The Elrond blockchain (EGLD) announces a complete overhaul of its ecosystem by making a transition to the Metaverse and Web3. As a result, Elrond changed its name to MultiversX and introduced a wide range of new tools to its users, revising its existing functionality.
Elrond now changes his goal by aiming at the metaverse
Founded in 2017, Elrond is a decentralized (fast) blockchain network designed to provide a multitude of applications, as an alternative to the existing global economic infrastructure.
Behind the concept, the project is particularly focused on developing tools to build a financial ecosystem on its blockchain using a dedicated cryptocurrency (ELGD).
Elrond (EGLD), decentralized blockchain aimed at developing the Internet of the future, has therefore announced a paradigm shift to become MultiversX, a new complete ecosystem focused on the Metaverse and the digital world.
MultiversX believes it has found a solution to facilitate virtual interaction and generate excitement in its community.
In other words, MultiversX will continue its initial project through its blockchain and all the tools that contribute to Elrond’s success, in terms of technology, community or entire ecosystem. But today, MultiversX has expanded its reach and hopes to create opportunities for the Web3 community to be at the heart of the transition to the Metaverse.
During the demo, the company showed its roadmap for building its open virtual world, with a beta launch on December 10 and an official launch next year. MultiversX is currently recruiting the first 10,000 contributors who will be able to use this metaverse as a preview.
xPortal, the new Maiar
While some competing metaverses are working hard to generate regular usage for their solution, the MultiversX team is stepping up their work on the community side.
Through avatars (via xPortal, which in turn will be the successor of the Maiar app), participants will be able to interact with other members, buy and sell goods and services. The founders of the project wanted to emphasize the commercial part of their service, hoping to attract the biggest brands in the real world.
An application that has long been limited to the exchange and storage of cryptocurrencies on the Elrond blockchain, Maiar (the new xPortal) will play a decisive role: the application will bridge the gap between the real and virtual world.
In addition to the Web3 experience, xPortal will allow any user to be rewarded with cryptocurrencies while immersed in various metaverses. Additionally, xPortal will provide access to many now essential tools such as trading, farming, staking, or even interacting with the various decentralized applications of the MultiversX network.
Finally, as part of a partnership with Mastercard, people wishing to interact in the Metaverse will have the opportunity for the first time to own a virtual credit card. And to ensure the connection between the physical world and the virtual world, the latter can also have a map in the real world.
Instant messaging services and many games are directly accessible from it. As for the application specific wallet, it will be renamed xWallet. It will store cryptocurrencies but also NFT and can also be used in xWorlds.
France is positioning itself in the digital sector
A wind of optimism is blowing for the French crypto ecosystem. A few days ago, the Minister of Finance, Bruno Le Maire, told his colleagues at BFM TV that he wanted to “make the EU the first economic region in the world in terms of infrastructure and organization of the cryptocurrency market. We want France to be the European center of the cryptocurrency ecosystem. “
As part of the Elrond X Day conference, taking place at the Palais Brongniart in Paris, Jean-Noël Barrot, minister responsible for digital transformation, also took the opportunity to reaffirm Emmanuel Macron’s desire to position France as a reference point for innovation, digital revolution, blockchain and metaverse.