The name Elrond is the bearer of many legendary stories, evoking for fantasy fans an immortal Half-Elf who appeared in the famous novel “The Lord of the Rings”. But today, we take you on a journey through a very real and equally captivating story: that of a revolutionary internet-scale blockchain that has attracted the interest of investors worldwide. From the birth of ERD to the meteoric evolution of the EGLD cryptocurrency to the rebranding of Elrond into MultiversX, we invite you to dive with us behind the scenes of this blockchain and explore the twists and turns of its developments to discover its best kept secrets: we tell you all about it in this Coinstory.
- Coinpri’s FAQ on Elrond and MultiversX
- MultiversX and Elrond, a look back at the history of this blockchain
- What is Elrond and MultiversX?
- EGLD, what is the purpose of cryptocurrency for MultiversX?
- How do I get EGLDs?
- Which wallet should I use to store my EGLDs?
- Elrond’s EGLD course and analysis
- Should I invest in Elrond?
- Conclusion
Note: Before looking in detail at the History of Elrond and MultiversX and how it works, here are the answers to your most frequently asked questions. Of course, if you want to know more about a specific section, the Table of Contents is at your disposal. Moreover, this article is not an investment advice. Enjoy your reading.
Coinpri’s FAQ on Elrond and MultiversX
What is Elrond?
Elrond is a next-generation blockchain that aims to improve the speed and efficiency of transactions using technologies such as Sharding and Adaptive State sharding.
It also allows the development of decentralized applications, the blockchain being capable of processing over 15,000 transactions per second with a latency of only 6 seconds and very low transaction fees of $0.001.
What is the native token of Elrond?
This is the eGold (EGLD), which is used for transactions, staking and the use of decentralized applications.
Which wallet should I use for my EGLD?
Several wallets are compatible with Elrond, such as Maiar (xPortal), Ledger and Elrond Wallet.
Where to store your Elrond ?
It is possible to store EGLD using a wallet compatible with Elrond such as Maiar or Ledger. It is also possible to stake on staking protocols such as Binance Staking, Elrond Wallet or Staked.
How to stack my EGLD ?
Once on Maiar, Ledger, Binance staking, Elrond Wallet or Staked, follow the instructions on the screen.
Why invest in Elrond?
Elrond offers benefits such as fast transaction times, improved security, and low transaction fees. In addition, Elrond has many partnerships with major industry players, which adds to its credibility.
Who are Elrond’s key partners?
The Elrond team has surrounded itself with many strategic partners to develop its blockchain technology.
Here are the most notable collaborations to date:
- Binance: IEO, BUSD issuance on the blockchain Elrond and node operation.
- Samsung: Blockchain-based video game integration Elrond at Samsung Blockchain Wallet.
- Meria (formerly Just Mining): adding masternodes and staking from Elrond to the French platform.
- Ankr: Cloud infrastructure for node deployment by Elrond.
- Nash: blockchain integration Elrond to the ecosystem of this decentralized exchange.
- TypingDNA: Collaboration with this behavioral biometrics company to improve user protection by Elrond.
- Chainlink: Use of the price oracles of Chainlink To strengthen the security and reliability of smart contracts by Elrond.
- Netopia: introduction of EGLD within this payment processor.
- Human Protocol: A protocol related to AI technology.
These partnerships allow Elrond to strengthen its presence in the blockchain industry and offer innovative services to its community.
MultiversX and Elrond, a look back at the history of this blockchain
In order to better understand a cryptocurrency, it is crucial to know its history and here is Elrond’s:
2017 and ICO bubble, Elrond makes its remarkable entrance!
The year 2017 was marked by the ICO (Initial Coin Offering) frenzy, a time when many companies embarked on raising funds via token offerings. It was during this time that Elrond entered the blockchain world with a funding round that will see them raise $2 million, with a simple goal: to create a scalable, internet-scale Blockchain.
A vision that the two brothers, Lucian and Benjamin Mincuas well as Lucian Todea, a technology entrepreneur and founder of Soft32 and MobilPay, will start together.
