What you need to know about the project, MTV token and MTV trading campaign
Is there a complete solution to the Trilemma problem? Whether you are a Blockchain enthusiast or a Blockchain developer building your own decentralized application (Dapp), you have probably heard of the Trilemma issue that exists in every Blockchain project.
Simply put, the trilemma issue states that it is not possible for a project to achieve security, scalability and be decentralized at the same time.
For example, the Bitcoin and Ethereum Blockchains are secure and decentralized but are not scalable. Whereas secure and scalable projects like EOS have sacrificed decentralization.
MultiVAC is the latest Blockchain project that provides a novel solution to this problem through a sharding model that uses the Verifiable Random Function (VRF) In addition, developers have the flexibility to decide for themselves which tradeoffs they want to make when building their own applications.
Read on to find out more about our latest listing.
The MultiVAC Concept
For users who are not familiar with the concept of sharding, it is important to understand the current method of bookkeeping in the Bitcoin and Ethereum network.
Under the Proof of Work consensus mechanism, transactions are handled one at a time, with all the nodes in the network handling the transactions. While this ensures security and decentralization, computing power is not used efficiently and transaction speed is slow.
Sharding is seen as a promising solution to tackle the scalability problem, while not compromising on security and decentralization. Under the concept of sharding, the entire network is divided into different pathways that process transactions in parallel.
Each pathway will have nodes assigned to them and transactions processed can be traced back. However, this brings about a security issue- a single shard is easier to be compromised. To tackle this, MultiVAC has implemented the Verifiable Random Function.
Verifiable Random Function (VRF)
By randomly allocating nodes to specific shards, hackers face increased difficulty in attacking a single shard. According to the MultiVAC Whitepaper, VRF fulfills three properties on the protocol
- It can be used to verify that a random number generator has provided a rigorous level of randomness
- It is impossible to predict or control
- It is a non-interactive algorithm and so can be implemented with lower-cost and higher efficiency
This further ensures the security of the network, as hackers cannot predict which nodes will be randomly picked and the function does not take a huge load on the network.
Furthermore, the use of VRF brings about both equitability and efficiency in the network, as there is no centralization of mining power and transactions are processed in an efficient manner.
If you are a technical user, watch the MultiVAC Testnet demo for a better understanding of the platform.
Achieving In-Shard Consensus
How can we sync up all the transactions processed in each shard and account for transactions across shards? Security and costs are the key factors to consider for this issue.
MultiVAC has come up with the UTXO mechanism to solve this issue. Under the UTXO mechanism, each account is designated to a specific shard and transactions are processed under that same shard. In this case, all cross-shard transactional data are read-only.
Confirmation of funds is only conducted when it is spent, with no processing required by the recipient. Miners are dynamically moved from the shards they were allocated to, ensuring the security of the individual shards. In addition, in-node consensus algorithms that make it difficult for a network fork are employed.
MultiVAC Storage and Transmission
The computational aspect of Blockchain projects has been the sole focus of many when it comes to solving the trilemma issue. Storage and transmission have arguably been neglected by most Blockchain projects.
That is not the case with the MultiVAC project.
Merkle roots are used for distributed storage and retrieval, whereby a small set of data can be retrieved and verified for its authenticity without requiring the complete data set to be stored in a centralized location. A VRF sharded storage mechanism is utilized as well.
With regards to transmission, MultiVAC has acknowledged the importance of developing an appropriate incentive mechanism. However, due to the complexity of this issue and transmission operations of the ecosystem being closely linked to computing and storage, the transmission is not an urgent objective for the project now.
The native token of the MultiVAC platform has the following utility, as shared by Frank Lyu, CEO of MultiVAC during a recent AMA session:
（1）Proof of Stake to be a miner node and a storage node
（2）Transaction gas fees
（3）Block generating reward for miners
（4）Storage infrastructure reward/fees for storage nodes
（5）Flexible fees of smart contract executions in a free market
（6）Voting, depositing and other functions
The MultiVAC project is led by CEO Frank Lyu, who has prior experience working as a technical director and data engineering expert at Chinese conglomerate Meituan-Dianping. The company has raised $15 Million from several private investors, most notably NEO Global Capital, Signum Capital and Arrington XRP.
While the team faces intense competition in the Blockchain protocol field, the complete approach they take towards solving fundamental issues in Blockchain technology and flexibility offered to developers are strong selling points for the Blockchain community.
Take Part In The MultiVAC Campaign
To celebrate this listing, we are hosting two campaigns on ABCC Exchange- “Trade to Win” and “Mine to Win” with a total prize pool of 1 Million MTV tokens. Please refer to this announcement for full details.