MultiversX is a Layer 1 blockchain that was earlier known as Elrond. It is a highly scalable and cost-efficient smart contract platform designed to compete against industry giants like Ethereum and Zilliqa. 

MultiversX was founded in 2017 by Lucian Todea, Beniamin Mincu, and Lucian Mincu.

• Adaptive state sharding: One of the unique features of MultiversX is the adaptive state sharding. This method divides the blockchain into smaller segments, which increases transaction efficiency and scalability.

• Secure Proof of Stake (SPoS): The MultiversX network proposed a unique consensus mechanism called the Secure Proof of Stake (SPoS). The mechanism enhances security and increases transaction speed by enabling quick confirmation times.

• MultiversX virtual machine: MultiversX offers a fast and secure virtual machine (WASM VM). This allows developers to create smart contracts using any programming language that compiles to Web Assembly. 

• High throughput: MultiversX is capable of processing rapid transactions per second (TPS), which is also cost-effective.

EGLD, which was launched in July 2019, has grown substantially in the past few years. The token surged from around $17 at the time of launch to an all-time high of $545.64 in November 2021. As of July 2024, the token is trading at around $36 and ranks among the top 70 by market cap. EGLD is a prominent cryptocurrency, especially in the DeFi space, leading to significant growth over the years. The token is poised for a greater upward trajectory in the future with the price of EGLD estimated to range between $205 to $252 by 2025, making it a promising crypto. 

Invest in EGLD with CoinSwitch today by downloading the app.

• Storing value: Similar to other cryptos, EGLD can be held as a store of value. EGLD holders can trade it for other cryptos or sell it from an exchange that has listed EGLD like CoinSwitch. 

• Paying transaction fees: The EGLD token powers the MultiversX ecosystem and its native token EGLD is used to facilitate all transactions in the network.

• Rewarding network participants: EGLD token is used to reward participants contributing to the security and operation of the network, including validators and stakers.

• The MultiversX network is highly scalable due to its adaptive state sharding.

• MultiversX network is popular for its quick and inexpensive transactions. 

• MultiversX network is interoperable with other blockchain systems, including Ethereum.

• EGLD, like any other cryptocurrency, is subjected to market volatility which may impact its price.  

• EGLD’s prominent features such as sharding and staking might be difficult to understand for novice traders.

• MultiversX network, like other blockchain networks, faces strong competition from other networks and their native tokens.

• To trade EGLD on CoinSwitch, start by downloading the app. 

• You can start with as low as ₹100.

• CoinSwitch offers an easy-to-use platform suited for traders of all levels.

In June 2019, MultiversX raised $1.9 million from angel investors in a private investment round. Later that month, it conducted an Initial Exchange Offering (IEO) and raised $3.25 million for 25% of its total token supply.