EGLD MultiversX

Overview of MultiversX

MultiversX is a highly scalable, fast, and secure blockchain platform designed for distributed applications. It aims to unlock new possibilities for users, businesses, and society within the emerging metaverse frontier.

Key Use Cases

• Decentralized Finance (DeFi): MultiversX supports high-volume, affordable on-chain transactions, making it ideal for DeFi applications.
• Non-Fungible Tokens (NFTs): The platform's scalability and low transaction fees make it suitable for NFTs and other digital assets.
• Gaming and Metaverse: MultiversX's high performance and interconnectivity enable seamless integration of digital finance, social features, and Web3 applications, positioning it as a pioneer in metaverse development.

Core Features

• Adaptive State Sharding: This mechanism dynamically adjusts and balances shards based on supply and demand, allowing for efficient transaction processing and high scalability.
• Secure Proof of Stake (SPoS): A consensus mechanism that ensures secure and efficient transaction validation, with a design tuned for high performance and low latency.
• Cross-Chain Interoperability: MultiversX's native cross-chain tool, xBridge, enables the flow of on-chain assets across different ecosystems, enhancing the network's universality and interconnectivity.

Ecosystem Applications

• xExchange: A decentralized exchange (DEX) that supports interactions with 275 crypto assets, providing a secure and efficient platform for digital asset trading and earning.
• xPortal: A "super-app" that functions as a gateway into the crypto financial economy and Metaverse, allowing users to customize digital avatars, manage financial tools, and communicate with other users.

Performance

• Transaction Speed: MultiversX can handle up to 100,000 transactions per second, making it comparable to established platforms like VISA.
• Security: The platform periodically reshuffles nodes across shards to prevent collusion, ensuring high security and resilience against attacks.

Advantages of MultiversX

• Scalability: MultiversX offers high scalability with its advanced sharding technology, allowing for over 100,000 transactions per second.
• Affordability: Transaction costs are very low, currently around $0.00188.
• Decentralization: The network is highly decentralized with 3,200 validator nodes and a Secure Proof of Stake (SPoS) consensus mechanism that prevents any single party from taking control.
• Development: The team provides tools, rewards, and resources for developers to build decentralized applications on the platform.
• Holders’ Rewards: EGLD coin holders can lock up their assets and receive rewards for securing the network and supporting the operation of the protocol.
• Future Plans: The project is actively engaging with high-ranking individuals, such as the Minister of Telecommunications of France, to create a European metaverse.

Disadvantages of MultiversX

• Comparatively Small Size: The total value locked on the platform is relatively small, around $97 million as of May 2023, compared to other platforms like Ethereum with almost $28 billion.
• Initial Delays: There were significant delays in releasing auxiliary libraries for developers, which hindered the development of the ecosystem.
• Early Stages of Development: The ecosystem currently lacks strong and popular projects, indicating it is still in its early stages of development.

Founders of MultiversX

The founders of MultiversX are:

• Beniamin Mincu: A leading Web3 entrepreneur and the Founding CEO of MultiversX. He is responsible for MultiversX’s focus on building scalable L1 solutions, focusing on areas of cross-chain security & interoperability, asset tokenization, and sovereign chains.
• Lucian Mincu: Co-founder of MultiversX, working alongside Beniamin Mincu to develop the platform.
• Lucian Todea: Co-founder of MultiversX, contributing to the creation and growth of the project.

Investors in MultiversX

• Key Investors: The main investors in MultiversX include Morningstar Ventures, Binance Labs, Spark Digital Capital, NGC Ventures, Maven 11 Capital, and several others.
• Additional Investors: Other notable investors are Electric Capital, AU21 Capital, ExNetwork Capital, and Woodstock Fund.
• Funding Rounds: MultiversX has raised a total of $16.9M, with its latest funding round being Series A.

Halal Status of MultiversX

• Halal Status: Yes
• Reason: MultiversX is considered halal because it aligns with Shariah principles, as indicated by various Islamic finance assessments. The project's decentralized nature, secure proof of stake consensus mechanism, and transparent operations contribute to its halal status.