Airdrops

MultiversX Debuts Sovereign Chains Compatible with Bitcoin and Ethereum

MultiversX Launches Bitcoin and Ethereum Compatible Sovereign Chains

MultiversX, a Europe-based blockchain network, has officially launched its highly anticipated solution, Sovereign Chains, during a livestream demonstration.

Sovereign Chains is a groundbreaking development in the world of cross-chain operations, providing on-demand sovereign execution environments and a meta-coordinating layer for major Layer 1 blockchains like Bitcoin, Ethereum, Solana, and more.

In the live demo, MultiversX showcased the impressive capabilities of Sovereign Chains, highlighting its ability to process over 100,000 transactions per second.

Beniamin Mincu, Co-founder of MultiversX Labs, emphasized the transformative nature of Sovereign Chains, stating, “This high-performance solution enables a unified, seamless, and interconnected blockchain ecosystem, accessible to all builders today.”

One of the key features of Sovereign Chains is its native interoperability, which addresses the limitations of existing Layer 2 solutions that often rely on custodial frameworks.

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

Developers using the Sovereign Chain SDK have access to a range of customization options, enabling them to tailor public or private blockchains to suit their specific requirements. Additionally, MultiversX’s Gravity Layer, a dedicated restaking module, enhances staking yields for EGLD and supports the launch of robust Sovereign Chains.

Furthermore, Sovereign Chains introduces a new approach to token interoperability, eliminating the need for complex wrapping mechanisms. Tokens within Sovereign Chains function as global composable assets, promoting a cohesive and interconnected blockchain ecosystem.

MultiversX mentioned in a statement that many teams planning Sovereign Chain solutions are considering potential airdrops to attract community interest.

For more information, check out: MultiversX Launches xSpotlight – A New Web3 Culture Hub.

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Company

Get Latest Updates!

    Get all the latest updates on the crypto scene, including access to exclusive airdrops.

    cryptochronicle.xyz @2024. All Rights Reserved.