Convert EGLD to TRY

MultiversX (formerly Elrond) is a highly scalable, secure, and decentralized blockchain platform designed to serve as the backbone for the new internet economy, including decentralized finance (DeFi), Web3 applications, and the metaverse.

Key takeaways:

• High Performance: MultiversX utilizes a novel Adaptive State Sharding mechanism and a Secure Proof-of-Stake (SPoS) consensus to achieve high throughput, processing up to 15,000 transactions per second (TPS) with low latency and minimal fees.
• Native Asset (EGLD): The EGLD token is the native cryptocurrency of the MultiversX network, essential for paying transaction fees, staking, governance, and interacting with dApps.
• Developer-Friendly: The platform offers a robust, developer-friendly environment with a custom-built virtual machine (Arwen VM), smart contracts in multiple languages, and comprehensive tooling.
• Evolving Ecosystem: The MultiversX ecosystem is rapidly expanding, featuring a vibrant DeFi landscape, NFT marketplaces, gaming projects, and enterprise solutions, all powered by its scalable infrastructure.
• Accessibility: Users can easily acquire, stake, and trade EGLD on major cryptocurrency exchanges like BTCC, providing a secure gateway to the MultiversX ecosystem.

What is MultiversX? Key Specifications & Tokenomics

MultiversX is a blockchain protocol that aims to solve the scalability trilemma—achieving security, decentralization, and scalability simultaneously—through its innovative sharding architecture and consensus model.

Who created MultiversX(EGLD)?

MultiversX was co-founded by three Romanian entrepreneurs and technologists: Beniamin Mincu, Lucian Mincu, and Lucian Todea. The project was conceptualized in late 2017, with the core team beginning development in 2018. The public mainnet, then named Elrond, launched in July 2020. Beniamin Mincu, the CEO, has a background in blockchain and previously founded MetaChain Capital and was an early advisor for NEM. Lucian Mincu, the CIO, brings extensive infrastructure and cybersecurity expertise, while Lucian Todea is a successful serial entrepreneur. The team's vision was to build a blockchain that could scale massively to support global adoption, leading to the creation of its unique sharding technology. In November 2022, the project rebranded from Elrond to MultiversX to reflect its expanded vision beyond finance into the metaverse and Web3.

How does MultiversX(EGLD) work?

MultiversX operates on a foundation of two key technological innovations: Adaptive State Sharding and Secure Proof-of-Stake (SPoS). The network is dynamically partitioned into multiple parallel chains called shards, each capable of processing transactions independently. This "Adaptive" feature allows the network to split or merge shards based on demand, optimizing resource usage. The SPoS consensus mechanism secures each shard. Validators, who stake EGLD tokens, are randomly and securely selected to form consensus groups within shards using a Boneh–Lynn–Shacham (BLS) multi-signature scheme. This random selection enhances security and fairness. Transactions are processed within their respective shards, and a special shard called the Metachain coordinates communication between shards and handles network-wide consensus. This architecture allows MultiversX to achieve high throughput (over 15,000 TPS) and fast block times (6 seconds) while maintaining low transaction costs.

What makes MultiversX(EGLD) unique and valuable?

MultiversX stands out due to its groundbreaking approach to scalability and efficiency. Its Adaptive State Sharding is a comprehensive solution that shards not just the transaction processing but also the network's state (account data), which is a significant technical challenge few projects have implemented. This allows for linear scaling—adding more shards increases the network's capacity proportionally. The Secure Proof-of-Stake mechanism is uniquely designed for a sharded environment, ensuring security and decentralization through random validator selection and BLS signatures. Furthermore, its developer environment is highly optimized; the Arwen VM (now part of the MultiversX VM) is written in Go and is highly efficient, enabling smart contracts to be written in Rust, C/C++, and TypeScript (via a dedicated framework). The recent focus on xDay, xFabric, and xPortal showcases its push towards an integrated Web3 experience, including a dedicated smartphone and super-app, aiming to bridge the gap between blockchain and mainstream users.

What is MultiversX (EGLD) used for?

