MultiversX: The Internet Scale Blockchain

MultiversX, previously known as Elrond, has been making waves in the blockchain world since its inception in 2017. Founded by Lucian and Benjamin Mincu alongside Lucian Todea, the project’s primary focus has always been scalability without compromising on security or transparency.

The journey began with the rapid rise of the ERD token, experiencing a staggering 5,000% surge in value within four months by early 2020. This success paved the way for the launch of the Elrond mainnet in July 2020, marking a significant milestone in the project’s evolution.

In September 2020, Elrond underwent transformative changes. The ERD token transitioned into eGLD (eGold), the native cryptocurrency of the Elrond blockchain. This shift, along with a redenomination that reduced the total token supply from 20 billion ERD tokens to 25 million eGLD tokens, was met with enthusiasm, resulting in a remarkable increase in the eGLD token’s value.

November 2022 saw another pivotal moment for Elrond as it transitioned into MultiversX, signaling continued growth and innovation within the blockchain space.

MultiversX stands out as a distributed transactional computation protocol that operates on a sharded state architecture and a secure Proof of Stake consensus mechanism. Unlike many other blockchain networks that demand specialized hardware and consume excessive energy, MultiversX functions efficiently on standard computers.

Utilizing sharding, MultiversX enhances its performance by distributing tasks across a network of computers. As more computers join the network, its capacity increases, with transaction speeds surpassing 100,000 transactions per second, all while maintaining decentralization.

Key Achievement of MultiversX:

• First live blockchain with state sharding.
• Boasts 15,000 transactions per second, scalable beyond 100k TPS, with a latency of 6 seconds and minimal transaction fees ($0.001/transaction).
• Offers the xPortal App for buying, storing, earning, and transacting with eGLD, BTC, ETH, and BNB.
• Supports smart contracts, staking, delegation, and token creation.
• Has undergone rigorous audits from Trial of Bits and other reputable firms.

MultiversX is the first network to offer a comprehensive solution to all three facets of sharding—state, network, and transactions—simultaneously. Coupled with its “Adaptive” component, this innovative architecture ensures dynamic network configuration, maintaining high security levels while seamlessly scaling to meet growing demand.

In addition to sharding, MultiversX addresses the consensus problem through Secure Proof of Stake (SPoS), offering enhanced security compared to Proof of Work while enabling high throughput and rapid execution.

By tackling some of the most challenging consensus and sharding issues in the blockchain space, MultiversX delivers exceptional performance on a network powered by standard computers, resulting in minimal transaction costs. Moreover, MultiversX distinguishes itself through its developer-friendly environment and enhanced usability for end-users.

MultiversX employs Secure Proof of Stake (SPoS) for consensus, revolutionizing validator selection and consensus processes.

Here’s how it works:

• SPoS selects validators for consensus at the start of each round using a randomness source derived from the previous block, preventing predictability and manipulation.
• In each round, a consensus group is chosen to propose a block, with one validator designated as the block proposer based on a predetermined hash value.
• The efficiency of SPoS lies in its deterministic consensus selection, ensuring swift round times and bolstering security against malicious actors.

Sharding, originally utilized in databases, serves as a scaling technique in blockchain networks. MultiversX implements state sharding, where each shard maintains a portion of the network’s state. This approach allows for parallel processing of transactions and increased throughput. MultiversX’s sharding approach is designed to balance efficiency, security, and decentralization.

MultiversX’s sharding approach is meticulously crafted to achieve scalability, fast dispatching, instant traceability, efficiency, and adaptability. It aims to balance these goals while maintaining network availability and security.

1. Scalability without affecting availability, which requires that increasing or decreasing the number of shards should only affect a negligibly small vicinity of nodes without causing down-times, or minimizing them while updating states.
2. Fast dispatching and instant traceability, which requires that computing the destination shard of a transaction must be deterministic and also trivial to calculate, eliminating the need for communication rounds.
3. Efficiency and adaptability, which requires that the shards should be as balanced as possible at any given time.

MultiversX embodies Elrond’s commitment to innovation in the blockchain ecosystem. To explore more about MultiversX, visit multiversx.com.

Stay Connected for Updates: Follow us on Twitter | Connect on LinkedIn | Join our Telegram | Explore on Instagram

Stay informed about the latest insights and updates in the blockchain space by connecting with us on social media. As a staking provider and validator, we’re dedicated to sharing valuable information to enrich your blockchain experience.