MultiversX increases the speed of layer-2 transactions with sovereign chains
The Multiverse X smart contract platform can increase the transaction flow of existing layer-2 blockchain networks up to 100 times.
A significant increase in scalability is enabled through MultiversX's recently introduced Sovereign Chains, a blockchain-as-a-service solution that allows existing L2s to inherit the elasticity of MultiversX.
By leveraging sovereign chains, existing L2 networks can increase their transactions per second (TPS) and smart contract TPS by up to 100 times, said Benjamin Minku, CEO and co-founder of MultiversX.
Minku told Cointelegraph:
“Sovereign Chains has countless innovations and hard core engineering behind them to achieve this speed with relatively cheap machines – 20 verification nodes with 16 cores (~4.7GHz), 64GB RAM, 1TB NVME SSD (but we only used 10 cores for processing).”
Scalability and high transaction throughput are essential to realizing blockchain technology's potential in real-world applications such as micropayments, which require a network to settle thousands of transactions quickly and cheaply.
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Will L2s reach 100,000 TPS via Sovereign Chains?
The network achieved 77,000 TPS during the public launch of the Sovereign Chain. This performance is 77 times faster than Solana's industry-leading real-world input, which clocked in at 1,053 TPS.
The MultiversX team is now focused on opening 100,000 TPS portals, Minku said:
“The first Public Sovereign Chain demo has reached a peak of 77,000 TPS, and there is ongoing work to bring this to over 100,000.” […] From communication to networking to the entire marketing journey, it comes down to optimization at every level.
However, unlocking the same amount of testing in real-world conditions is challenging, as confirmed by Solana, according to CoinGecko, only 1.6% was able to achieve its theoretical maximum of 65,000 TPS.
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Interoperability unlocks the true potential of permissionless blockchains.
In addition to increasing throughput, sovereign chains built on Bitcoin, Ethereum, and Solana will increase interoperability of L2s.
This kind of native interaction supported by the chain abstraction can unlock the true potential of decentralized blockchain networks, Minku said.
Ability to jump from one application to another regardless of the origin chain. And to do this with a dynamic user experience, the infrastructure is transformed into invisible layers that only work in the background without the user needing to know the difference.
The current fragmentation of the blockchain ecosystem is making it difficult to use decentralized financial protocols. Users must link assets on cross-chain bridges to connect to other blockchains.
However, Sovereign Chains aims to make L2s on major blockchains more interoperable for developers and end users. Minku explained:
“We are working with sovereign chains to make any resource, protocol, community, capital and opportunity available on Web3. They can be assembled, used and accessed from anywhere by anyone on the chain.
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