We all know bitcoin is a pioneer in blockchain technology with high security, but scalability is its limitation with only 7 TPS ( transactions per second), the scalability of Ethereum is 10 TPS. This limitation has resulted in increasing transaction fees and delayed processing of transactions. In fact, until today, there is no blockchain has achieved all three elements: decentralization, security and scalability at the same time. Understanding this problem, MultiVAC wants to be the first blockchain solution to achieve all conflicting variables through a sharding model.
1. What is technology of MultiVAC?
MultiVAC is the combination of three technologies: Sharding model based on Verifiable Random Functions (VRF), UTXO model with miners dynamically selected through a probability model, and PoIE – a method to validate the correctness of smart contract executions. With new tests in the technology as well as business model, MultiVAC team is trying to build stategic competitive advantages in comparison with other competitors in the market such as Zilliqa or Quarkchain.
2. MultiVAC’s sharding technology
a. Sharding based on Verifiable Random Functions (VRF)
Verifiable Random Functions is a popular technology in blockchain project, such as Ontology. VRFs are pseudorandom functions such that the functions' user can produce a proof allowing all parties to verify the function with following characteristics:
- 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.
b. UTXO Model
The use of sharding and VRF will create a problem for the connection and synchronization between different shards. To solve this issue, Zilliqa and Elastico use shared ledger to record all the transactions. However, this solution will require a large amount of money and complicated algorithms. Understanding these problems,
MultiVAC use UTXO model. Instead of being processed through many shards, each transaction is distributed by the network into different shards according to its account number, such that all the transactions of any given account are executed on the same shard. In fact, when using this method, there will be a potential problem, hackers will try to tamper with transactions or to perform double payment. In these cases, they will only need to attack specific shards, as opposed to the network as a whole, and this increases the chances of a successful attack. To prevent this, MultiVAC uses dynamic shard adjustment, to keep the users (or miners) on the same shard and randomly move the miners (or users) to different shards in a continuous fashion.
3. The technology of MultiVAC compared to its competitor.
Without discussing the topic of growth (2 projects Zilliqa and QuarkChain are two projects with strong growth in the application of the concept of sharding), MTV has differences in the mode of consensus and how to approach system construction. One unique feature of MultiVAC is flexibility, at present, there is no blockchain has achieved all three elements: decentralization, security and scalability at the same time. However, as it is mentioned above, MultiVAC provides a flexible platform to adjust between three features while Zilliqa and Quarkchain contain all transaction records in all nodes. When talking about security, sharing transaction data is a very important thing. Nevertheless, MultiVAC is quite different, it provides complete sharing technologies for transactions, calculations, storage and shipping.
In MultiVAC blockchain, if you need more security, you can choose a segment with more nodes. And if you need more transaction speeds, you can choose fewer segments. The biggest difference of MultiVAC with other projects is the application of sharding technology but still balancing 3 important factors that make 1 blockchain more perfect, that is: decentralization, security and scalability and MultiVAC’s flexibility is definitely a big advantage.
4. Conclusion
From the idea, the team as well as the advisors of MultiVAC, we can see this is a very promising project. With the success of sharding technology from previous projects, MultiVAC will have more chances to be successful and have better outcomes than its competitor.
More info about MultiVAC:
• Website: https://www.mtv.ac
• Telegram ANN: https://t.me/MultiVACMTV
• Telegram Chat: https://t.me/MTVCommunity
• Twitter: https://twitter.com/MultiVAC_Global
About Syndicator Org:
• Website: https://syndicator.in
• Telegram: https://t.me/syndicator_org
• Twitter: http://twitter.com/syndicator_org