MultiversXEGLD

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FAQ About EGLD

• What Is MultiversX (EGLD)?

  MultiversX is an innovative blockchain protocol that offers true horizontal scalability by utilizing all aspects of sharding (Network, Transaction, and State). Positioned as a comprehensive technology ecosystem for the new internet, MultiversX aims to seamlessly integrate decentralized finance (DeFi), real-world assets, and the Metaverse into its platform. The protocol is designed for high throughput, boasting a smart contract execution platform capable of processing up to 100,000 transactions per second, with 6-second latency and minimal transaction fees of just $0.002.
  EGLD: The Native Token of MultiversX
  At the core of the MultiversX ecosystem is the EGLD token (Electronic Gold), which is crucial for the network's governance and security. As the native token of MultiversX, EGLD serves multiple key roles:
  Store of Value: Used as a currency to pay for network usage.
  Medium of Exchange: Facilitates transactions between platform users and validators.
  Transaction Fees: Users pay transaction fees in EGLD, while validators participate in securing the network through consensus.
  Unlocking Smart Contracts and dApps with EGLD
  EGLD enables developers to deploy smart contracts, protocols, and decentralized applications (dApps) on the MultiversX platform. This provides participants with the necessary tools to interact with the blockchain, from network actions to transaction processing.
  Through staking rewards, validation rewards, and transaction fees, EGLD plays a pivotal role in managing the MultiversX network. Additionally, EGLD serves as a governance token, empowering holders to vote on critical network decisions.

• How to buy EGLD

  To buy EGLD, you can follow these general steps:
  
  1. Choose a cryptocurrency exchange and Create an Account
  Start by selecting a reputable and reliable cryptocurrency platform that supports EGLD trading. You can also buy EGLD here on Toobit. Sign up.
  
  2. Complete Verification (Not Mandatory):
  Read our How to Complete Identification on Toobit guide for more information.
  
  3. Deposit Funds:
  Deposit funds into your Toobit account. This could be done via credit/debit cards, or your crypto wallet.
  
  4. Navigate to EGLD:
  Once your account is funded, navigate to the Markets section of the platform.
  
  5. Buy EGLD:
  Locate EGLD in the list of available cryptocurrencies.
  Place a buy order. Read our How to Buy Crypto on Toobit guide for more information.

• How to Sell EGLD?

  You can sell EGLD to USDT here on Toobit. Read our guide on How to Trade Spot on Toobit for more information.

• What is EGLD price Now?

  Are you looking for EGLD Price? Live EGLD price is updated in real-time on Toobit.

• How to Withdraw EGLD on Toobit?

  You can withdraw EGLD and other crypto tokens into USDT here on Toobit. Read our How to Withdraw Crypto on Toobit guide for more information.

• How does MultiversX work?

  MultiversX leverages a unique adaptive state sharding technology to achieve scalability while providing the infrastructure needed to support a growing number of applications and transactions on the blockchain. This cutting-edge technology divides the MultiversX network into four separate shards:
  Three execution shards that process transactions, handling up to 5,400 transactions per second.
  One coordination shard, known as the Metachain, which ensures the synchronization and governance of the network.
  MultiversX's adaptive state sharding architecture shards the state, transactions, and the network itself, allowing for unparalleled scalability. The system is capable of dynamically increasing throughput by adding additional shards when necessary, ensuring efficient performance even during high demand periods.
  Additionally, MultiversX fosters innovation by supporting developers on its platform. Developers can earn 30% of smart contract fees as royalties, incentivizing the creation of decentralized applications (dApps) and smart contract solutions on the network.

• What are the potential use cases for MultiversX?

  MultiversX aims to revolutionize the cryptocurrency and blockchain space by providing a high-performance platform for deploying smart contracts, decentralized applications (dApps), and blockchain protocols. With its scalable infrastructure, MultiversX empowers participants to seamlessly execute any network action and interact with decentralized networks.
  The EGLD token, MultiversX's native cryptocurrency, plays a pivotal role in managing the ecosystem. It is used to facilitate staking and validation compensation, cover transaction fees, and ensure network security. Moreover, EGLD functions as a governance token, enabling holders to vote on crucial network upgrades and protocol changes, ensuring decentralized decision-making.
  Positioned as a robust platform for decentralized finance (DeFi), fintech innovations, and the Internet of Things (IoT), MultiversX is driving forward the next generation of blockchain solutions for a wide range of industries.

