MultiversX, a smart contract platform, aims to significantly improve the transaction throughput of existing layer-2 blockchain networks with its innovative Sovereign Chains.
By introducing Sovereign Chains, MultiversX offers a blockchain-as-a-service solution that empowers existing layer-2 (L2) networks to inherit MultiversX’s scalability capabilities.
According to Beniamin Mincu, CEO and co-founder at MultiversX, Sovereign Chains can potentially increase the transactions per second (TPS) and smart contract TPS of existing L2 networks by up to 100 times. Mincu explained :
“Sovereign Chains have numerous innovations and robust engineering behind them to achieve such high speeds with relatively affordable hardware – 20 validator nodes running on 16 cores (~4.7GHz), 64GB RAM, 1TB NVME SSD (but we only utilized 10 cores for processing).”
Scalability and high transaction throughput are crucial for unlocking the full potential of blockchain technology in real-world applications, such as micropayments. These applications require networks to process and settle thousands of transactions rapidly and cost-effectively.
Summary Review: MultiversX’s introduction of Sovereign Chains represents a significant advancement in layer-2 blockchain technology, promising to enhance transaction speeds and scalability for various blockchain networks, thereby enabling broader adoption and real-world applications.
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