2019, an IEO on Binance to rule them all!
In 2019, Elrond has embarked on a period of transformation by establishing numerous strategic partnerships with leading companies in the crypto industry. The strategy is paying off and the company Raises $1.9 million between April and May 2019 from private investors, such as Binance Labs, NGC Partners, Maven 11 Capital and Electric Capital.
The reputation of the project continues to grow and it is in July that the project is on the Launchpad of Binance, with the aim of making an IEO (Initial Exchange Offering).
The IEO on the exchange is a success and Elrond’s team raises $3.5 million by selling 5 billion ERD (now EGLD) tokens, or 25% of its total supply.
2020, the mainnet is finally live!
After spending the end of 2019 and the majority of 2020 in build, Elrond is back with a bang by announcing the launch of the mainnet of its blockchain. A launch that also comes with the migration of its ERD token (ERC20 and BEP2) to a new cryptocurrency: the eGold (EGLD).
With the aim of making EGLD more rare, just like gold, 1000 ERD will now be worth 1 EGLD.
To make this process as simple as possible, the team will organize a swap that will reduce the total supply from 20 billion to 20 million.
2021, the rocket is launched and the token price explodes
Maiar is born, Elrond is now a worldwide payment method
2021 begins and EGLD is then at $24.67, but for this year, the team has seen things through! After a wave of announcements at a breakneck pace, Benjamin Mincu, the co-founder of the project, announced on January 30 the launch of Maiar, the digital wallet and payment application that allows Elrond to be used around the world.
Maiar is an always-updated mobile app that allows users to store and manage cryptocurrencies such as EGLD, BNB, BTC and ETH. Users can also stake their EGLDs there to earn staking rewards and spend them through a payment card.
The app is banking on the scalability of its multi-thousand transaction blockchain to attract many users.
2021, a year of euphoria for EGLD
With the success of Maiar and of these numerous announcements, the token of Elrond knows a fulgurating growth and types the $196 on February 1st !
A rise that will continue with ups and downs until November 23, 2021, date of the ATH of the token at $545.64!
2022, Elrond takes its leave and gives way to MultiversX
In 2022, Elrond Network underwent a major transformation during the X Day Elrond, which was held during three days at the Palais Brongniart, in Paris.
An event gathering the biggest names of the metaverse and NFT of France and even the French Government didn’t miss the opportunity to participate, in accordance with the will of the Macron government to make France a prestigious Web 3 hub.
It is in the presence of these guests that Elrond has metamorphosed into MultiverseX, a complete ecosystem dedicated to Web3, with the metaverse at the center of its vision.
This mutation is the result of a long work and disrupts many elements of the Elrond ecosystem:
xWorlds, the future of the Metaverse
xWorlds is an innovative metaverse designed to be open, persistent and hyper-realistic. It offers a perfect space for companies, businesses, and users. This project was realized through a partnership between Elrond and Yuga Labs, the company behind the famous collection of non-fungible tokens (NFT) Bored Apes Yacht Club.
The redesign of Maiar, which becomes xPortal
Maiair on the other hand, has been completely reworked to become xPortal, an application designed to bridge the gap between virtual worlds and physical reality. The application offers a unique interactive experience, with a level and experience system, as well as a messaging system to interact with communities.
Users can also be rewarded with cryptocurrencies as they immerse themselves in the different metaverses and access tools such as swap, farming, staking, mints or exchanges of NFTs and interactions with different decentralized applications.
Thanks to its partnership with Mastercard, xPortal also allows users to get a virtual credit card to interact in the metaverse and a physical card for the real world.
xFabric, THE Web3 development kit
xFabric is a Web3 development kit designed to allow creators, brands and institutions to get started in Web3 without the need to code. With its “Deep Truth” security module, the platform ensures the digital integrity of users.
The ultimate goal of xFabric is from allow creators to earn a living from their digital works.
XSpotlight, the gateway to the NFTs of MultiversX
XSpotlight is the essential platform to discover the NFT of MultiversX. Formerly known asInspire Artit aims to promote NFT projects and to help artists to get known.
