- MultiveseX provides a robust structure for users and developers to interact in the metaverse.
- With the help of various security protocols, it safeguards the user’s assets and private data from potential threats.
What is MultiverseX?
Previously known as the Elrond Network (EGLD), MultiveseX is a blockchain network. This rebranding move signifies that the makers behind MultiverseX are ready to delve into the potential of the metaverse and cater to the needs of the users and developers of this industry.
MultiverseX has accepted the concept of multiple interconnected universes, and due to this, it has aligned itself with the wide spectrum of cultural enchantments found through various media sources such as comics, movies, etc.
Since its rebranding, MultiverseX has shifted its focus to Metaverse. Its primary objective is to provide a decentralised blockchain network capable enough to provide a blockchain platform to develop multiple metaverse-based applications, NFTs, and other digital assets.
Multiverse X claims to be a high throughput blockchain, due to which it gives the utmost importance to security, efficiency, interoperability, and scalability. The network utilises imaginative tools such as Adaptive State Sharding and the Secure Proof-of-Stake consensus mechanism (SPoS) to create a powerful infrastructure for metaverse-based applications.
With the ultimate goal of providing a better user experience with reduced transaction costs, MultiverseX aims to make a name for itself as a blockchain-based network that is equipped with providing lower transaction costs, development of decentralised applications, and NFt interactions in the metaverse.
How does MultiverseX work?
MultiverseX is a high-throughput public blockchain achieved through multiple key factors.
One of its key features is Adaptive State Sharding. This approach increases the scalability of the network by allocating computational workload and storage requirements throughout the network. This results in faster processing of the transactions and throughput.
Adaptive State Sharding is a mechanism that enables the splitting of a blockchain’s state and transaction processing into multiple shards across the network.
Additionally, MultiverseX also employs a consensus mechanism called Secured Proof-of-Stake (SPoS). This consensus mechanism primarily aims at maintaining the security and integrity of the network and allows the network participants to become validators
Validators are selected based on their stake in the network and are responsible for confirming transactions and producing blocks for the blockchain.
By utilising the Secured Proof-of-Stake consensus mechanism, MultiverseX attempts to find the balance between security, efficiency, and decentralisation, positioning itself as a versatile and secure blockchain.
Is MultiverseX safe to use?
Like every blockchain, MultiverseX’s underlying advantage is its security. The project lays strong groundwork for the safety and security of the user’s assets and transactions.
By implementing the Secured Proof-of-Stake consensus mechanism, MultiverseX tries to protect itself from security threats like 51% attacks and double spending attempts.
In addition to this, to protect user data from network vulnerabilities, MultiverseX has equipped its network with complex cryptographic algorithms and protocols.
All in all, MultiverseX is primarily focused on developing a secure ecosystem for users to interact and carry out transactions in the metaverse without worrying about the safety of their data.
Conclusion
MultiverseX, formerly known as Elrond Network, is a robust blockchain platform catering to the needs of the metaverse. With its focus on security, efficiency, and scalability, it provides a high-throughput network for the development of metaverse-based applications and NFTs. With features like Adaptive State Sharding and Secured Proof-of-Stake consensus, MultiverseX aims to create a secure ecosystem for users to interact in the metaverse with confidence.
