MultiversX

About MultiversX

MultiversX is a blockchain protocol that aims to achieve horizontal scalability through the implementation of all aspects of sharding, including network, transaction, and state sharding. The project describes itself as a technology ecosystem for the new internet, encompassing decentralized finance, real-world assets, and the Metaverse. Its smart contract execution platform is reported to handle up to 100,000 transactions per second with 6-second latency and a transaction cost of $0.002. The network is governed and secured by its native token, EGLD (Electronic Gold), which serves as a store of value, a medium of exchange for transaction fees, and a governance token allowing holders to vote on network decisions. EGLD is also used by developers to deploy smart contracts, protocols, and dApps on the platform. MultiversX uses Adaptive State Sharding, a variation of traditional proof-of-stake, to scale its network. It divides the network into four shards: three execution shards that process transactions (each validating 30,000 transactions per second) and a fourth shard called the Metachain, which coordinates and completes transactions. The sharding types include state sharding (distributing the network's state across shards), transaction sharding (mapping transactions to shards for parallel processing), and network sharding (grouping nodes into segments to optimize communications). The network can scale by adding more shards as demand increases, and it has been tested to run 263,000 TPS in a public environment with 1,500 nodes from 29 countries grouped into 50 shards. MultiversX positions itself as a blockchain platform for the new internet economy, decentralized applications, and enterprise use. Its main selling point is its high scalability, claiming to be the first blockchain network to implement state, network, and transaction sharding simultaneously. The network runs on 3,200 validator nodes split into four shards, and it supports developers by allowing them to earn 30% of smart contract fees as royalties.

• MultiversX was previously known as Elrond and rebranded to MultiversX.
• The network was tested to run 263,000 TPS in a public environment with 1,500 nodes from 29 countries.
• MultiversX divides its network into four shards: three execution shards and one coordination shard called the Metachain.
• Developers building on MultiversX can earn 30% of smart contract fees as royalties.
• EGLD stands for Electronic Gold, reflecting its intended role as a store of value.