Hassan Maishera
The MultiversX team announced via X on Monday that Supernova, the largest network upgrade in MultiversX history, has been activated on our Battle Net. Over the next week, validators, developers, and community members will push it to its limits and harden its security.
MultiversX is a high-throughput public blockchain focused on providing security, efficiency, scalability, and interoperability by employing two key elements: Adaptive State Sharding and a new Secure Proof of Stake ("SPoS") consensus mechanism.
MultiversX is a blockchain protocol that offers true horizontal scalability by using all aspects of sharding (Network, Transaction & State). The project describes itself as a technology ecosystem for the new internet, which includes decentralized finance, real-world assets, and the Metaverse. Its smart contracts execution platform is reportedly capable of up to 100,000 transactions per second, 6-second latency, and a $0.002 transaction cost.
MultiversX is governed and secured through the EGLD token. EGLD, or Electronic Gold, is MultiversX's native token. It acts as a store of value currency to pay for network usage. The coin also serves as a medium of exchange between platform users and validators. Users pay transaction fees in EGLD, and validators participate in the consensus process.
EGLD allows developers to deploy smart contracts, protocols, and dApps on the platform. It empowers participants to perform any network action. Through staking and validation rewards, as well as transaction fees, EGLD manages the MultiversX network. Plus, EGLD is endowed with the functionality of a governance token, so its holders can vote on network decisions. EGLD is down 1.3% today and is trading at $4.34 at press time.
