In our commitment to broaden our offerings continually, we are introducing a new project addition - MultiversX. MultiversX is a blockchain platform for building new apps and multiverses.
This article provides a comprehensive overview of MultiversX, its native token EGLD, tokenomics, functionalities, and its potential impact on the crypto ecosystem. Lastly, you will learn how to buy EGLD coins.
What Is MultiversX?
MultiversX is a blockchain system that uses sharding to achieve faster transaction speeds.
MultiversX has the ability to execute smart contracts and can handle 15,000 transactions per second. It has a latency of six seconds and a transaction cost of $0.001. EGLD tokens are used to pay for network usage and serve as a medium of exchange between platform users and validators. MultiversX rewards its community and active players with EGLD tokens.
Security:
MultiversX is highly resistant to malicious attacks due to the periodic reorganization of nodes across shards. At the beginning of each epoch, up to one-third of the nodes in each shard are moved to other shards to prevent any conspiracies.
sPoS:
MultiversX employs a consensus technique called "protected proof-of-stake" (sPoS) to process transactions. Validators must stake cryptocurrency as collateral to validate transactions using secure proof of stake, similar to traditional proof of stake cryptocurrencies. Validators receive benefits for their services, incentivizing them to operate in a way that benefits the entire chain and ensures network security.
How Does It Work?
MultiversX can scale by sharing infrastructure to accommodate a growing number of apps and transactions on the ledger. This is achieved through the unique adaptive state-sharding technique.
The network is partitioned into four distinct shards: three execution shards responsible for processing transactions and validating 5400 transactions per second, and a coordinating shard called the Metachain.
MultiversX achieves comprehensive sharding of state, transactions, and network through its adaptive state-sharding architecture. If the current throughput is unsatisfactory, it can scale by adding a new shard. Additionally, developers building on the platform can earn royalties equal to thirty percent of the fees associated with smart contracts.
Overview of EGLD
Initially, MultiversX used ERD coin as its cryptocurrency distribution method. After the launch of the mainnet in July 2020, MultiversX changed the name of its cryptocurrency to EGLD coin.
The EGLD (Electronic Gold) token is the native coin of MultiversX and is at the core of the platform. It is used to pay transaction fees and facilitate exchanges between site users.
Governance:
The MultiversX network efficiently manages on-chain governance proposals by issuing specialized transactions, increasing the decentralization of the decision-making process.
Anyone can generate a proposal by using their wallet and creating a unique transaction that specifies an identity, a beginning epoch, and an ending epoch.
Users who have staked EGLD on opened proposals are granted voting rights, and the staked value proportionally influences their voting power.
Applications of MultiversX
MultiversX simultaneously implements state, network, and transaction sharding, making it the first to propose a practical and effective solution. This innovative architecture, combined with its "Adaptive" component, allows for dynamic network configuration, maintaining a high level of security while growing to meet demand fluctuations.
In addition to scaling through sharding, MultiversX addresses the consensus problem with Secure Proof of Stake. This mechanism reduces potential attack vectors while enabling high throughput and rapid execution compared to Proof of Work.
MultiversX performs well on a network of inexpensive machines, resulting in low transaction costs. It has solved some of the most challenging consensus and sharding problems in the blockchain world. Furthermore, MultiversX distinguishes itself not only in terms of performance and affordability but also in terms of the quality of the developer experience and increased usability for end users.
EGLD Tokenomics
Private sale: 19%
Launchpad Sale: 25%
Ecosystem Rewards: 7%
Marketing: 8.5%
Community: 2%
Advisors: 2.5%
Founders and Core members: 19%
Reserve: 17%
How to Buy EGLD Tokens on CoinEx?
CoinEx is a global cryptocurrency exchange trusted by 5+ million users worldwide with 100% reserve. Users can now trade quickly and seamlessly with its 700+ tokens supported, including EGLD.
To purchase EGLD tokens on CoinEx, follow the steps below.
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to EGLD Trading Page: Once your account is funded, go to the dedicated EGLD trading page on CoinEx. You can find a search box and enter the term "EGLD" to swiftly locate the trading pair associated with EGLD tokens.
- Choose a Trading Pair: Select the desired trading pair that matches EGLD with another cryptocurrency. For instance, you may choose to trade EGLD/USDT, EGLD/USDC, or EGLD/BTC.
- Specify the Purchase Amount: Determine the quantity of EGLD tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
- Execute the Trade: Execute the trade with the specified amount. Confirm the details, and if you are satisfied, submit the order.
Following these comprehensive steps, you can easily trade EGLD tokens on CoinEx using the available trading pairs.
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