In the fast-paced world of blockchain technology, MultiversX is at the forefront of driving innovation and scalability. Leading the charge is Beniamin Mincu, the CEO and Co-founder of MultiversX. As a prominent figure in the Web3 space, Beniamin’s vision and leadership have positioned MultiversX as a top-tier blockchain solution known for its state sharding technology, robust security features, and energy-efficient operations.
MultiversX’s mission is to empower entrepreneurs, developers, enterprises, and government officials by creating a transparent and collaborative framework that fosters radical innovation. With an impressive capacity of handling 263,000 transactions per second and a thriving ecosystem of over 8,200 dApps and 3,200 nodes, MultiversX is committed to scalability and efficiency.
Before founding MultiversX, Beniamin played a pivotal role in shaping the blockchain investment landscape through Metachain Capital, supporting projects like Polkadot, Binance, and Tezos. His extensive experience and strategic insights have been instrumental in guiding MultiversX towards its ambitious goals.
In this exclusive interview, Beniamin Mincu shares insights into MultiversX’s mission, the development and impact of Sovereign Chains, and the future of blockchain technology. From leveraging state sharding to achieve unprecedented transaction speeds to addressing technical challenges and enhancing security, Beniamin provides a comprehensive overview of how MultiversX is setting new benchmarks in the blockchain industry.
Q1. Can you give us a brief overview of MultiversX and its mission in the blockchain space?
MultiversX leverages highly scalable, secure, and efficient blockchain technology to create a collaborative framework and composable toolkit for all stakeholders. Our mission is to enable transparent and radical innovation, allowing anyone to seamlessly create, augment, and interconnect applications, networks, and systems in a distributed and interoperable way. We have pioneered state sharding technology in the Web3 space and introduced future-proof features like meta-transactions and native standards for tokenization. Our carbon-negative and energy-efficient platform can handle an extremely high transaction volume with low latency and negligible costs.
Q2. What inspired the development of Sovereign Chains, and how does it fit into MultiversX’s long-term vision?
Sovereign Chains were developed to extend the capabilities of general-purpose blockchains by providing a customizable and scalable architecture. Our goal is to create a truly unified Web3 ecosystem that surpasses the experience of legacy technologies. It mirrors what we have already done with MultiversX by providing a stable, reliable, efficient, and powerful foundation for Web3 builders. Sovereign Chains aim to create a unified blockchain environment that is better than current centralized options.
Q3. How does Sovereign Chains leverage sharding technology to achieve up to 70,000 transactions per second?
Sovereign Chains are built on top of MultiversX, benefiting from our robust technology. By modifying and improving our existing cross shard module for native cross chain operations, Sovereign Chains eliminate bottlenecks and vastly increase throughput. We have also provided extensive configuration options for Sovereign Chains. Our hardcore engineering, new consensus mechanism, state trie model, execution way, and spaceVM enable faster block time and finality, outperforming other L2 solutions. In a live demo, we have already achieved over 70,000 transactions per second with the community.
Q4. What were the main technical challenges faced while developing Sovereign Chains, and how were they overcome?
Developing Sovereign Chains presented challenges in terms of interoperability, composability, security assumptions, and creating a novel integrated experience. However, our existing infrastructure and native cross-chain transactions addressed these challenges. This eliminated the need for traditional bridging and wrapping, allowing for smooth asset transfers between chains. Customizable virtual machines enable the transfer of MultiversX network capabilities to other chains, tailoring features to specific use cases. The Gravity Layer’s restaking module allows users to support the economy of new Sovereign Chains.
Q5. How do features like on-chain 2FA and native standards integrate with Sovereign Chains?
All the advanced features of MultiversX, including on-chain 2FA protection and native standards, are available by default on Sovereign Chains. These features are leveraged from the underlying architecture and security protocols of MultiversX. On-chain 2FA protection requires an additional signature for each transaction, providing users with multi-factor protection directly on-chain. Native token standards eliminate the need for dedicated smart contracts, reducing attack vectors and ensuring efficient, cost-effective token transfers with protocol-level guarantees.
