As blockchain technology has grown in popularity, a problem has become apparent: the low throughput of blockchain networks and, as a result, their low scalability. There are many projects now aimed at solving this problem. This article is about MultiversX, formerly called Elrond. We'll explore this project, its token EGLD, and its price predictions.

What is MultiversX (EGLD)?

MultiversX is a blockchain platform that aims to provide a high-throughput, scalable, and secure infrastructure for decentralised applications (dApps) and the new internet economy by using sharding.

We are now in the position to create a larger path towards growth, adoption and utility for the real world and the metaverse. – Beniamin Mincu, CEO of MultiversX.

The history of MultiversX

The project was initially named Elrond. Its founders are brothers Beniamin and Lucian Mincu, together with Lucian Todea. The platform development started in 2017.

The CEO of the project is Beniamin Mincu, who has been working with blockchain startups for over four years. He was also responsible for product, marketing and community for the blockchain platform NEM from 2014 to 2015.

The Elrond testnet was launched in May 2019. Initially, Elrond's native cryptocurrency was the ERD token issued in BNB Chain.

In June 2019, a private funding round raised $1.9 million.

In July 2019, an IEO of Elrond was held on Binance Launchpad, raising over $3.2 million. In July 2020, the Elrond mainnet was launched.

In September 2020, the ERD token was swapped for the EGLD cryptocurrency issued on the Elrond network. In November 2022, Elrond changed its name to MultiversX to reflect its interest in the metaverse segment.

MultiversX's features

MultiversX is a blockchain platform with excellent throughput, high scalability, and fast and low-cost transactions. It's distinguished from other blockchain networks by two innovations underlying its architecture: adaptive sharding and the Secure Proof of Stake consensus mechanism.

To process transactions, the network is divided into fragments called shards. Each is assigned to a set of validators. MultiversX features three types of sharding: network, transaction, and state.

1. Network sharding controls how nodes are grouped into shards and can be used to optimise communication.
2. Transaction sharding controls how transactions are mapped to the shards where they'll be processed.
3. State sharding implies that each node stores only a portion of the network state. Each transaction between accounts located in different shards needs to exchange messages and update states in different shards.

Thanks to sharding, parallelisation of processing is implemented, which results in high throughput. According to the developers, the MultiversX mainnet can achieve a throughput of up to 263,000 transactions per second.

A separate group of validators works for each shard, which reaches a local consensus. Validators are determined randomly, which helps to prevent malicious attacks. In addition, validators are shuffled and can be reassigned to another shard.

From the group of validators, one is randomly selected to form a block, and the others confirm its validity. A validator's probability of being selected depends on its stake and rating. The rating of a validator depends on the duration of its activity and the results of its previous activity.

In the MultiversX network, nodes can perform one of three main roles:

1. Validator. Processes transactions and secures the network by participating in the consensus mechanism, for which it earns rewards. To become a validator, a node must stake EGLD tokens.
2. Observer. A node that stores the data of the network. An Observer node is Full if it stores the entire blockchain or Light if it stores information about the last two epochs. Observer nodes don't stake EGLD and don't receive rewards.
3. Fisherman. A node that verifies the validity of blocks proposed by validators. These nodes challenge invalid blocks and are rewarded for this.

The MultiversX Virtual Machine built on WebAssembly (WASM) is used for the execution of smart contracts. It expands the list of languages available for smart contract development to include Rust, C/C++, C#, and Typescript.

EGLD is a native token of MultiversX. Its main purposes are settlements, transaction fees, smart contract deployment, staking and validator rewards. The initial token supply was 20,000,000 EGLD, and new tokens are minted to reward network validators. The maximum supply, however, won't exceed 31,415,926 EGLD.

How to buy and sell MultiversX/Elrond crypto

The EGLD token is traded on multiple crypto exchanges, including StormGain. Buying and selling it is easy.

MultiversX (EGLD) price analysis

As of 31 August 2023, the EGLD token ranked 52nd among cryptocurrencies by market capitalisation at $684,630,291.

EGLD price statistics (as of 31/08/23)

EGLD's price history

After EGLD was listed on crypto exchanges, its price started decreasing and reached its all-time low on 7 October 2020. Then, the token price began to rise sharply along with the rest of the crypto market and reached a local high of $226.55 on 16 April 2021. After a correction in the summer of 2021, the growth resumed, and the price reached its all-time high on 23 November 2021.

However, this was followed by the beginning of a long bearish trend for EGLD, which is still in progress.

