MultiversX is a blockchain project focused on innovation and scalability. Its CEO and co-founder is Beniamin Mincu, a prominent figure in the Web3 space. His leadership has positioned MultiversX as a Layer 1 blockchain known for state sharding, strong security features, and energy-efficient operations.
MultiversX aims to support entrepreneurs, developers, enterprises, and government officials. It is building a transparent, collaborative framework for innovation. The platform can handle 263,000 transactions per second and has an ecosystem of over 8,200 dApps and 3,200 nodes.
Before founding MultiversX, Beniamin helped shape blockchain investing through Metachain Capital. There, he supported projects such as Polkadot, Binance, and Tezos. His experience and strategic insight have helped guide MultiversX toward its goals.
In this interview, Beniamin Mincu discusses MultiversX’s mission, the development and impact of Sovereign Chains, and the future of blockchain technology. He explains how MultiversX uses state sharding, addresses technical challenges, improves security, and reaches high transaction speeds.
Q1. Can you give us a brief overview of MultiversX and its mission in the blockchain space?
MultiversX uses scalable, secure, and efficient blockchain technology to create a collaborative framework and composable toolkit. It serves entrepreneurs, developers, enterprises, and government officials.
Our goal is to support transparent innovation. Anyone should be able to create, improve, and connect applications, networks, and systems at scale in a distributed and interoperable way.
After pioneering state sharding in Web3, we introduced features such as meta-transactions, which let third parties pay fees so users can interact with smart contracts without holding the native token. We also introduced native tokenization standards, on-chain 2FA protection, and many other features.
Our carbon-negative and energy-efficient platform can support an extremely high transaction volume of 2.5B daily capacity. It also offers low latency and negligible costs.
Q2. What inspired the development of Sovereign Chains, and how does it fit into MultiversX’s long-term vision?
To compete with Web2 in finance, media, gaming, and the public sector, blockchain must match or exceed legacy technologies. It must also provide strong usability and an intuitive development framework.
That is the rationale behind Sovereign Chains. They extend general-purpose blockchains with a customizable, scalable architecture. They also aim to create a unified Web3 ecosystem that matches or improves on current centralized options.
This approach reflects what we have already built with MultiversX. The network provides a stable, reliable, efficient, and powerful foundation for Web3 builders to create, innovate, and scale.
Now we are applying that approach to the wider crypto space. The vision remains the same.
Q3. Could you explain how Sovereign Chains leverages sharding technology to achieve up to 70,000 transactions per second?
Sovereign Chains are built on MultiversX and benefit from its existing technology. We took the cross-shard module and modified it for native cross-chain operations.
Resources no longer have to be shared with other applications on the same shard. This increases throughput and removes bottlenecks. Sovereign Chains also include extensive configuration options.
Hardcore engineering, the new consensus mechanism, the new state trie model, the new execution way, and the spaceVM work together to deliver a block time of just 1s and 2s finality.
This outperforms the current setup and most benchmarks from other L2 solutions. During a live demo, we set up the first-ever Sovereign Chain in just minutes. Together with the community, we surpassed 70K TPS and demonstrated the efficiency of the architecture.
Q4. What are the main technical challenges you faced while developing Sovereign Chains, and how did you overcome them?
Sovereign Chains faced challenges similar to those encountered by other projects, including Ethereum L2s and Avalanche Subnets. These challenges involved interoperability, composability, security assumptions, and creating an integrated user experience.
The goal is to provide one wallet that works across the Web3 ecosystem. This removes security concerns linked to cross-chain operations and eliminates the need to bridge assets.
Our existing infrastructure supports native cross-chain transactions. This addressed those challenges by removing the need for traditional bridging and wrapping. It also enables smooth asset transfers between chains.
Customizable virtual machines let us transfer MultiversX network capabilities to other chains. They also let each chain tailor its features to specific use cases.
Through the Gravity Layer’s restaking module, users can support the economies of new Sovereign Chains.
Q5. MultiversX is known for features like on-chain 2FA and native standards. How do these features integrate with Sovereign Chains?
All the advanced features that have made MultiversX a premiere destination for builders and users are available by default on Sovereign Chains. On-chain 2FA protection and native standards come from MultiversX’s underlying architecture and security protocols.
Users who activate 2FA need an additional signature for each transaction. The signature comes from their authenticator app and provides multi-factor protection directly on-chain.
Native token standards also remove the need for dedicated smart contracts for token transactions. This reduces attack vectors and supports efficient, cost-effective token transfers.
These tokens also receive strict protocol-level guarantees. Those guarantees prevent malicious functions and support secure, transparent transactions across the chain and network.
Q6. Can you elaborate on how Sovereign Chains will elegantly tie ecosystems without involving traditional bridging or wrapping mechanisms?
The ability to customize and run multiple virtual machines (VMs) in parallel is central to Sovereign Chains. Developers can deploy VMs such as EVM and MultiversX VM on a single chain.
