Cryptocurrency Q&A
Why did Elrond change to MultiversX?
Why did Elrond change to MultiversX?
Starlight
Sun Jun 23 2024
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7 answers
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Could you elaborate on the reasoning behind Elrond's transition to MultiversX? There seems to be a significant shift in direction, and I'm curious to understand the motivation and strategic value behind this move. Did the platform identify a gap in the market that MultiversX could better address? Or was it a technological advancement that drove this change? Additionally, how does this transition align with Elrond's overall vision and goals for the future? Clarifying these points would help us gain a deeper understanding of this significant development.
7 answers
SamsungShiningStar
Tue Jun 25 2024
Elrond, denoted as EGLD, is a blockchain-oriented platform that leverages Web3 technologies to deploy decentralized applications (DApps) and tailor-made use cases.
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SamsungSpark
Tue Jun 25 2024
The EGLD token serves as the native currency of the Elrond platform, enabling holders to engage in staking and other crucial network transactions.
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InfinityEcho
Tue Jun 25 2024
Stakeholders can utilize EGLD to support the network's operations and receive rewards in return for their contributions.
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Giulia
Tue Jun 25 2024
Despite its initial promise, Elrond faced challenges and underwhelming performance, prompting the team to consider a strategic shift.
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Raffaele
Mon Jun 24 2024
In light of these difficulties, Elrond made the decision to rebrand itself as MultiversX, signifying a fresh start and new direction for the platform.
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