What is MultiversX?
Summary
MultiversX is a global network of interconnected computers that adhere to the MultiversX Protocol, providing a robust foundation for communities, applications, organizations, and digital assets. This decentralized platform enables users to create and manage their MultiversX accounts from anywhere in the world, at any time.
With MultiversX, you can explore a vast ecosystem of applications or develop your own, all without relying on a central authority that could alter the rules or limit your access. The core innovation of MultiversX lies in its trustless environment, ensuring that the network remains open, transparent, and secure for all participants.
What is MultiversX?
MultiversX is a distributed transactional computation protocol that relies on a sharded state architecture and a Secure Proof of Stake consensus mechanism. While most other blockchain networks require custom hardware and high energy consumption, MultiversX runs on average computers.
By employing sharding, a method of parallelizing data & transactions processing, MultiversX’s performance will scale up with the number of computers joining the network, reaching more than 100,000 transactions per second while growing increasingly decentralized.
What is a blockchain?
A blockchain is a database of transactions that is continually updated and shared across numerous computers in a network. Each new set of transactions is grouped into a "block," which is added to the chain of previous blocks, hence the name blockchain. Public blockchains like MultiversX enable anyone to add data, but not remove it (immutable). To alter any information or manipulate the system, one would need to compromise the majority of computers on the network, which is an incredibly challenging task. This inherent difficulty makes decentralized blockchains like MultiversX highly secure and trustworthy.
Why would I use MultiversX?
MultiversX is a collaborative story written by all of us, inviting any builder to discover the digital universes that can be built together no matter that it is in DeFi, Gaming or Payments area. MultiversX nodes are distributed to more than 125 different staking providers, ensuring a robust and secure network. It becomes invaluable for individuals facing uncertainty regarding the security, stability, or mobility of their assets due to external forces beyond their control, and thanks to the ESDT standard and guardians that enhance its security.
With transaction costs averaging just $0.002, MultiversX allows anyone to send value at very low costs, making it highly accessible and economical. Whether you are an individual or an enterprise, the low transaction fees ensure that transferring value is affordable and efficient. More on that, if you are a company that does not need any tokens or gas to be paid but only the benefits of a decentralized network, MultiversX offers Sovereign Chains. This solution acts as a response to the appchains movement in the industry. Proven to be the fastest, cheapest, and most composable solutions available, providing enterprises and institutions the opportunity to keep all their operations on-chain. Whether they are permissioned or permissionless, those chains are seamlessly connected to the entire ecosystem of blockchains, thanks to the multi-VM feature, opening up endless possibilities for secure, scalable, and interconnected digital operations.
Important achievements:
- First live blockchain architecture with state sharding on mainnet, running for >4y with 0s downtime
- MainChain: +30,000 TPS(scales > 100kTPS), 6s latency, $0.002/tx
- Sovereign Chains: +78,000 TPS, 1s latency
- xPortal App: buy, store, earn, pay EGLD, BTC, ETH, BNB with more than 1.5M users and >100k WAU (weekly active users)
- Smart Contracts, Staking & Delegation, Tokens, Bridges, Oracles
- Validated through multiple audits from Trail of Bits, RuntimeVerification, Certik & others
- More than 400 dApps already launched on Mainnet and many more in development on Devnet
The official roadmap can be found here: https://multiversx.com/roadmap