EGLD/USDT price chart

EGLD technical analysis

EGLD's price is still in a global bearish trend that started in late 2021. Moving Averages indicate bearish sentiment, but MACD and RSI MA are bullish. In addition, a descending wedge pattern has formed on the chart, which additionally shows a possible growth.

At the same time, the price is moving along the lower boundary of the downward channel, which it left on 17 August, and trading volumes are low. The hourly chart also shows that a local ascending wedge has formed.

The nearest support levels are $24.00 and $20.50. The nearest resistance levels are $28.00 and $30.00.

MultiversX (EGLD) price prediction 2023

At the moment, EGLD's price continues to decline, and it's too early to talk about a change of trend. However, in case of a serious crypto market recovery in the rest of 2023, EGLD also has a good chance to finally break the bearish trend.

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MultiversX / Elrond (EGLD) crypto price prediction for 2023, 2025, 2030 and 2040

MultiversX is an ambitious and prominent project. It's understandable that forecasting services haven't ignored it. We have compiled the predictions made by some of the most popular ones.

CryptoNewsZ's EGLD price prediction for 2023, 2025, 2030 and 2040

CryptoNewsZ predicts that EGLD's price will increase in the coming years. According to their calculations, it'll be in the range of $35.05 - $85.14 in 2023, in the range of $75.82 - $109.15 in 2024, in the range of $96.11 - $138.36 in 2025 and the range of $313.44 - $451.22 in 2030.

Bitcoin Wisdom's EGLD price prediction for 2023, 2025, 2030 and 2040

Bitcoin Wisdom agrees that the token's price will increase but believes the growth will be slower. They believe the average price will reach $36.76 in 2023, $57.77 in 2024, $84.03 in 2025, and $215.33 in 2030.

Cryptopolitan's EGLD price prediction for 2023, 2025, 2030 and 2040

Cryptopolitan's forecast is very optimistic. According to them, the price will be $72.15 in 2023, $103.81 in 2024, $152.29 in 2025, and $1,086.68 in 2030.

CoinCodex's EGLD price prediction for 2023, 2025, 2030 and 2040

CoinCodex believes EGLD's price will be in the range of $26.50 - $209.11 in 2024, in the range of $72.05 - $182.17 in 2025 and the range of $147.35 - $186.51 in 2030.

DigitalCoinPrice's EGLD price prediction for 2023, 2025, 2030 and 2040

DigitalCoinPrice also anticipates the token's price to rise. According to their estimates, the token will be worth $56.95 at the end of 2023, $58.56 at the end of 2024, $85.05 at the end of 2025 and $263.22 at the end of 2030.

Price Prediction's EGLD price prediction for 2023, 2025, 2030 and 2040

Price Prediction believes the average price will be $48.83 in 2023, $70.95 in 2024, $104.11 in 2025, and $693.95 in 2030.

CryptoPredictions' EGLD price prediction for 2023, 2025, 2030 and 2040

CryptoPredictions expects a fairly slow and smooth price increase. According to them, it'll be $27.51 at the end of 2023, $34.04 at the end of 2024, $43.26 at the end of 2025, and $58.04 at the end of 2027.

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MultiversX (EGLD) overall future value predictions

Is MultiversX/Elrond crypto a good investment?

MultiversX is a promising project. Thanks to its architecture and innovations, it has good potential. The throughput of the MultiversX network makes it one of the fastest blockchain networks currently available. However, despite all the advantages, the project has several drawbacks and red flags:

• Competition. Many large blockchain projects are now trying to solve the problem of scalability using a variety of innovative approaches. There are many competitors in this area, both among Layer-1 and Layer-2 projects.
• Centralisation concerns. Not only is a fairly prominent portion of the token supply controlled by the project team, but the project's governance is also essentially centralised.
• Change of focus. Previously positioning itself as the "fastest blockchain", the project switched to the more specialised topic of metaverse, which was a hype topic at the time. This may indicate an attempt to capitalise on the hype after failing to achieve global adoption.

Will MultiversX/Elrond reach $1000?

If the project team can attract app developers' and users' interest in the platform, achieving this price is realistic.

How high can the EGLD coin go?

In case of positive news from the project team, EGLD's price can exceed $115 and possibly approach its all-time high during the next bull run.

MultiversX (EGLD) price prediction today

Despite the uncertainty on the chart, the price is still more likely to decline in the near term, with a possible test of the support level at $24.00. If the breakout of the lower boundary of the downward channel is confirmed and the price returns to it, the price is very likely to test the resistance level at $28.00.

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