MultiversX
Crypto Overview
Understanding MultiversX (EGLD)
MultiversX (formerly known as Elrond) is a highly scalable, fast, and secure blockchain platform designed for distributed apps, enterprise solutions, and the new internet economy. The platform utilizes 'Adaptive State Sharding' technology and its 'Secure Proof of Stake' (SPoS) consensus mechanism to provide high throughput and fast execution.
Intended Utility
EGLD serves multiple purposes within the MultiversX ecosystem: It functions as the native currency for transaction fees, staking for network security, and rewards for validators. The platform enables developers to build decentralized applications (dApps) and enterprise-level blockchain solutions.
Actual Utility and Adoption
MultiversX has demonstrated significant real-world adoption through: Development of the Maiar payment app and DEX, Integration with major traditional payment systems, Partnerships with corporate entities for blockchain solutions, Active validator network with over 3,200 nodes, Growing ecosystem of dApps and DeFi protocols.
Token Distribution and Governance
The initial token distribution was relatively fair, with 19% allocated to the team and advisors with a 4-year vesting period. The remaining tokens were distributed through private sale (19%), public sale (25%), ecosystem rewards (17%), and community rewards (20%). The team has consistently delivered on development milestones and maintains transparent communication.
Technology and Revenue Model
The platform generates revenue through transaction fees, which are distributed to validators and delegators through the SPoS mechanism. While staking is a core component, it functions as a network security mechanism rather than an interest-bearing scheme, making it potentially compliant with Islamic principles.
Crypto Impact
To assign a comfort level investing in MultiversX from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to MultiversX.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.