Users can easily browse and filter projects to find those that match their interests.
Maiar Launchpad becomes xLaunchpad
The Maiar Launchpad is a Launchpad platform allowing developers to benefit from a strong and active community, as well as a safe and secure framework. A more in-depth analysis of this topic will be provided in a dedicated article. As you may have noticed, this one is now known as xLaunchpad.
2023, the year of the (re)construction of MultiversX?
In 2023, MultiversX focuses on fulfilling the announcements and promises of the previous year to reassure investors.
March, the company joined forces with Tencent Cloud, the company behind WeChat to explore new avenues in the areas of payments, web hubs3, infrastructure, staking services and the metaverse. The collaboration will enable Tencent to use MultiversX’s infrastructure to deploy blockchain-based products.
MultiversX also launched its first release of the “Polaries” series to make blockchain more accessible. The company also supports AI innovation, as evidenced by its recent partnership with Human Protocol.
What is Elrond and MultiversX?
Now that the story point is over, let’s see what Elrond/MultiversX is all about.
What is Elrond and MultiversX and how does it work?
Elrond is a blockchain that enables instant transactions at low cost. It offers both decentralized finance (DeFi) and the Internet of Things (IoT).
The native token of this one is the eGold (EGLD) which ensures the security of the network and allows the transfer of assets.
Unlike other blockchains, Elrond is capable of processing over 15,000 transactions per second with a latency of only 6 seconds and very low transaction fees of $0.001.
As you can see, Elrond’s primary mission is to rethink the blockchain, finding a balanced compromise between security, decentralization and scalability, the famous blockchain trilemma.
To achieve this, Elrond/MultiversX is based on three principles:
- Adaptive State Sharding,
- Secure Proof of Stake (SPoS) consensus,
- The Battle of Nodes.
The Adaptive State Sharding
Sharding is a technique commonly used by blockchains to improve their scalability. It consists in dividing data into independent fragments to distribute the storage and processing of transactions over several machines.
Elrond developed an improved version of sharding called Adaptive State Sharding. This technique combines the three main types of sharding (network sharding, transaction sharding and state sharding) to increase the effectiveness of the technique tenfold.
Elrond’s Adaptive State Sharding aims to provide maximum scalability while maintaining system reliability. With this technique, Elrond can process more than 15,000 transactions per second with a latency of only 6 seconds and transaction fees of $0.001, while ensuring instant transaction traceability.
Elrond’s sharding is designed to maintain balanced fragments, ensuring optimal performance at all times.
The Secure Proof of Stake (SPoS) Consensus
Consensus is a key element of any decentralized blockchain. It is necessary to guarantee the integrity and security of transactions. Most blockchains use “Proof of Work” consensus algorithms, like the one used by Bitcoin. These are often criticized for their environmental impact.
Elrond has taken these issues into account and developed an innovative solution for its blockchain: the “Secure Proof of Stake” (SPoS).
This new algorithm uses randomness to select validation nodes, eliminating the need for costly computational power competition as is the case in Bitcoin’s Proof of Work.
In addition, SPoS is designed to be more resistant to malicious attacks by automatically adjusting the rating of validation nodes based on their past behavior. With this approach, Elrond can provide a more secure and efficient network for its users.
The Battle of nodes
The “Battle of Nodes” is a public test environment allowing validators of the Elrond blockchain to test the latest iterations of the protocol before they are put into production on the main network. The testnet is a crucial step to detect possible vulnerabilities and ensure the security of the Elrond ecosystem.
To encourage the participation of developers, ethical hackers and cybersecurity specialists, Elrond offers financial rewards for any vulnerability discovered.
In the first two phases, in October and December 2019, prizes totaling $90,000 were awarded to participants. The June 2020 mainnet also had a “bug bounty” rewarding participants with 60 000 $.
All of these tests have allowed Elrond to demonstrate its scalability and security. The “Battle of Nodes” is therefore a key part of Elrond’s development process, which ensures that its blockchain works properly.