• What is the history of MultiversX?

  MultiversX, co-founded in late 2017 by brothers Beniamin and Lucian Mincu and Lucian Todea, was created to address the critical issue of blockchain scalability. Recognizing scalability as a major barrier to the blockchain industry's growth, the founders set out to develop a high-performance solution. Before establishing MultiversX, the Mincu brothers co-founded MetaChain Capital, a digital asset fund, and ICO Market Data, a leading aggregator of Initial Coin Offerings (ICOs).
  First announced in August 2019, MultiversX went live with its mainnet in July 2020. The project positions itself as a blockchain platform for the new internet economy, with a focus on enabling decentralized applications (dApps) and supporting enterprise use cases.
  A standout feature of MultiversX is its unique scalability, as it is the first blockchain to fully implement state, network, and transaction sharding. This innovative architecture enables high throughput and low latency, making it a powerful choice for businesses and developers seeking to build on the blockchain.

• MultiversX (Elrond) Price Prediction Indicators

  Moving averages are among the most widely used price prediction tools for MultiversX (EGLD). A moving average calculates the average closing price of EGLD over a chosen time frame, breaking it down into equal periods. For instance, a 12-day simple moving average (SMA) for EGLD adds up the closing prices of EGLD over the past 12 days, then divides the sum by 12.
  Beyond the simple moving average (SMA), traders frequently use the exponential moving average (EMA). Unlike the SMA, the EMA gives more weight to recent prices, allowing it to react more swiftly to recent price movements and trends in the EGLD market.
  The 50-day, 100-day, and 200-day moving averages are some of the most commonly employed technical indicators in the cryptocurrency market to pinpoint key resistance and support levels for EGLD. If the price of EGLD crosses above one of these moving averages, it is typically viewed as a bullish signal for MultiversX. On the other hand, a drop below these important moving averages often indicates a potential weakness in the EGLD price trend.
  Additionally, traders often rely on indicators like the Relative Strength Index (RSI) and Fibonacci retracement levels to help forecast the future price direction of MultiversX (EGLD).

• How to read MultiversX (Elrond) charts and predict price movements?

  Candlestick charts are one of the most popular tools used by cryptocurrency traders because they provide more detailed information than simple line charts. These charts display the price action of MultiversX (EGLD) with varying levels of granularity. Traders can choose different time frames to analyze EGLD price trends, such as a 5-minute candlestick chart for short-term price movements, or a weekly candlestick chart for long-term trend analysis. Common timeframes also include 1-hour, 4-hour, and 1-day candlestick charts.
  To better understand how candlestick charts work, let's look at the 1-hour candlestick chart. Each candlestick represents EGLD price action within a specific 1-hour period. These candlesticks provide key information, including the opening price, closing price, and the highest and lowest prices that MultiversX (EGLD) reached within the hour.
  An important aspect to consider when analyzing candlestick charts is the color of the candle. A green candlestick indicates that the closing price is higher than the opening price, suggesting a bullish market trend. In contrast, a red candlestick indicates that the closing price is lower than the opening price, signaling a potential bearish trend. Some charts may use hollow or filled candlestick bodies instead of colors to convey the same information.

• What affects the price of MultiversX (Elrond)?

  The price action of MultiversX (EGLD), like any other cryptocurrency asset, is primarily driven by the forces of supply and demand. These dynamics can be significantly impacted by fundamental events, including block reward halvings, hard forks, and protocol upgrades. Additionally, external factors such as regulations, government adoption, cryptocurrency exchange hacks, and other real-world events can cause fluctuations in the price of EGLD. As a result, the market capitalization of MultiversX (EGLD) can experience rapid changes in a short period.
  When making a MultiversX (EGLD) price forecast, many traders also monitor the activity of EGLD whales. These ""whales"" are individuals or entities that control significant amounts of EGLD. Since the MultiversX (EGLD) market is still relatively small compared to traditional financial markets, the actions of these whales can have a substantial impact on EGLD price movements.