MultiversX. Have you heard about it? If you have, skip this article. If you haven’t, this is a good start for researching this new brand. As this is what it is: a brand. It’s not a new product, it’s just a brand.
What is MultiversX?
MultiversX is the new brand name of Elrond, the Romanian blockchain technology company. The Elrond team decided they needed a new brand name, and they came up with MultiversX, which is quite catchy, to be honest.
If you access Elrond’s website, one pop-up tries to persuade you to access the new website. Here you find that MultiversX is built from first principles, to solve the two fundamental problems critical for widespread, global adoption: a transition from dialup to broadband and a significant UX paradigm shift.
Elrond is now MultiversX, but why MultiversX? Well, MultiversX sounds so catchy because it is easy to remember. Firstly, you have the multiverse, which is a set of a finite or infinite number of universes. It makes you think about infinite dimensions and possibilities. Besides, the name Multiverse sounds quite similar to Metaverse, the cyberspace promised by giants like Facebook (now Meta) or Google.
But there’s more to it than meets the eye: the X at the end is so intriguing these days, as it simply sells. SpaceX, Elon Musk’s company, has made the X famous. Now, MultiversX borrows this fame and tries to make a bold move with the help of the rebranding process.
MultiversX is a highly scalable, secure and decentralized blockchain network created to enable radically new applications, for users, businesses, society, and the new metaverse frontier.MultiverseX website
Anyway, it seems to be a good move, especially after Elrond had problems with the security of its platform.
Currently, Elrond wants to shift into the development of metaverses, as Cointelegraph explains.
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, MultiverseX CEO for Cointelegraph
What is the native token of MultiversX
As expected, eGold (EGLD) remains the native token of MultiversX after rebranding. EGLD has a price of nearly USD 58, as displayed on Coinmarketcap.com, but it could grow following the announcement.
Elrond decided to announce the rebranding at the X Day in Paris, an event telling the world not only the new name but also the new ambitions of the Romanian entrepreneurs, such as to enable radicle new applications and technologies.
So, Elrond, the Romanian blockchain company, takes a bold step forward in developing metaverses. Is it going to compete with the other players on the market? So far, it is the only company positioned so well in blockchain technology, and it can use it to create one blockchain metaverse. Why not? Why wouldn’t the metaverse be a blockchain product? Ultimately, it is a product used by masses, stored in any device and secured to the last bit.