EGLD, what is the purpose of cryptocurrency for MultiversX?
The EGLD is the native token of the protocol Elrond which feeds the network by serving as a medium of exchange between users, developers, and validators. All the costs related to transaction processing, smart contract execution, and rewards for various contributions to the network are paid in EGLD.
The token also has a governance functionwhere EGLD holders can propose improvements to the protocol and vote for other proposals.
Staking of EGLDs is also possible, allowing holders to earn rewards proportional to the amount invested in the management of the network, through the masternodes.
EGLD is also tradable on crypto trading platforms, allowing holders to make profits based on market fluctuations.
With a market cap of nearly $1.2 billion, EGLD is one of the top 50 cryptocurrencies.
How do I get EGLDs?
There are several ways to acquire EGLD tokens. First of all, buying on cryptocurrency exchange platforms like Bybit, which allow you to easily buy them. Otherwise the Xportal application proposes you partner solutions by country. For example, for the United Arab Emirates including Dubai, it offers BinanceConnect with a 2% fee, Moonpay with a 3.35% fee and Ramp with a 3.35% fee. The time to obtain your Elronds varies respectively from 1 mn to 30m, for Binance, 1mn to a few hours for Moonpay and Ramp.
EGLD staking is another option, which allows token holders to participate in the management of the Elrond network by depositing their tokens on a staking platform such as xPortal or by managing their own Elrond node.
Token holders can also participate in reward and bounty programs offered by Elrond, or invest in projects on xLaunchpad.
Which wallet should I use to store my EGLDs?
If you often hear “MetaMask mate”, this is not possible here..
The best option is without hesitation xPortal (formerly Maiar) the native wallet of MultiversX. In addition to offering an intuitive user experience, this one allows you to use them for staking, xLaunchpad, or to spend them!
Of course, make sure you keep your private keys in a safe place and never disclose them to anyone.
Elrond’s EGLD course and analysis
Like many crypto assets, EGLD has undergone a significant correction since its all-time high in October 2021, when it traded at $480. Since then, it has seen a decline of about 80%. That being said, EGLD is still a cryptocurrency to watch closely for investors interested in trading. In fact, we previously provided you with a analysis of EGLD.
Should I invest in Elrond?
Elrond (EGLD) is a cryptocurrency that has seen strong growth since its launch in 2019. It is often touted as an alternative to Ethereum, with faster and more advanced blockchain technology.
But the question that arises is whether Elrond is a good option for investors interested in cryptocurrencies. To answer this question, it’s important to look at some key aspects of this cryptocurrency.
First of all, it should be noted that the cryptocurrency market is very volatile and there can be significant price fluctuations in a very short period of time. That being said, Elrond has seen significant growth over the past few months, although it has experienced a significant drop from its price peak in October 2021.
Additionally, Elrond has partnered with major industry players, which is a positive sign for the future of cryptocurrency. Collaborations with Meria (formerly Just Mining), Binance, Samsung, Ankr, Chainlink, Nash, TypingDNA, and Netopia show that Elrond’s technology is being recognized and adopted by major companies.
In addition Elrond has a strong team with experienced members of the cryptocurrency industry and excellent marketing. This indicates that the company is well equipped to meet future challenges and continue to develop its technology.
Conclusion
Obviously, this article is not an investment advice, we leave you to do your research. Investing in MultiversX (Elrond) can be an interesting option for investors interested in cryptocurrencies. However, it is important to keep in mind the market movements and conduct your own analysis in order to evaluate possible risks and opportunities. Therefore, it is recommended that you familiarize yourself with the project by reading its Whitepaper which offers a more complete overview. If you still have questions, we leave you contact us, and we hope you enjoyed the article.
Since 2017, I have been an avid follower of Bitcoin and cryptocurrencies. I love exploring the intricacies of the blockchain and sharing my findings with the community using the power of my words.
My dream is to live in a world where privacy and financial freedom are guaranteed for all, and I firmly believe that Bitcoin is the tool that can make that possible.
