MultiversX (previously Elrond) is a highly scalable, secure, and decentralized blockchain built to support new types of applications for individuals, companies, society, and the next wave of the metaverse.

The EGLD token sits at the core of one of the world’s most ambitious Metaverse ecosystems, helping secure the network through staking and allowing access and value transfers across its applications and worlds.

EGLD is MultiversX's native cryptocurrency. It’s used to interact with applications, send transactions, and reward participants who help support the network.

What are EGLD key features and how does it work?

MultiversX is designed around sharding and proof-of-stake, which are central to its ability to handle roughly 12,500 transactions per second.

Adaptive State Sharding works by dividing the network into shards. Instead of each node handling everything, nodes are grouped and only manage part of the network’s transaction workload. After processing, the shards forward results to MultiversX’s main blockchain for finalization. To reduce the risk of collusion, one-third of the nodes used for validation inside each shard are rotated into a new shard every 24 hours.

The MultiversX network secures operations with Secure Proof-of-Stake (SPoS), a setup similar to traditional PoS. It helps secure the network, validate transactions, and distribute newly created EGLD coins. It’s used because Elrond operates with shards rather than a single chain, so the system chooses validating nodes to produce blocks inside a shard instead of across the entire network. 

For finality, validators must verify the output of block producers and coordinate with other shards across the network. After a batch of transactions is successfully recorded on the MultiversX's blockchain, EGLD tokens are issued as rewards to the contributors. 

Developers can build and launch tailored programs using the Elrond Integrated Development Environment. The network supports multiple programming languages, enabling creators to develop custom smart contracts and new dApps that can provide a range of products and services.

MultiversX also aims to introduce Elrond Standard Digital Tokens (ESDTs), which can represent tokenized stablecoins, synthetic assets, and fiat currencies that operate on top of the Elrond Network.

What can MultiversX be used for?

MultiversX developers want to build a blockchain that serves as a foundation for a worldwide, borderless, and widely accessible digital economy, so the platform supports a range of use cases. 

The Maiar mobile dApp is one notable example. It’s a wallet designed around MultiversX’s broader objectives: it’s a fast and privacy-oriented browser. Through Maiar, users can store, stake, send, and receive eGLD coins, and also buy eGLD tokens from within the wallet using more than 150 different fiat currencies.

MultiversX is also compatible with NFTs, which are supported through its NFT framework called Smart Accounts. These allow users to keep substantial amounts of information-such as emails, bitcoin addresses, health data, and proof of citizenship-directly in their MultiversX Network account. This supports a wide set of applications across many sectors.