use?
EGLD cryptocurrency is used for:
- The governance mechanism of the project.
- Pay the transaction fees on the blockchain.
- Interact with smart contracts.
- It rewards the validators, who secure and oversee the operations of the network.
- EGLDs can be staked, in order to generate interest of around 12% per year.
Stacking Elrond, is possible directly via:
- The official app of the project, Maiar.
Management of the economy (on 11/06/2021)
On the same principle as Bitcoin, the total supply of the MultiversX project is limited. There will be 31.4 million EGLD chips and not one more.
Currently, 26 million of them are in circulation.
Regarding the financing of the project, the distribution of EGLDs was done as follows:
- 25% for retail investors (IEO).
- 19% for private investors.
- 19% for the Elrond team.
- 17% for the project reserve.
- 8.5% for marketing aspects.
- 7% for contributors to the functioning of the ecosystem.
- 2.5% for the advisers.
- 2% for the community (airdrop, contest…).
Diagram of the evolution of the cryptoactive
Where to store your cryptocurrency
If you prefer to take your cryptocurrencies out of centralized exchanges, you can store your Elrond (EGLD) via various solutions:
- Maiar, theapplication and official portfolio of the project.
- Trust Wallet, bought by Binance, it has become the benchmark mobile wallet.
- Ledger, very secure wallet hardwares, the best known being the Ledger Nano S.
More details on the different types of cryptocurrency wallets on our dedicated page, accessible by clicking here.
Our opinion on this project
MultiversX has arguably established itself as one of the most ambitious projects in the cryptosphere. It is an ecosystem that we particularly appreciate, for its strength in development and technical innovation.
On top of that, the team is proving to be very good at communication and shows quality marketing which allows them to expand quickly.
New partnerships are falling every week. Trust is very strong in the team and the MultiversX project, which continues to build with the aim of offering a system that can respond to all transactions around the world.
The democratization of blockchains, cryptocurrencies, and decentralized finance is supported by this project, which opens the doors to a possible global adoption.
In addition, we appreciate the very attractive interest rates offered by the staking of EGLD, allowing to generate passive income while investing in a project with a fundamental of undeniable quality.