Buy MultiversX

MultiversX, formerly known as Elrond, is a layer 1 blockchain focused on delivering speed, scalability, and low transaction fees. The platform is designed to support a wide range of decentralized applications (dApps) and cryptocurrencies, with the goal of creating an ecosystem that further expands the capabilities of blockchain technology. Using advanced technologies such as adaptive state sharding and an enhanced Proof-of-Stake (PoS) mechanism, MultiversX can process thousands of transactions per second at a fraction of the fees charged by other networks.

One of the core technologies of MultiversX is adaptive state sharding. This means that the network dynamically divides itself into so-called shards which process transactions independently of each other. This makes the blockchain more efficient as the demand for network capacity increases, thus preventing overload. This scalability ensures that transactions can be executed quickly and cost-effectively, which is essential for the further adoption of DeFi and other blockchain applications.

But MultiversX offers more than just scalability. In November 2022, the project was renamed from Elrond to MultiversX to highlight its shift towards metaverse-related technologies. Under the new name, the platform launched innovative products such as xFabric, xPortal, and xWorlds. xFabric enables developers to implement custom blockchains, while xPortal serves as an all-in-one app for crypto storage, NFTs, and fiat payments. xWorlds focuses on the creation of digital worlds, where developers and gamers can build their own metaverse experiences.

The network’s native cryptocurrency, eGold (EGLD) is a vital part of the ecosystem. It is used to pay transaction fees, reward validators, and ensure network security. Additionally, users can stake EGLD to support the network and earn rewards.

Who are the founders of MultiversX?

MultiversX was founded in 2017 by Beniamin Mincu, Lucian Todea and Lucian Mincu. Beniamin Mincu has a background in economics and blockchain technology and was previously responsible for leading a digital investment fund. Lucian Todea is a serial entrepreneur with extensive experience in technology companies and software development, while Lucian Mincu is an engineer with expertise in security and IT infrastructure. The team behind MultiversX Network, based in Romania, consists of more than 100 members who work together to grow and develop the platform.

MultiversX offers various applications and functions that can be valuable in different situations:

• Fast and affordable transactions: Adaptive state sharding technology allows users to perform transactions quickly and cost-efficiently, without delays caused by network congestion.
• Developing decentralized applications (dApps): Developers can leverage the scalable network to build efficient dApps, with support for smart contracts in various programming languages.
• Metaverse development: MultiversX's xWorlds products allow users to create digital worlds and metaverse applications.
• Staking and network participation: By staking EGLD, users can contribute to the security of the network and earn rewards.
• Smart contract royalties: Smart contract developers receive a percentage of the transaction fees their dApps generate, providing an additional revenue stream.

MultiversX uses advanced technologies that ensure high scalability and efficiency, without compromising on security and decentralization. The main technical pillars of MultiversX are adaptive state sharding, Secure Proof-of-Stake (SPoS) and the Multiverse Virtual Machine.

Adaptive state sharding

Adaptive state sharding divides the blockchain into multiple shards, ensuring that not all nodes on the network need to process every transaction. This reduces the load and speeds up transaction processing. Each shard operates independently, processing separate transactions and smart contracts. Thanks to the dynamic adjustment of adaptive state sharding, the network responds to the demand and supply of network capacity, providing flexibility and the ability to process large volumes of transactions without sacrificing performance.

Secure Proof-of-Stake (SPoS)

MultiversX uses an improved version of Proof-of-Stake called Secure Proof-of-Stake (SPoS). Instead of validators having to compete to process transactions, SPoS randomly selects validators within each shard to create blocks and verify transactions. This significantly increases the speed of the network while keeping the blockchain secure and decentralized. Validators receive EGLD tokens as a reward for their contributions to the security and maintenance of the network.

Multiverse Virtual Machine

To support smart contracts, MultiversX uses the Multiverse Virtual Machine (MVM). This virtual machine supports multiple programming languages, including C, C++, and Rust, giving developers more flexibility when building decentralized applications. Additionally, the MVM is compatible with the Ethereum Virtual Machine (EVM), allowing existing Ethereum dApps to be easily migrated to MultiversX.

The EGLD token is the native cryptocurrency of the MultiversX network and plays a central role within the ecosystem. It acts as a store of value and is used to pay transaction fees, whether to transfer value or execute smart contracts. Validators, who are responsible for network security, receive rewards in the form of EGLD tokens.

Additionally, users can stake their EGLD tokens to contribute to the security of the network and earn rewards in the form of new EGLD tokens. The total maximum supply of EGLD tokens is limited to 31.4 million, creating scarcity and potentially increasing the value as demand for the token increases.

Staking is an essential part of the MultiversX network, allowing users to stake their EGLD tokens to secure the network and receive rewards. To stake EGLD, users can lock up their tokens in a staking contract via a compatible wallet, such as the MultiversX web wallet or other supported platforms. Once staked, tokens contribute to the Proof-of-Stake consensus mechanism, where validators are randomly selected to verify transactions and create blocks.

In exchange for staking tokens, users receive rewards in the form of additional EGLD tokens. The size of the rewards depends on the number of staked tokens and the duration of the staking, making it an attractive option for EGLD holders looking to generate passive income.

MultiversX distinguishes itself in the blockchain and crypto world through the following unique features:

• Adaptive state sharding: This technology divides the blockchain into smaller parts (shards), making the network highly scalable and able to process large amounts of transactions quickly without the risk of overload.
• Secure Proof-of-Stake (SPoS): This consensus mechanism randomly selects validators within shards, ensuring fast, secure transaction processing without sacrificing decentralization.
• Multiverse Virtual Machine (MVM): The MVM supports multiple programming languages, such as C++ and Rust, and is compatible with the Ethereum Virtual Machine (EVM), making it easy to migrate existing Ethereum dApps to MultiversX.
• Metaverse integration: With innovative products such as xFabric, xPortal and xWorlds, MultiversX offers unique possibilities for the development of metaverse applications. This sets the platform apart from traditional blockchains.
• EGLD staking: Users can stake their EGLD tokens to earn rewards and support the network, which incentivizes user engagement in the ecosystem.

Purchase MultiversX (EGLD) via Bitvavo. Whether you are a novice or experienced trader, follow these steps to buy EGLD:

1. Create an account or log in to your Bitvavo account.
2. Deposit money by clicking the "Deposit" button.
3. Go to the MultiversX (EGLD) purchase page.
4. Enter the amount you want to invest or choose the number of EGLD tokens you wish to purchase and click "Buy".

The cost of EGLD is directly linked to the market price. Once you have made your purchase, purchased tokens will automatically be added to your Bitvavo account, where you can easily manage them and trade them.

Want to store your MultiversX tokens safely? Easily do so via your Bitvavo account. The vast majority of funds are stored in secure cold storage, so you can store your tokens with peace of mind. Additionally, we recommend enabling two-factor authentication (2FA) for extra security, which requires an additional code when logging in.

Should you wish to transfer your EGLD tokens to an external wallet, you can easily do so. Just make sure you have verified the wallet address in your Bitvavo account before sending the tokens. You can choose to store them in different types of software or hardware wallets for extra control over your digital assets.