MultiversX launches Bitcoin and Ethereum compatible Sovereign Chain

MultiversX, a European-based blockchain network, today launched its highly anticipated solution, Sovereign Chains, in a live streaming demonstration.

Sovereign Chains represents a significant leap forward in the pursuit of seamless cross-chain operations by providing an on-demand sovereign execution environment and meta-coordination layer for major layer 1 blockchains such as Bitcoin, Ethereum, Solana, and others.

In a live demo, MultiversX showcased the superiority of Sovereign Chains, highlighting its ability to process over 75,000 transactions per second.

“This high-performance solution enables an integrated, seamless, and interconnected blockchain ecosystem that is accessible to every builder today,” said Beniamin Mincu, co-founder of MultiversX Labs, highlighting the transformative impact of Sovereign Chains.

One of the great features of Sovereign Chains is its native interoperability, which addresses the current limitations of layer 2 solutions that often rely on management frameworks.

Unlike traditional bridging mechanisms, Sovereign Chains leverages MultiversX’s cross-shard transaction and processing model, allowing ecosystems to interact seamlessly without compromising security or decentralization.

Builders leveraging the Sovereign Chain SDK have access to numerous customization options to tailor their public or private blockchain to their specific needs. Specifically, developers can leverage MultiversX’s shared security through a dedicated re-staking module called Gravity Layer. This promises to significantly improve EGLD’s staking yield and promote the launch of a powerful sovereign chain.

Sovereign Chains also offers a new approach to token interoperability, eliminating the need for cumbersome wrapping mechanisms. Tokens across the Sovereign Chain function as globally composable assets, creating a cohesive and interconnected blockchain ecosystem.

“Most teams that have announced sovereign chain solutions have hinted at the possibility of airdrops to attract community attention,” MultiversX said in a statement.

Also Read: MultiversX Launches xSpotlight, New Web3 Culture Hub

Update 1: At a live demo event yesterday, MultiversX recorded 70,000 transactions per second. (Previously mentioned 1000,000. Update will be available from MultiversX. May 24, 2024 1:00 PM UTC