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MultiversX eGold
About MultiversX eGold
MultiversX is a blockchain platform designed to provide scalability and secure decentralized applications. It is powered by adaptive state sharding, secure proof of stake, and a dedicated virtual machine that enables developers to build applications in a variety of languages. The platform has a network structure which includes a metachain, shards, and nodes and three distinct roles: Validator, Observer, and Fisherman. eGold (EGLD) is the native token of the MultiversX blockchain, used to pay for services on the network and as collateral for validators. MultiversX was founded in 2017 by Lucian Todea, Beniamin and Lucian Mincu and is supported by the Elrond Network. It conducted a successful private investment round and an Initial Exchange Offering (IEO) in 2019 and launched its mainnet in 2020, where it changed its cryptocurrency from ERD to EGLD.
MultiversX is a high-performance blockchain platform designed to enable scalability, security, and the development of decentralised applications (dApps). It employs Adaptive State Sharding, a combination of network, transaction, and state sharding, to partition workloads and enhance throughput while maintaining decentralisation. The platform operates on a Secure Proof of Stake (SPoS) consensus mechanism, ensuring efficiency, fairness, and security.
A key feature of MultiversX is its dedicated Virtual Machine that supports multiple programming languages, including Rust, C/C++, C#, and TypeScript, making it a versatile platform for developers. Its architecture is organised into shards, a metachain, and nodes, with three primary roles:
- Validators: These nodes secure the network, process transactions, and participate in consensus. They stake MultiversX eGold (EGLD) and are rewarded for their contributions.
- Observers: These nodes provide read and relay access to the network without requiring EGLD staking.
- Fishermen: These nodes verify and challenge invalid blocks, further strengthening the network's integrity.
The network's metachain acts as the central coordination mechanism, facilitating cross-shard communication and finalising transactions.
MultiversX eGold (EGLD) is the native cryptocurrency of the MultiversX blockchain, serving as a utility token and an essential element of the network’s ecosystem. It plays several critical roles:
- Transaction Fees: MultiversX eGold (EGLD) is used to pay fees for processing transactions and executing smart contracts.
- Staking Collateral: Validators are required to stake MultiversX eGold (EGLD) to secure the network and participate in consensus, ensuring alignment of incentives.
- Incentives and Rewards: Validators earn MultiversX eGold (EGLD) for their services, such as processing transactions, securing the network, and maintaining its performance.
- Value Exchange: MultiversX eGold (EGLD) functions as a medium of exchange within the MultiversX ecosystem, enabling seamless transfers and payments.
- Governance: MultiversX eGold (EGLD) holders can participate in decision-making processes, shaping the future of the platform.
MultiversX eGold (EGLD) also acts as a store of value and a medium for incentivising network participants, ensuring that the blockchain remains robust and decentralised.