MultiversX (previously Elrond) is a highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases and the new Internet economy. Its native currency is eGold (EGLD).
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At a glance
What
- Sharded Smart Contracts execution platform with a PoS consensus mechanism
How
- scales via Adaptive State Sharding
- consensus via Secure Proof of Stake
Highlights
Performance:
- 15,000 TPS (263,000 TPS in testnet)
- $0.001 tx cost
- 6s latency
xPortal money app with progressive security, social recovery, embedded DeFi
Developers: royalties - 30% SC gas returned to authors, full IDE, Rust framework with debugger
Network setup: 3,200 nodes, with 4 shards (adaptivity allows throughput to increase with demand)
What is MultiversX (previously Elrond)?
MultiversX (previously Elrond) is a distributed transactional computation protocol that relies on a sharded state architecture and a secure Proof of Stake consensus mechanism. While most other blockchain networks require custom hardware and high energy consumption, MultiversX runs on average computers.
By employing sharding, a method of parallelizing data & transaction processing, MultiversX’s performance will scale up with the number of computers joining the network, reaching more than 100.000 transactions per second while growing increasingly decentralized.
How is MultiversX different?
The MultiversX network is the first to present a viable solution where all the three aspects of sharding (state, network and transactions) have been implemented at once. Combined with its "Adaptive" component, this novel architecture allows for dynamic network configuration to maintain a high level of security while scaling with demand.
In addition to scaling through sharding, MultiversX also approaches the consensus problem with a mechanism called Secure Proof of Stake, which mitigates potential attack vectors when compared to Proof of Work, while also enabling large throughput and fast execution.
By solving some of the hardest consensus and sharding problems in the blockchain space, MultiversX is able to provide a very high level of performance on a network made of inexpensive computers, resulting in a very low cost per transaction. In addition to performance and cost, MultiversX also stands out through the quality of the developer experience and the resulting boost in usability on the end-user side.
Important achievements
- First live blockchain architecture with state sharding
- Mainnet launched in July 2020
- IDE with debugger and rust framework for SCs
