By
Mayowa Adebajo
April 10th, 2024
The transition to MultiversX means a lot for Elrond Ecosystem as it represents a tectonic shift in ideology, and core pursuits.
Elrond Network, a blockchain protocol designed to match the growth of today’s internet and digital ecosystem has announced that it is transforming and expanding into MultiversX, a high-powered protocol with a focus on Web3 and the metaverse.
The move was announced at the ongoing X-Day event currently ongoing in Paris and was later confirmed on Twitter via the official account of Beniamin Mincu, the Chief Executive Officer of the protocol.
Today, a new chapter begins.
A bridge between worlds, at the intersection of worlds, and across worlds.
This is our new challenge. Our new vision.
@ElrondNetwork transforms and expands into MultiversX. pic.twitter.com/lpk8qvTu1I
— Beniamin Mincu | MultiversX.com 🔥🛠️ (@beniaminmincu) November 3, 2022
The transition to MultiversX means a lot for Elrond Ecosystem as it represents a tectonic shift in ideology, and core pursuits, all of which are beyond just the name change. The pivot into the metaverse through the functional MultiversX protocol is a long-due revamp considering the growing attention that the metaverse is now commanding across the board.
“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”, said Beniamin Mincu, CEO of Elrond Network, during the first edition of the X Day event, organized by the company in Paris. The X-Day event is set to span between November 3-5.
While Mincu acknowledged that the MultiversX protocol represents its new challenge, he noted that it will form a major basis or bridge to connect one world to another.
Mincu’s vision centers on the trust that blockchain technology can play a central role in the evolution of the metaverse, and MultiversX will play a central role in this. This transformation is sweeping, that is, the protocols running on the Elrond Network will now also be revamped to based on the new name.
In this light, the popular Maiar Exchange will now be revamped to Xexchange, while Elrond Explorer becomes Xexplorer. The plan for the X-Day is that it will serve as a reference point for the introduction of some of the most innovative projects the Web3 world has seen.
It is patterned such that it can serve similar functions as the special product revelation events that are organized by tech giants including but not limited to Meta Platforms Inc (NASDAQ: META), Apple Inc (NASDAQ: AAPL), and Tesla Inc (NASDAQ: TSLA).
Elrond Network Race for the Metaverse Control: The Big Guns to Beat
If the pursuit of the metaverse were to be a competition, then the Elrond Network rebranded to MultiversX can be said to be tracking Facebook’s parent company Meta.
Just a little more than a year ago, Meta Platforms changed its name from Facebook as it highlighted efforts to concentrate its core business model toward developing the metaverse. The firm has made good on its plans since it changed its name, however, it has hit significant losses in its metaverse unit.
Should a similar trend be predicted for the MultiversX protocol, it may face a tough headwind in its bid to be amongst the most recognized pioneers for the metaverse.