Q6. How does Sovereign Chains elegantly tie ecosystems without involving traditional bridging or wrapping mechanisms?
Sovereign Chains achieve ecosystem integration by allowing the deployment of multiple virtual machines (VMs) on a single chain. Developers can deploy various VMs, such as EVM and MultiversX VM, ensuring seamless asset and smart contract interactions without external bridges. Customizable VMs enhance compatibility and performance, tailoring execution environments to specific needs. This multi-VM approach facilitates secure interactions across blockchain networks, eliminating complexities and vulnerabilities associated with traditional bridging processes. Native Cross Chain operations and Asynchronous Composability enable fluid and secure asset and data movement across ecosystems.
Q7. How does the concept of ‘borrowing’ security from MultiversX benefit new blockchain networks?
The Gravity Layer allows Sovereign Chains to utilize the security and trust features of MultiversX without building them from scratch. This is achieved through a dual-staking model, where both EGLD and the Sovereign Chain’s native token can be staked. The shared security framework mitigates the risk of security issues and creates a stable base of economic trust. Validators can support Sovereign Chains, enhancing security through shared economic incentives and decentralized trust. This allows new projects to start with high security and economic stability, fostering innovation and growth without heavy initial investment.
Q8. How does the Gravity Layer restaking module work, and what impact will it have on the staking yield for EGLD?
The Gravity Layer restaking module enhances the staking ecosystem by allowing EGLD holders to re-stake their tokens on both the main MultiversX network and Sovereign Chains. This involves staking EGLD on the mainnet and then locking it for use on Sovereign Chains, securing both networks simultaneously. By participating in this system, users can potentially double or triple their staking yield.
Q9. Can you share more details about the potential airdrops and other incentives designed to attract community attention to Sovereign Chains?
Various teams working on their Sovereign Chains are exploring incentives like airdrops and rewarding systems to generate community attention. However, the details are still being decided upon. The goal is to foster a vibrant and engaged community to support the development and growth of Sovereign Chains. Community-building efforts are a key part of our strategy to solidify and expand the Web3 ecosystem.
Q10. What are the next steps for MultiversX following the launch of Sovereign Chains?
We have an ambitious roadmap ahead. We plan to implement performance and scalability improvements, introduce confidential transactions for enhanced privacy, and launch xExchange V3 for an enhanced DeFi experience. We are also updating xPortal and advancing xFabric to become a leading no-code platform for Web3 engagement. Additionally, we are preparing for the next xLaunchpad debut and a major xDay announcement. These initiatives mark an exciting period for the MultiversX ecosystem.
Q11. How do you see the blockchain landscape evolving in the next 5-10 years, and what role do you envision MultiversX playing in that future?
The blockchain landscape is driven by trends such as DeFi growth, regulatory frameworks, enterprise adoption, and security. MultiversX is well-positioned to execute on all these fronts, especially with the help of Sovereign Chains. Unlike centralized Layer 2 solutions, MultiversX’s trustless approach ensures compliance with regulatory frameworks and emphasizes the utility and governance functions of crypto tokens. Sovereign Chains offer high flexibility for corporate and public sector use cases. As regulation progresses and companies seek to leverage blockchain capabilities, Sovereign Chains become essential for scalability, interoperability, security, and compliance. MultiversX aims to set the benchmark for how technology conducts itself in the long run.
Q12. What advice would you give to developers and enterprises looking to scale their operations on MultiversX’s blockchain?
Engage with our community, test our architecture, try our tools, and experience the performance. We organize developer sessions, business conversations, challenges, and hackathons to facilitate learning and exploration within the ecosystem. Familiarize yourself with our architecture, documentation, and libraries/SDKs. Our team is always available to answer technical questions and guide you through the process of creating your dApp or Sovereign Chain. Take advantage of our Sovereign Chains grant program to support your project.
