Frequently Asked Questions
Elrond to MultiversX Transformation
Why Multiverse to the power of X
Our vision for MultiversX is to create an elegant and powerful expression for a positive, complementary, and perhaps even magical interplay between the physical world and the Metaverse world. One where both worlds are explored and expanded to their maximum potential, co-existing harmoniously, not as replacements but as significant complements.
This is what we call the Multiverse.
The power of X takes this idea to its outer limit, in scope, scale, variation, and richness. It speaks of the endless worlds we are about to create, and the boundless imagination, richness and variation we will play with.
Elrond evolved to MultiversX
Elrond transformed and expanded into MultiversX in November 2022, during the first edition of xDay at Paris.
What is EGLD?
EGLD is the native cryptocurrency of the MultiversX network. It is used to pay transaction fees, governance, and staking on the network. EGLD is also used as a store of value and can be traded on various cryptocurrency exchanges.
How is MultiversX different?
Bitcoin was the first to introduce blockchain technology and prove that we could transfer ownership without the need for a trusted third party.
Ethereum was the second major iteration, adding a scripting language with smart contracts to the blockchain. But neither Bitcoin nor Ethereum has come anywhere close to the performance needed for using blockchain at scale in real-world settings.
MultiversX has rebuilt everything from scratch to bring a 1000x improvement in throughput, execution speed, and transaction cost.
Think of it like the transition the internet went through when switching from dial-up to broadband.
How to create a wallet?
There are several ways to create a wallet in MultiversX network:
The MultiversX Wallet - you can simply go to https://wallet.multiversx.com/ and click on “Create a new wallet”. Then in following the next steps, you must save your 24 secret words and safely secure the phrase. Set up a password and you will receive a .json file in order to connect to your wallet using keystore.
xPortal Wallet - Click on “Create a new wallet”. After you input your phone number and confirm the code you will be able to set up a pin for your app, then you must save your secret phrase (24 words) and do the backup in Google Drive or iCloud in order to be able to do any type of transaction.
MultiversX DeFi Wallet - you can install the MultiversX Chrome extension and choose the “Create a new wallet” option. After storing your secret phrase, confirming it, and setting a password, your new wallet is ready to be used.
What is an ESDT?
eStandard Digital Token (ESDT) is a general standard token of the MultiversX blockchain platform (MultiversX's version of ERC20), embedded in the protocol, that allows people to issue their own tokens using network advantages: fast, inexpensive to mint (0.05 eGLD) and transfer (0.00005 eGLD).