🌟🚀 Embrace the Enchantment of MultiversX: The Sharded Blockchain Revolution Unleashed! 🔮🧙♂️
Table of contents
In the enchanting realm of blockchain, a captivating tale unfolds. Back in 2017, two ingenious entrepreneurs, Beniamin Mincu and Lucian Todea, united their visionary spirits to give birth to an unparalleled decentralized platform. Thus, MultiversX (previously known as Elrond) emerged with a grand purpose—to usher in a new era of distributed apps, enterprise use cases, and a thriving internet economy. Once upon a time, a wondrous journey began!
💎 A Gem of Sharding-Based Magic 💎
At the heart of MultiversX lies the magic of sharding. Like a sorcerer's spell, sharding enables the platform to process transactions in parallel, eliminating wasteful energy and computational practices. This enchanting feature empowers MultiversX to scale gracefully with the addition of new computers to the network. As more join the realm, the performance of MultiversX soars, reaching over 100,000 transactions per second - a truly awe-inspiring feat in the blockchain realm!
🌌 Secure Proof of Stake: Ensuring Fairness and Security 🌌🛡️
In this mystical land, fairness and security reign supreme. MultiversX employs a Secure Proof of Stake (SPoS) consensus mechanism, a powerful charm that selects validators for consensus through a randomized process that cannot be predicted or influenced. SPoS ensures that malevolent actors cannot bend the rules to their will, safeguarding the network against potential attacks. This spellbinding approach enables large throughput and swift execution, ensuring the efficiency of the platform.
💰 eGold (EGLD): The Native Token of the Realm 💰✨
In the treasure trove of MultiversX lies its native token, eGold (EGLD). This magical currency is used to pay for transactions on the platform, granting users access to the wonders of MultiversX. With listings on major exchanges like Binance and Huobi Global, EGLD has found its way into the hands of many adventurers seeking to explore the vast possibilities of this blockchain realm.
📜 Milestones in the Magical Journey 📜🚩
As MultiversX set forth on its enchanting journey, it achieved remarkable milestones along the way:
🌟 2017: The dawn of MultiversX as Beniamin Mincu and Lucian Todea founded the realm.
🌟 2018: The sharding-based platform is launched, laying the foundation for the grand adventure ahead.
🌟 2019: MultiversX embarks on a quest for funding, raising over $30 million from esteemed investors like Binance Labs, Woodstock Fund, and LD Capital.
🌟 2020: The native token, EGLD, spreads its magical wings as it takes flight on major exchanges, embracing the world of crypto trading.
🌟 2021: A momentous alliance is formed as MultiversX partners with the Elrond Foundation to create a new blockchain ecosystem.
🌟 2022: MultiversX reveals its latest creation - Maiar Exchange, a decentralized exchange that sparks excitement among traders far and wide.
🔍 The Magic Behind MultiversX's Success: Adaptive State Sharding 🔍🔮
One of the most potent enchantments in MultiversX's arsenal is Adaptive State Sharding. This magical technique ensures that shards dynamically merge and split based on network demand, maintaining security and efficiency as the realm grows. With state, network, and transaction sharding all working in harmony, MultiversX weaves a seamless tapestry of high performance and adaptability.
⚙️ The MultiversX WASM VM: Where Smart Contracts Come to Life ⚙️💡
In the realm of MultiversX, smart contracts are brought to life by the MultiversX WASM VM - a blazing fast and secure virtual machine. This mystical engine executes contracts written in WebAssembly, allowing developers to wield the magic of various programming languages that can be compiled to WASM bytecode. While the VM ensures exceptional speed and security, developers can bask in the wonders of Rust, as MultiversX provides a Rust framework with an integrated debugger, making smart contract development a delight.
💼 Users and Nodes: The Key Players in the MultiversX Adventure 💼👥
The realm of MultiversX thrives through the participation of two primary entities - users and nodes. Users, armed with secret and public key pairs, submit signed transactions to the network. Each pair of keys is treated as an account, holding the mystical EGLD tokens and associated mapping storage. Wallets serve as the magical guardians of these keys, securing the treasures within.
Nodes, the loyal companions of the realm, perform tasks requested by users. Node operators, who hold multiple nodes, stake substantial amounts of EGLD tokens as collateral, vouching for their nodes' correctness and performance. These staked nodes ascend to the coveted status of validators, participating in consensus and reaping rewards for their valor.
🌐 Rounds and Epochs: The Passage of Time in MultiversX 🌐⌛
In the land of MultiversX, time is divided into rounds and epochs. Each round, lasting a mere 6 seconds, witnesses the selection of validators for consensus through the magic of SPoS. Validators with higher ratings, earned through past contributions, are more likely to be chosen, promoting a fair and efficient network.
Epochs, a sequence of rounds, maintain a consistent network configuration, adapting to processing loads and network size between each epoch. The metamorphosis between epochs allows the network to reconfigure its topology, calculate rewards, and embark on new adventures in the magical realm.
🧙♂️ The Wonders of Cross-Shard Transactions 🧙♂️✉️
In the enchanting world of MultiversX, cross-shard transactions weave a tapestry of magical communication between shards. Utilizing an asynchronous model, these transactions first undergo validation and processing in the sender's shard before venturing to the receiver's shard for completion. The power of the metachain notarizes and finalizes the cross-shard transactions, ensuring their safe and swift journey.
💡 Final Thoughts: A Journey to Watch 💡🌟
In the vast and enchanting world of blockchain, MultiversX shines as a beacon of hope, wielding the powerful magic of sharding and Secure Proof of Stake to achieve unparalleled scalability and efficiency. With every step forward, this remarkable company holds the potential to transform distributed apps and pave the way for mainstream adoption of blockchain technology.
To soar even higher, MultiversX could focus on expanding its array of decentralized applications, forging partnerships with enterprise clients, and amplifying its marketing endeavors to captivate a broader audience. As this magical journey unfolds, we eagerly anticipate the next enthralling chapters in the captivating story of MultiversX - a tale of innovation, resilience, and limitless possibilities in the realm of blockchain! 🚀🔮✨
Sources:
\=>https://multiversx.com/
\=>https://docs.multiversx.com/
\=>https://github.com/multiversx
\=>https://en.multiversxwiki.com/
\=>https://iq.wiki/wiki/multiversx