MultiversX revolutionises blockchain interoperability with its Sovereign Chains
Raphaël Wernert
5/31/24
MultiversX recently announced the launch of its Sovereign Chains, an innovative solution designed to provide sovereign execution environments and advanced interoperability for layer 1 blockchains such as Bitcoin, Ethereum and Solana. This modular plug-and-play technology facilitates exchanges between networks, guaranteeing optimum security and reduced costs.
Sovereign Chains are distinguished by their native interoperability capability, surpassing current layer 2 solutions that often rely on centralised custody systems and non-decentralised sequencers. Using the cross-shard transaction model and the MultiversX network, Sovereign Chains eliminate the need for traditional bridges and wrapped tokens, transforming tokens into global, composable assets.
In a live demonstration, the MultiversX community proved the effectiveness of Sovereign Chains by processing more than 100,000 transactions per second. Beniamin Mincu, CEO of MultiversX Labs, emphasised that this performance now enables a unified, transparent and interconnected blockchain ecosystem, accessible to all developers today. "During a live demonstration, our community proved the massive efficiency of Sovereign Chains by processing more than 100,000 transactions per second. With this step, the most powerful solution enables a unified, transparent and interconnected blockchain ecosystem. It is now available to all developers from today."
In practice, Sovereign Chains are interoperable blockchains designed to meet the needs of a wide range of sectors, including healthcare, education, government services, the financial system and supply chain management. For example, in the video game industry, they enable seamless interoperability, allowing players to exchange game assets between different chains with negligible costs. In the public sector, they can improve transparency and trust in services such as land registration or digital identities.
Tweet presenting Sovereign Chains
Developers using the Sovereign Chain SDK will benefit from a high level of customisation to build public or private blockchains. They will be able to define the gas token themselves, use multiple virtual machines simultaneously (such as the EVM and MultiversX VM), and borrow MultiversX's security, known as shared security, to launch highly mature networks right out of the box. According to MultiversX, ‘developers will be able to truly “borrow” MultiversX's shared security to “bootstrap highly mature networks.”'
This advance will be made possible by the restaking module developed by MultiversX, called Gravity Layer, which should double or triple the current performance of EGLD's staking. Delegators will be able to redirect their collateral to support the new Sovereign Chains.
Finally, it is important to note that most of the teams that have announced Sovereign Chain solutions have mentioned the possibility of airdrops to attract the attention of the community.
All in all, MultiversX's Sovereign Chains represent a major step forward for interoperability and modularity in the blockchain ecosystem, offering a robust and secure solution for a wide range of applications and sectors. As MultiversX stated, "Sovereign Chains are the next evolution in modular and customisable architectures on top of MultiversX. They are an extension of the core ecosystem, perfectly interconnected, built right from day one, with decentralisation, security and composability in mind, as opposed to L2s which are initially centralised."
