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Opera browser is collaborating with MultiversX, a blockchain platform focusing on the metaverse, to integrate support for its expanding ecosystem.
MultiversX and Opera Simplifying Web3 Access
Opera users can now explore the decentralized internet within the browser’s interface and engage with the MultiversX network. They can also transact using the network’s native tokens, EGLD or ESDT, connect with MultiversX-based non-fungible tokens (NFTs), and access decentralized applications built on the network.
❗️@Opera browser has completed @MultiversX $EGLD integration
From now on, the Opera browser will serve as an entry point to the MultiversX ecosystem and its products, enabling users to interact with $EGLD, $ESDT tokens, #NFTs, and manage transactions.
👉 https://t.co/kkZDTx3ddX pic.twitter.com/OW9LVpQRGY
— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) May 19, 2023
MultiversX is integrating its network into Opera, providing users with a simpler path into the Web3 ecosystem. This integration allows MultiversX to leverage the potential of Web3 in a way that is accessible and familiar to users.
By being integrated into Opera’s browser suite, MultiversX aims to create a user-friendly entry point to the world of Web3 and blockchain assets, eliminating the need for users to understand the underlying complexities. The integration will be available on Opera’s desktop browser and an Android experience that grants access to MultiversX-based sites. MultiversX aims to make Web3 interoperable and easily accessible for new users.
To achieve this, they launched the Web3 “super app” portal, an all-in-one platform for accessing decentralized applications and metaverses. Additionally, MultiversX has partnered with Tencent, the Chinese technology company behind WeChat, to assist in developing its Web3 strategy.
Rebranding Elrond to MultiversX: Changes and Considerations for Investors
In a rather significant outcome, the Elrond blockchain recently rebranded as MultiversX (EGLD-USD), deviating from its original vision as “eGold.” MultiversX aims to be a versatile platform for decentralized applications. The updated network metrics show improved throughput with Adaptive State Sharding, processing thousands of transactions per second. MultiversX ensures network security through its Secure Proof of Stake (SPoS) consensus mechanism, protecting against attacks. It has also made progress in decentralization by implementing a fair node selection process. However, potential investors should be mindful of risks such as market volatility, regulatory uncertainties, and competition from other blockchain platforms.
Investor Concerns Mount Over MultiversX’s Centralization and Governance Model
Investors have raised concerns about MultiversX’s level of centralization and transparency following its rebranding from Elrond. The project’s governance structure remains opaque, with plans to outline it in a future paper after the network’s official launch.
Utilizing an off-chain governance approach for speed and efficiency raises questions about decentralization and community involvement. In contrast, other rebranded blockchains like Polygon have achieved widespread network usage and are built upon proven Layer 1 chains. These concerns prompt investors to carefully assess the risks and implications of supporting MultiversX compared to other blockchain projects.
The resolution of these concerns will shape MultiversX’s future adoption in the broader blockchain community. MultiversX’s network construction shows promise and is attracting a growing number of wallet addresses. The rebranding to MultiversX has played a significant role in expanding the NFT community. However, concerns have emerged regarding the network.
The NFT space is highly competitive, making it unlikely for most NFT communities to succeed. Some crypto investors may find the level of centralization in MultiversX to be higher than acceptable. The shift to the “multiverse” brand aims to scale a blockchain that has struggled to gain widespread adoption.
Furthermore, the presence of an empty treasury wallet raises red flags. The crypto industry carries substantial risks, with numerous blockchain projects anticipated to fail. MultiversX faces challenges in terms of user adoption, prompting EGLD holders to explore alternative options.
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