This allows assets and smart contracts to interact without external bridges. Customizable VMs also improve compatibility and performance by adapting execution environments to specific needs.
The multi-VM approach enables direct interactions between blockchain networks. It removes the complexity and vulnerabilities associated with bridges.
Another major innovation is Native Cross Chain operations with Asynchronous Composability between assets, contracts, and complex operations. This architecture supports fluid, secure movement of assets and data across ecosystems without additional wrapping processes.
Q7. How does the concept of ‘borrowing’ security from MultiversX, known as shared security, benefit new blockchain networks?
The Gravity Layer lets Sovereign Chains use MultiversX’s security and trust features without building them from scratch. It does this through a dual-staking model in which both EGLD and the Sovereign Chain’s native token can be staked.
This model reduces the security risks linked to volatility in the native token. It also creates a stable base of economic trust. Validators can support any Sovereign Chain option for Gravity, strengthening security through shared economic incentives and decentralized trust.
The framework lets new projects start with strong security and economic stability. They can innovate and grow without the large initial investment and bootstrapping process required to establish a credibly neutral proof-of-stake network.
Q8. How does the Gravity Layer restaking module work, and what impact do you anticipate it will have on the staking yield for EGLD?
As mentioned before, the Gravity Layer restaking module lets EGLD holders re-stake their tokens on the main MultiversX network and Sovereign Chains.
Users stake EGLD on the mainnet and then lock it for use on Sovereign Chains. This secures both networks at the same time. By participating, users are potentially doubling or tripling their staking yield.
Q9. Can you share more details about the potential airdrops and other incentives designed to attract community attention to Sovereign Chains?
Multiple teams are exploring incentives for their Sovereign Chain instances. These incentives are intended to increase engagement and generate attention.
They include potential airdrops and other reward systems. However, everything is still in its early stages, and the details are being decided on as we speak
We and the Sovereign Chains developer community are considering how to build an active, engaged community. The goal is to support participation in the development and growth of these projects.
Community-building efforts are one of the pillars of our strategy to strengthen and expand the Web3 ecosystem.
Q10. What are the next steps for MultiversX following the launch of Sovereign Chains?
We have an ambitious roadmap ahead. We plan to improve performance and scalability through parallel processing. We also plan to introduce confidential transactions to improve privacy.
On the product side, xExchange V3 will soon launch with an enhanced DeFi experience. xPortal will receive significant updates to its app and card.
We are also advancing xFabric as a leading no-code platform for Web3 engagement. In addition, we are preparing for the next xLaunchpad debut and finalizing details for a major xDay announcement. This marks an active period for the MultiversX ecosystem.
Q11. How do you see the blockchain landscape evolving in the next 5-10 years, and what role do you envision MultiversX playing in that future?
Several trends are driving the blockchain space. These include DeFi growth, the regulatory framework, the prospect of enterprise adoption, and the focus on security.
MultiversX is positioned to work across all of these areas. Sovereign Chains will be one way we do that.
Unlike many centralized Layer 2 solutions, MultiversX takes a trustless approach. Sovereign Chains built on its network will not qualify as custodians and, therefore, will not be regulated as securities.
This approach aligns with regulatory frameworks by emphasizing the utility and governance functions of crypto tokens rather than their speculative aspects.
Sovereign Chains are also flexible enough for corporate and public sector use cases. As regulation progresses and companies use more blockchain capabilities, options such as Sovereign Chains will become necessary for scalability, interoperability, security, and compliance.
That is how we see our role. We are not only creating technology. We are also setting a standard for how the technology should operate. That is our long-term goal.
Q12. What advice would you give to developers and enterprises looking to scale their operations on MultiversX’s blockchain?
The best step for any project is to engage with our community. Teams should test our architecture, try the tools, experience the performance, and speak with us through our community channels.
Many projects have emerged from this kind of exploration within the ecosystem.
We regularly organize developer sessions and one-on-one business conversations for builders. We also run challenges and hackathons for the broader community.
There is a lot to do and learn with MultiversX. Developers can also use our current $1M Sovereign Chains grant program.
Teams should also study the architecture and documentation and review our libraries/SDKs. Our team is available to answer technical questions and guide developers through creating a dApp or Sovereign Chain.
Interview Summary
MultiversX, led by CEO Beniamin Mincu, is focused on blockchain scalability and innovation. In this interview, Beniamin explained how the project is developing Sovereign Chains and using state sharding to increase transaction speeds.
He also described MultiversX’s approach to security and efficiency. Sovereign Chains are designed to extend the network’s capabilities while supporting different use cases.
Beniamin’s plans extend beyond technology. He wants to create a transparent, collaborative framework for entrepreneurs, developers, enterprises, and government officials.
Features such as on-chain 2FA protection and native tokenization standards support the project’s focus on security and usability.
MultiversX is also planning further improvements in scalability, confidentiality, and DeFi. Beniamin’s comments outline how the network intends to compete in the blockchain market and support new projects through Sovereign Chains.
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