MultiversX EGLD Price

Elrond History

• In late 2017, Elrond was announced by brothers Benjamin and Lucian Mincu along with Lucian Todea as a solution to the blockchain scalability problem
• In 2020, Elrond is launched combined with the major network mainnet.
• In September 2022, the Opera Web browser announced the integration of Elrond blockchain services for easy access to dApps and other services via its own cryptocurrency wallet. Opera users now have access to Elrond Standard Digital Token (ESDT), in addition to native EGLD tokens.
• On November 3, 2022, blockchain company Elrond announced that it is changing its name to MultiversX. The company will focus on the development of Web 3.0 technologies, as well as on the development of meta-universes products and services.
• On February 16, 2023, Elrond (MultiversX) announced that it is collaborating with Tencent Cloud to help the company expand its Web3 products. Tencent Cloud is the cloud segment of the major Chinese technology company's portfolio, which also includes the messaging app WeChat.

EGLD cannot be mined by classical PoW mining with graphical processes or on ASIC devices. You can get Elrond tokens only by the following methods:

1. purchase;
2. take part in the maintenance of the network;
3. staking.

EGLD cannot be mined by classical PoW mining with graphical processes or on ASIC devices. You can get Elrond tokens only by the following methods:

1. purchase;
2. take part in the maintenance of the network;
3. staking.

Elrond Technologies

The Elrond project is based on the searching for a balance on the following parameters: decentralization, security level, and scalability. For this purpose, the developers use advanced technologies, which will be described below.

Adaptive State Sharding

This is a one-of-a-kind way to use sharding technology, which has long been a method for optimizing databases, but only recently has been implemented in blockchain applications.

Elrond uses adaptive state sharding to achieve a number of key goals:

• The network can maintain scalability without affecting network accessibility .
• By sharding, the destination of transactions is easy to compute and predictable, providing ability for instant traceability and scheduling.
• Due to the adaptability of the network, shards always remain balanced.

The state sharding solution used by Elrond allows you to handle changes in demand without impacting network security.

Adaptive State Sharding workflow

Secure Proof of Stake Algorithm

Elrond uses a modified Proof-of-Stake, which was created to improve current versions of Proof of Stake. It decreases network latency and allows any node in the shard to figure out which members will be part of the consensus group at the start of each round.

Network participation

Users can participate in the Elrond network as a node in three ways:

• Validators. Validators manage transactions and secure the network by participating in the consensus process. This requires validators to stack an EGLD token on the network as a deposit.
• Observers. Observers are passive users of the network that have the role of facilitating. They are able to function as a full node and keep all blockchain history in their own system.
• Fishermen. These are users who check the validity of blocks at the end of the blockchain after they have been processed and generated by validators. They discover invalid blocks and receive a reward for doing this. Fishermen may be observers and validators that do not engage in this consensus period.

Pros and Сons of Elrond

Elrond at the moment can boast the fact that it has serious advantages and quite insignificant disadvantages.

Summary

The Elrond team appears highly competent and has a deep skill set. They are very good at delivering on their promised timelines and milestones, which is very valuable in the blockchain industry.

With unique features such as Adaptive State Sharding and Secure Proof of Stake, the Elrond project is promising to deliver performance and scalability that other projects do not have. The inclusion of multi-language support for smart contracts will only benefit when MultiversX (Elrond) transitions to the decentralized application environment.