MultiverseX (EGLD) is an effort to cash in on the metaverse fad. Interest levels show that effort is sort of working.
MultiverseX was CoinMarketCap’s second-most trending cryptocurrency on 27 April 2023, for example. Similarly, Mr. Market was paying $43.68 for EGLD on 28 April 2023. Conversely, MultiverseX’s price fell from $86 on 31 May 2022.
MultiverseX is the token and protocol formerly known as the Elrond Network. They rebranded it in Novemeber 2022 to cash in on the Metaverse hype. Elrond is a Lord of the Rings character.
What is MultiverseX (EGLD)?
They changed the name to MultiverseX to capitalize on a pop culture trend. A multiverse is a collection of many alternate universes.
DC Comics popularized the multiverse concept in the 1960s and 1970s with universes such as Earth Two and Earth Three. In recent years, popular movies such as the Avengers films and Everything Everywhere All at Once use the multiverse as a plot device.
Hence, MulitverseX is leveraging geek culture to appeal to investors. However, a quick glance at MultiverseX’s website shows an ordinary decentralized finance (DeFi) protocol and blockchain.
Inside MultiverseX
xPortal is the center of MultiverseX’s ecosystem. xPortal is a DeFi app that offers a digital wallet, chat, and a portal to MultiverseX blockchain.
They claim the MulitverseX blockchain had processed 314.423 million transactions on 3,300 validator nodes as of 27 April 2023. Importantly, they claim it costs $0.00218 to process a MultiverseX transaction. In contrast, yCharts estimates the average Bitcoin (BTC) transaction cost $55.97 on 26 April 2023.
Hence, I think MulitverseX is a DeFi protocol that reduces the cost of payment processing. Thus, I believe the true value of MultiverseX is the ability to process transactions at a low cost.
What is a Self-Sovereign Blockchain?
They claim you can deploy MultiverseX’s sovereign blockchain model; and core applications in minutes through xFabric. To explain, a self-sovereign blockchain model allows decentralized identity management.
Hence, modules and validatators verify users’ identities rather than a centralized authority. Theoretically, a self-sovereign blockchain increases security because hackers have to crack many modules to steal identities.
Conversely, a hacker can steal all the identities in a centralized blockchain by cracking one app. One advantage to self-sovereign blockchains is to reduce the size and power of virtual machines. To explain, a virtual machine is the digital computer that runs a blockchain.
Some blockchains rely on gigantic digital computers, such as the Ethereum Virtual Machine (EVM). In contrast, a sovereign blockchain is a network of many smaller virtual machines. To elaborate, each MultiverseX node is a smaller virtual machine.
A Blockchain of Metaverses
The next step at MultiverseX is the world creation engine, or xWorlds. They call the engine a network of interoperable metaverses.
Hence, the world creation engine builds metaverses. I consider xWorlds a “build-your-own-metaverse” kit. They have not launched xWorlds yet, but they are building the world creation engine. Thus, there is no evidence xWorlds is real or works.
Thus they hope to build a blockchain of metaverses at MultiverseX. In detail, xPortal will serve as the gateway to the blockchain of metaverses. xWorlds will allow entrepreneurs and designers to build metaverses for specific uses, such as gaming.
MultiverseX’s xMoney Crypto app will allow mulitverse builders to accept cryptocurrency payments fast. The xMoney Fiat app will allow MulitverseX users to accept fiat currency payments at “competitive rates.” An xExchange will allow users to swap assets fast at a cheap price. xSpotlight will allow users to create and trade nonfungible tokens (NFTs).
What value does eGold (EGLD) Offer?
eGold (EGLD) is not a gold stablecoin such as Tether Gold (XAUt) or Pax Gold (PAXG). To explain, Tether Gold and Pax Gold tokens contain smart contracts that represent ownership in gold they keep in a vault somewhere.
Instead, eGold (EGLD) is the MultiverseX Network’s native token. To explain, they use a native n for functions such as staking, governance, transactions, smart contracts, and validator rewards.
CoinMarketCap gives eGold a $43.68 Coin Price, a $1.107 billion Market Capitalization, a $1.372 billion a Fully Diluted Market Cap, and a $55.451 million 24-Hour Market Volume on 28 April 2023. Plus, MulitverseX had a $55.413 million Centralized Exchange (CEX) Volume on 28 April 2023.
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