MultiversX Unveils Sovereign Chains in Livestream Demo, Revolutionizing Cross-Chain Operations
In a groundbreaking livestream demonstration today, Europe-based blockchain network MultiversX unveiled its highly anticipated solution, Sovereign Chains, marking a significant milestone in the realm of seamless cross-chain operations.
Sovereign Chains introduces on-demand sovereign execution environments and a meta-coordinating layer for leading Layer 1 blockchains like Bitcoin, Ethereum, Solana, and more. During the live demo, MultiversX showcased the impressive capabilities of Sovereign Chains, demonstrating its ability to process over 75,000 transactions per second.
Beniamin Mincu, Co-founder of MultiversX Labs, highlighted the transformative impact of Sovereign Chains, emphasizing its role in creating a unified and interconnected blockchain ecosystem accessible to all builders. One of the standout features of Sovereign Chains is its native interoperability, addressing the limitations of traditional Layer 2 solutions that often rely on custodial frameworks.
Unlike conventional bridging mechanisms, Sovereign Chains leverages MultiversX’s innovative cross-shard transaction and processing model, enabling seamless interaction between ecosystems without compromising security or decentralization. Builders utilizing the Sovereign Chain SDK gain access to a wide range of customization options, allowing them to tailor public or private blockchains to their specific requirements.
Notably, developers can leverage MultiversX’s shared security through the Gravity Layer, a dedicated restaking module that enhances staking yields for EGLD and facilitates the launch of robust Sovereign Chains. Additionally, Sovereign Chains offers a unique approach to token interoperability, eliminating the need for cumbersome wrapping mechanisms and allowing tokens to function as global composable assets.
MultiversX hinted at possible airdrops to attract community attention, further enhancing the appeal of Sovereign Chains. The network also announced the launch of xSpotlight, a new Web3 culture hub, showcasing its commitment to innovation and community engagement.
Update: During the live demo event, MultiversX recorded 70,000 transactions per second, correcting the earlier figure mentioned. This update was provided by MultiversX at 1 PM UTC on May 24, 2024.
