What is MultiversX?
Elrond is a blockchain network that aims to be a much faster and more scalable alternative to other blockchains.
Similar to Ethereum’s blockchain, developers will be able to build decentralized apps (dApps) on the Elrond network. But Elrond also has ambitions of achieving full cross-chain interoperability — meaning it can be connected to other blockchain ecosystems to perform transactions and execute smart contracts, without the need to use exchanges as a medium of connectivity.
Through an advanced data dividing technique known as “Sharding” the Elrond blockchain aims to be more efficient than competing networks by enabling quicker execution of smart contracts and allowing for more transactions per second to happen on the network.
The Elrond network used to use an ERC-20 and BEP-2 token, known as ERD. However, it has since migrated to its own native network token, known as EGLD.