MultiversX, a Europe-based blockchain network, launched its highly anticipated solution, Sovereign Chains, in a livestream demonstration today.
Sovereign Chains represents a significant leap forward in the quest for seamless cross-chain operations, offering on-demand sovereign execution environments and a meta-coordinating layer for leading Layer 1 blockchains such as Bitcoin, Ethereum, Solana, and others.
During the live demo, MultiversX showcased the prowess of Sovereign Chains, highlighting its capability to process over 75,000 transactions per second.
Beniamin Mincu, Co-founder of MultiversX Labs, emphasized the transformative impact of Sovereign Chains, stating, “This high-performance solution enables a unified, seamless, and interconnected blockchain ecosystem, accessible to all builders today.”
One of the standout features of Sovereign Chains is its native interoperability, addressing the current limitations of Layer 2 solutions that often rely on custodial frameworks.
Unlike traditional bridging mechanisms, Sovereign Chains leverages MultiversX’s cross-shard transaction and processing model, enabling ecosystems to seamlessly interact without compromising security or decentralization.
Builders leveraging the Sovereign Chain SDK gain access to a myriad of customization options, empowering them to tailor public or private blockchains to their specific needs. Notably, developers can harness MultiversX’s shared security through a dedicated restaking module, dubbed the Gravity Layer, which promises to significantly enhance staking yields for EGLD and facilitate the launch of robust Sovereign Chains.
Moreover, Sovereign Chains offers a novel approach to token interoperability, eliminating the need for cumbersome wrapping mechanisms. Tokens across Sovereign Chains function as global composable assets, fostering a cohesive and interconnected blockchain ecosystem.
“The majority of teams that have announced Sovereign Chain solutions have hinted at possible airdrops to attract community attention,” MultiversX said in a statement.
Read Also: MultiversX Launches xSpotlight – A New Web3 Culture Hub
Update 1: During the live demo event yesterday, MultiversX recorded 70,000 transactions per second. (earlier it was mentioned 1000,000. Update provided by MultiversX. 1 PM UTC, 24 May 2024