MultiversX's Sovereign Chains: Revolutionizing Layer-2 Blockchains with 100x Transaction Boost
Summary:
The MultiversX blockchain platform is set to drastically increase the transaction capacity of existing layer-2 (L2) blockchain networks through its recently launched Sovereign Chains. The service aims to extend MultiversX's scalability potential to existing L2 networks, providing a potential transaction boost of up to 100 times the current rate. The platform reached a throughput of 77,000 transactions per second in its inaugural public operation. In addition to enhanced throughput, Sovereign Chains also promises enhanced interoperability for L2s developed on Bitcoin, Ethereum, and Solana.
The MultiversX blockchain platform is set to potentially amplify the transaction capacity of existing layer-2 (L2) blockchain networks by a factor of 100. This major leap in scalability is made possible through MultiversX's recently unveiled Sovereign Chains, a service that operates as a blockchain within a blockchain, empowering existing L2s to tap into MultiversX's scalability potential.
CEO and Co-founder of MultiversX, Beniamin Mincu, clarified that by employing Sovereign Chains, the current L2 networks can bolster their transactions per second (TPS) and smart contract TPS by as much as 100 times. According to Mincu, Sovereign Chains combine numerous innovative approaches and sophisticated engineering infrastructures to deliver high speeds even on relatively affordable machinery.
Having a high transaction throughput and scalability is crucial for the realization of blockchain technology, especially in real-world applications such as micropayments which necessitate swift and economically efficient transaction settlements.
Indeed, during the first public showcasing of the Sovereign Chain, the network managed a remarkable throughput rate, hitting 77,000 TPS. This speed is almost 77 times greater than Solana, an industry forerunner with a maximum real-world throughput of only 1,053 TPS. Now, the MultiversX team has its sights set on achieving the highly coveted 100,000 TPS mark.
However, replicating such intense throughput in a real-world setting is a daunting task, a fact underscored by Solana's performance which only managed to hit 1.6% of its theoretical limit of 65,000 TPS.
In addition to enhancing throughput, the Sovereign Chains also culminate in greater interoperability for L2s developed on Bitcoin, Ethereum, and Solana. This native interoperability provides a seamless user experience jumping from one blockchain application to another. It also solves the current problem of blockchain segmentation that complicates the execution of decentralized finance (DeFi) operations.
Lastly, the Sovereign Chains aim at enhancing interoperability among the leading blockchains thereby making global every asset, protocol, community, capital, and opportunity currently found in Web3, accessible from anywhere by anyone on-chain.
Published At
6/11/2024 3:59:37 PM
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