Elrond Network, a blockchain protocol that was created to match the growth of today’s internet and digital ecosystem, has announced that it will be transforming and expanding into MultiversX, a high-powered protocol with a focus on Web3 and the Metaverse. Elrond Network was designed to match the growth of today’s internet and digital ecosystem.
The decision was made public during the X-Day event that is presently taking place in Paris, and it was afterward confirmed on Twitter by the official account of Beniamin Mincu, who is the Chief Executive Officer of the protocol.
The switch from Elrond Ecosystem to MultiversX is significant because it reflects a profound transformation in the company’s underlying philosophy and priorities. Given the increasing interest in the Metaverse, the decision to shift focus there via the practical MultiversX protocol is a long overdue update.
During X Day event’s first edition held in Paris, organized by the Elrond Network, the company’s CEO, Beniamin Mincu, stated:
“We’re excited to tell you that starting today, Elrond is transforming and expanding into the MultiversX. With this new technology, our product set expands with a new constellation of projects. (…) We want to encourage people, companies, and countries to build new applications”.
While Mincu conceded that the MultiversX protocol is a new obstacle, he did say that it would serve as a crucial foundation or link between universes.
MultiversX is vital to Mincu’s vision since he believes blockchain technology will be important in developing the Metaverse. Changing the name of the Elrond Network means updating all of its protocols to reflect the new brand.
Because of this, Elrond Explorer is now called Xexplorer, and the well-known Maiar Exchange has been rebranded as Xexchange. The X-Day will be a landmark event, marking the debut of some of the most cutting-edge Web3 initiatives.
It is styled in a way that makes it functionally analogous to the unique product revelation events hosted by tech giants.
The Launch of 3 New Products:
In the X Day event, which was set to be held from the 3rd-5th of November, the company has also announced the launch of its 3 new metaverse products. These products will be launched as the pillars of its evolution. They include:
- xFabric: It is a basic blockchain application that also functions as a sovereign blockchain module. It will be designed as a ready-to-use application in a matter of minutes and will be fully adaptable to your needs. It will also include a robust collection of features and use cases that apply to any creative endeavor, brand, or business.
- xPortal: It is designed as a SuperApp, serving as a portal leading to the entrance to the Metaverse. It will be where your avatar calls home and a platform that will help you with everything about finances and socializing. Call it a debit card, Friends, chitchat, and general socializing – the platform will be open to participation from everyone around the globe.
- xWorlds: It is a platform built in collaboration with Improbable to enable previously unimaginable new experiences. It is tightly connected with both xPortal and xFabric.
Elrond’s MultiversX will continue to expand on the incredible success of the Elrond Network, technology, community, and ecosystem in light of the announced products and updates. It will continue developing the pioneering scalable blockchain protocol and tools to spread Web3 technology.
Furthermore, it will broaden and enhance the original scope, providing a once-in-a-generation opportunity for its millions of users and thriving ecosystem to lead the once-in-a-generation social shift to the Metaverse.