MultiversX, formerly known as Elrond, is a blockchain network meant to provide fast transaction speeds and scalability to blockchain applications. It uses sharding to improve application speed and efficiency, which in turn reduces transaction fees. EGLD is its native currency, used for staking, governance rewards and more. Read on to know more or buy EGLD instantly with Guardarian.
Beniamin Mincu, Lucian Mincu & Lucian Todea
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What makes MultiversX stand out from similar blockchains is its high transaction speed (15,000 tr/s) and very low fees ($0,001 per transaction). This turns it into a strong Ethereum rival by outperforming it while also being more energy efficient.
MultiversX employs two mechanisms to achieve high efficiency:
Adaptive State Sharing - splitting the decentralized network into individual segments that run tasks in parallel in an optimized way
Secure Proof-of-Stake(SPoS) - an algorithm in which nodes stake their EGLD to take part in validation and all validators are assigned scores that influence the likelihood of them being selected. all validators are assigned scores that influence the likelihood of them being selected.
EGLD finds utility in that it is used to maintain the MultiversX network as well as sending, operating smart contracts and rewarding contributors.
Users can stake EGLD on the MultiversX network, which gives them newly minted EGLD, among other benefits.
Of course, the fact that MultiversX outmatches the Ethereum blockchain in some of its aspects makes many investors believe in EGLD’s future potential.
The current 1 Dollar to Elrond exchange rate is EGLD. Get Elrond swiftly and without registration. Choose the payment method that suits you best - credit/debit card, bank transfer, and more. Start your journey with Elrond today!
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