The EGLD token is the utility and governance backbone of the MultiversX network with several core use cases:

• Network Fees: All transactions, smart contract deployments, and interactions on MultiversX require EGLD to pay for gas fees, which are typically very low due to the network's efficiency.
• Staking and Securing the Network: Users can stake their EGLD to become validators or delegate to existing validators. This process secures the network through the SPoS consensus and earns staking rewards for participants.
• Governance: EGLD stakers have governance rights, allowing them to vote on key protocol upgrades, parameter changes, and the future direction of the MultiversX ecosystem.
• dApp Interaction: EGLD is the primary medium of exchange within the MultiversX ecosystem. It is used for payments, liquidity provisioning in DeFi protocols like Maiar Exchange, purchasing NFTs, and accessing various Web3 services.
• Store of Value: With a capped maximum supply, EGLD is designed to be a deflationary asset within its growing ecosystem, acting as a digital store of value for its holders.

How Is the MultiversX (EGLD) ecosystem developing?

The MultiversX ecosystem is experiencing robust growth, expanding far beyond its initial DeFi focus. Its core DeFi hub, the Maiar DEX (now often referred to in the context of xPortal), remains a central piece, offering swapping, staking, and yield farming. The ecosystem now boasts a wide array of projects:

• DeFi & Money Markets: Various lending, borrowing, and yield-optimization protocols have been built on its scalable infrastructure.
• NFTs & Gaming: Multiple NFT marketplaces and play-to-earn gaming projects leverage MultiversX's low fees for minting and trading digital assets.
• Web3 & Enterprise: The platform is attracting projects in digital identity, supply chain, and enterprise solutions through its partnership arm.
• Consumer Focus (xPortal): The development of xPortal as a super-app (combining a non-custodial wallet, social features, fiat on-ramps, and access to dApps) and the xDay smartphone initiative aim to drive mass adoption by providing a seamless user experience.
• Developer Growth: Initiatives like xFabric provide tools and frameworks to lower the barrier to entry for developers, fostering continuous innovation on the network.

How to mine MultiversX(EGLD)?

MultiversX does not use a Proof-of-Work (PoW) mining system. Instead, new EGLD tokens are generated through a Proof-of-Stake (PoS) staking process. There is no traditional mining with specialized hardware. To participate in network security and earn rewards, users must stake their EGLD tokens. This can be done by:

1. Running a Validator Node: This requires a significant stake (currently 2500 EGLD) and technical expertise to maintain a server that participates in block validation.
2. Delegating EGLD: Most users participate by delegating their EGLD to an existing validator node through the official MultiversX Wallet or the xPortal app. Delegators share in the rewards earned by the validator, minus a commission fee. The process is energy-efficient and accessible, allowing anyone holding EGLD to contribute to network security and earn staking rewards.

How to keep your EGLD Coin safe?

Securing your EGLD tokens is paramount. For large or long-term holdings, using a non-custodial hardware wallet like Ledger (via the MultiversX app) is the gold standard, as it keeps your private keys offline. The official MultiversX Web Wallet is a secure and feature-rich option for active users, allowing direct staking and dApp interaction. For daily use and ecosystem access, the xPortal mobile app provides a secure, non-custodial wallet integrated with the broader MultiversX services. Critical security practices include: never sharing your seed phrase or private keys; enabling all available security features (2FA, biometrics); double-checking website URLs to avoid phishing sites; and keeping software/firmware updated. Avoid storing significant amounts on exchanges for extended periods.

How to buy EGLD Coin?

EGLD is a popular cryptocurrency listed on numerous exchanges. However, it is recommended to trade on a major platform like BTCC for higher liquidity and robust customer support.

1. Register a BTCC Account: Sign up using your email or mobile number and complete the KYC verification to unlock all platform features and benefits.
2. Deposit Funds: Deposit fiat currency (via bank transfer, card, or third-party payment) or transfer USDT from an external wallet into your BTCC account. You can follow this guide on how to buy USDT on BTCC.
3. Start Trading: Navigate to the trading section and search for the EGLD spot trading pair EGLD/USDT or the perpetual contract EGLDUSDT.
4. Place an Order: Enter the amount of EGLD you wish to purchase and submit your order. For contract trading, you can also choose to go short (sell) and adjust leverage according to your strategy.
5. Confirm Your Purchase: For spot purchases, check your asset wallet to confirm the EGLD tokens have been credited. For contracts, check your open positions on the trading interface.