MultiversX (formerly Elrond) has rapidly emerged as a prominent player in the cryptocurrency sphere, introducing novel concepts and groundbreaking technology. 

In this comprehensive review, we will provide an insight into the project, including the intriguing rebrand of Elrond to MultiversX. Grab yourself a cup of coffee as you read on.

All About Elrond

Elrond, was launched in 2017 by Lucian and Benjamin Mincu along with Lucian Todea, with a focus on scalability without compromising on security and transparency. The project quickly gained traction, and by early 2020, the ERD token witnessed a significant price surge in under four months, right before the Elrond mainnet was launched in July 2020.

Impressive, isn't it? Absolutely, but that's just the beginning of Elrond's remarkable journey.

In September 2020, the ERD token changed into the current eGLD, or eGold token, becoming the native cryptocurrency of the Elrond blockchain. This move involved a redenomination of 1,000 ERD to 1 eGLD, aligned with the revised economic model that reduced the total eGLD supply from 20 billion to 25 million.

Within the initial five months of its launch, the eGLD token experienced an impressive uptrend, and during November 2022, Elrond transitioned into MultiversX. 

Rebranding To MultiversX

Elrond stands out as an ideal platform for metaverse due to its remarkable scalability, robust security, and low fees. Offering developers a seamless UX,  Elrond stands as the best platform to build on.  

As the team shifted its focus toward metaverse, a rebranding effort followed. The transformation was initially announced on Twitter on November 4, 2022, with CEO Beniamin Mincu outlining the vision of building a "bridge between worlds." 

Elrond transforms and expands into MultiversX.

We are opening a bridge between worlds, at the intersection of worlds, and across worlds.

This is our new challenge. One that we'll expand on for years to come.https://t.co/HAkvnQPYsI

— Beniamin Mincu ????????️ (@beniaminmincu) November 4, 2022

This notion of the network serving as a crossroads for two worlds likely inspired the name MultiversX. Also, it's crucial to note the distinct spelling: 'MultiversX,' not 'MultiverseX,' signifying its unique identity.

The network now has a fresh website, accompanied by notable changes such as the renaming of the Elrond wallet extension to xWallet, featuring updated icons and designs. Additionally, even Maiar, Elrond's major DEX  is now known as xExchange. 

New Products on MultiVersX

Following the migration of Elrond's core products, MultiversX introduced three new products:

1. xFabric

xFabric, introduced as a versatile "sovereign blockchain module" which is set to launch in Q3 of 2023. This module, is easily deployable within minutes, forms the foundation of the MultiversX metaverse. It offers myriad applications for businesses, brands, and creators, with customization at its core.

2. xPortal

xPortal is a multifunctional app designed to store NFTs, cryptocurrencies, and avatars. Functioning as a comprehensive financial social platform, it also facilitates global access to a crypto-fiat debit card. This platform enables users to engage in activities such as sending and receiving fiat currency payments, asset swapping, friendly chats, and efficient debit card management.

3. xWorlds

MultiversX introduces xWorlds, a captivating concept described as a "world creation engine" and a network of interconnected metaverses. 

While information about xWorlds remains limited, rumor has it that it could go live in Q4 of 2023.

The MultiversX Community

What’s a project without a community? The influence of a cryptocurrency project's community size and engagement cannot be underestimated, significantly influencing its visibility and adoption.

MultiversX boasts a robust presence across multiple social media platforms:

Telegram: 40k members

Twitter: A strong following of 580k+

YouTube: Over 23k subscribers

An Overview of eGLD

Changing the Elrond network's native currency, eGLD, had profound reasons. Check out key eGLD features:

• Global Adoption Focus: Elrond tackled blockchain complexity to reach a wider audience, recognizing the challenge of explaining this tech to average individuals.

• Scarcity Boosts Demand: With a capped supply of 25,747,284 eGLD (max cap 31,415,926), scarcity was created, driving demand for eGLD.

• Staking and Validator Rewards: Validators staking eGLD secure the network and gradually replace new supply issuance with transaction fees, increasing staking incentives.

The utility of eGLD, the  strength of MultiversX, and protocol's potential adoption hint at a valuable ecosystem with revolutionary potential. Fixed eGold supply, intuitive simplicity, and global distribution reflect eGold's value. Imagine its worth with millions on MultiversX products—1 million, 10 million, or 100 million users.

How to Buy eGLD | Where to Buy eGLD?

You can buy eGLD from centralized exchange like Binance and KuCoin following the steps below:

Step 1: Register an account on the centralized exchanges (CEX)'s official website or the app

Step 2: Verify your identity & secure your CEX's account

Step 3: Use fiat to buy USDT, ETH, or BNB. You can use the service provided by the CEX which supports P2P trading. 

Step 4: Buy eGLD in the spot market using USDT, ETH, or BNB.

If you choose to buy from Decentralized Exchange (DEX) instead, follow the steps below:

Step 1: Choose a decentralized exchange that supports eGLD trading, like Pancakswap

Step 2: Connect your preferred wallet, such as MetaMask, to the DEX.

Step 3: Ensure your wallet has sufficient funds, including Ethereum (ETH) for gas fees.

Step 4: Locate the eGLD trading pair on the DEX platform.

Step 5: Swap Ethereum (ETH) for eGLD by following the on-screen instructions.

Step 6: Confirm the swap and wait for the transaction to be confirmed on the blockchain.

Step 8: Once confirmed, check your wallet for the newly acquired eGLD tokens.

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If you're new to the crypto space, seek financial advice from a professional and don’t invest what you cannot afford to lose. This article is for educational purposes and is not financial advice.