In the fast-paced world of blockchain technology, MultiversX is at the forefront of driving innovation and scalability. Leading this groundbreaking project is Beniamin Mincu, the CEO and Co-founder of MultiversX, a prominent figure in the Web3 space. Beniamin’s vision and leadership have positioned MultiversX as a top-tier Layer 1 blockchain solution known for its state sharding technology, robust security features, and energy-efficient operations.
With a mission to empower entrepreneurs, developers, enterprises, and government officials, MultiversX is focused on creating a transparent and collaborative framework that promotes radical innovation. The platform’s impressive capacity to handle 263,000 transactions per second and its thriving ecosystem of over 8,200 dApps and 3,200 nodes underscore its commitment to scalability and efficiency.
Prior to founding MultiversX, Beniamin played a key 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 driving MultiversX towards its ambitious goals.
In an 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 achieving unprecedented transaction speeds, and from addressing technical challenges to enhancing security, Beniamin provides a comprehensive overview of how MultiversX is setting new benchmarks in the blockchain industry.
Q1. Can you provide 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 for entrepreneurs, developers, enterprises, and government officials. The goal is to enable transparent and radical innovation, allowing seamless creation, augmentation, and interconnection of applications, networks, and systems at scale in a distributed and interoperable manner.
Q2. What inspired the development of Sovereign Chains and how does it align with MultiversX’s long-term vision?
Sovereign Chains aim to extend the capabilities of general-purpose blockchains by providing a customizable and scalable architecture while creating a unified Web3 ecosystem that surpasses centralized options. It mirrors MultiversX’s goal of providing a stable, reliable, efficient, and powerful foundation for Web3 builders to create, innovate, and scale.
Q3. How does Sovereign Chains leverage sharding technology to achieve high transaction speeds?
Sovereign Chains benefit from MultiversX’s robust technology, including a cross shard module modified for native cross-chain operations. This setup eliminates resource sharing with other apps on the same shard, increasing throughput numbers and providing extensive configuration options for Sovereign Chains.
Q4. What were the main technical challenges in developing Sovereign Chains and how were they overcome?
Developing Sovereign Chains posed challenges in interoperability, composability, security, and offering an integrated experience. However, existing infrastructure allowed for native cross-chain transactions, addressing challenges without traditional bridging and wrapping, and enabling smooth asset transfers between chains.
Q5. How do features like on-chain 2FA and native standards integrate with Sovereign Chains?
Advanced features of MultiversX, such as on-chain 2FA protection and native standards, are available by default on Sovereign Chains. These features are leveraged from MultiversX’s architecture and security protocols, providing users with multi-factor protection and efficient, secure token transfers.
Q6. How do Sovereign Chains tie ecosystems without traditional bridging or wrapping mechanisms?
Sovereign Chains utilize customizable virtual machines to deploy various VMs on a single chain, ensuring seamless asset and smart contract interactions without external bridges. This multi-VM approach enhances compatibility and performance, facilitating secure interactions across blockchain networks without bridge-related complexities.
Q7. How does ‘borrowing’ security from MultiversX benefit new blockchain networks?
The Gravity Layer allows Sovereign Chains to utilize MultiversX’s security features without building them from scratch, enhancing security and trust through shared economic incentives and decentralized trust. This shared security framework provides new projects with high security and economic stability, fostering innovation and growth.
Q8. How does the Gravity Layer restaking module impact staking yield for EGLD?
The Gravity Layer restaking module allows EGLD holders to re-stake tokens on both the main MultiversX network and Sovereign Chains, potentially doubling or tripling staking yield. By participating in this system, users secure both networks simultaneously while enhancing the staking ecosystem.
Q9. What incentives are in place to attract community attention to Sovereign Chains?
Teams exploring Sovereign Chains are considering incentives like airdrops and rewarding systems to engage the community. Efforts to foster a vibrant and engaged community are essential for the development and growth of Sovereign Chains, aligning with MultiversX’s strategy to expand the Web3 ecosystem.
Q10. What are the next steps for MultiversX post-Sovereign Chains launch?
MultiversX plans to implement performance and scalability improvements, introduce confidential transactions, launch xExchange V3 for an enhanced DeFi experience, update xPortal, advance xFabric as a leading no-code platform, debut xLaunchpad, and make a major xDay announcement, marking an exciting period for the MultiversX ecosystem.
Q11. How do you see the blockchain landscape evolving, and what role will MultiversX play in the future?
The blockchain space is evolving with trends like DeFi growth, regulatory frameworks, enterprise adoption, and security focus. MultiversX, through Sovereign Chains, aims to lead by emphasizing trustless approaches, regulatory compliance, and flexibility for corporate and public sector use cases, setting benchmarks for technology conduct in the long term.
Q12. What advice do you have for developers and enterprises looking to scale operations on MultiversX’s blockchain?
Engage with the MultiversX community, test the architecture, tools, and performance, participate in developer sessions, and take advantage of the Sovereign Chains grant program. Familiarize yourself with the architecture, documentation, and libraries/SDKs, and seek assistance from the team in creating dApps or Sovereign Chains.