What is MultiversX?
- Author
- CRYPTO PORT Editorial
- Published
- Updated
- Reading time
- 5 min
In short
MultiversX is a smart contract blockchain that launched in 2020 and was renamed from Elrond in November 2022. It uses adaptive sharding, splitting the network into shards whose number rises and falls with demand. Its native asset is EGLD.
Key points
- Splits the network into shards and adjusts their number according to load
- Uses Secure Proof of Stake, which reshuffles validators between shards at random
- Smart contracts run on WebAssembly and can be written in Rust and other languages
- Rebranded from Elrond to MultiversX in 2022
Definition
A proof-of-stake blockchain that partitions both the network and ledger state into shards for parallel processing, with the number of shards varying by demand.
MultiversX targeted throughput. On a single chain where every node validates every transaction, each node's burden grows with usage. MultiversX shards the network, the transactions and the ledger state, so each shard only processes its own portion.
Distinctively, the shard count is not fixed. Shards are merged when activity is low and split when it rises. A coordinating shard called the metachain handles cross-shard notarisation and validator assignment.
Consensus, called Secure Proof of Stake, reshuffles validators into different shards at random each epoch. The point is to stop malicious participants from concentrating in one shard. Validators lock stake and can be slashed for misbehaviour.
For developers, contracts execute on WebAssembly, so they can be written in existing languages such as Rust without learning a bespoke one. The main consumer entry point is the xPortal wallet app, which includes features such as human-readable handles in place of raw addresses.
Watch out for
- · Cross-shard transfers finalise more slowly than same-shard ones, and not every tool handles them
- · Running a validator requires a set amount of staked EGLD and reliable uptime; misbehaviour or long downtime can be slashed
- · Because of the 2022 rename, older material still uses the Elrond name and terminology
Frequently asked questions
Are Elrond and MultiversX different projects?
They are the same project. Elrond was renamed MultiversX in November 2022, and the EGLD ticker was kept unchanged.