Sibiu, Romania, May 23, 2024 (GLOBE NEWSWIRE) -- MultiversX officially presents Sovereign Chains, its solution to provide on-demand sovereign execution environments and offer a meta-coordinating layer for Bitcoin, Ethereum, Solana and other vibrant L1s.
In a livestream demo today, the Europe-based blockchain network has presented Sovereign Chains; a plug and play modular technology stack that is composable to the mainchain and offers a new path for cross-chain operations with other L1s.
In addition to inheriting the massive performance and unique MultiversX features like on-chain 2FA and native standards, the upcoming network of networks enabled by Sovereign Chains is designed to offer a unified interchain experience for the first time, which is long overdue for blockchain technology.
“During today's live demo, our community proved the massive efficiency of Sovereign Chains by processing over 70,000 transactions per second. With this step, the most high performance solution enables a unified, seamless and interconnected blockchain ecosystem. This is now accessible to all builders, today.”
– Beniamin Mincu, MultiversX Labs Co-founder.
Another standout advantage outlined in the presentation is the native interoperable capability. The current state of L2s still sits in the spectrum of custodial solutions with admin keys and sequencers yet to be decentralized. Sovereign Chains, on the other hand, will leverage the existing cross-shard transaction and processing model of the MultiversX network. This will allow to elegantly tie ecosystems without involving the traditional way of bridging or mechanisms of wrapping. Tokens across Sovereign Chains will therefore act as global composable assets.
Builders using the Sovereign Chain SDK can access a high level of customization for their own public or private blockchain, ranging from defining the gas token to simultaneously using multiple virtual machines, such as the EVM together with the MultiversX VM. Perhaps more importantly, they’ll also be able to truly ‘borrow’ security from MultiversX, widely-known as shared security, to bootstrap highly matured networks from the get-go.
This will be possible through a MultiversX-developed restaking module, called Gravity Layer, which will supposedly double to triple the current yield for staking EGLD, allowing delegators to redirect their collateral towards supporting new Sovereign Chains. The majority of teams that have announced Sovereign Chain solutions have hinted at possible airdrops to attract community attention.
Learn more about Sovereign Chains: https://multiversx.com/sovereign-chains
About MultiversX
MultiversX is a highly scalable public blockchain via sharding, decentralized through 3,000+ validator nodes, built to solve the three fundamental problems critical for widespread, global adoption: transition from dial-up to broadband, significant UX paradigm shift, and simplicity of self-custody.
