Elrond (EGLD) formerly known as MultiversX, is a decentralized public blockchain designed to provide high speed, scalability, and ease of use. EGLD is the network's native crypto token used for payments, smart contract execution, and earning rewards through a Proof-of-Stake consensus mechanism.

Elrond, formerly MultiversX, uses a new architecture called Adaptive State Sharding, which allows parallel processing of transactions in different fragments (shards) simultaneously. This increases the scalability of the network and enables the handling of thousands of transactions per second.

Elrond also implements a Secure Proof-of-Stake (SPoS) system to achieve consensus and validate transactions. In SPoS, validators are randomly selected and must deposit a certain amount of EGLD as collateral (stake) to participate in the consensus process.

The network offers powerful and efficient smart contract execution capabilities using modern programming languages. This enables the development of complex decentralized applications (DApps).

With a focus on adoption, Elrond provides SDKs and development tools to facilitate the integration of blockchain into existing products and services.