MultiversX blockchain: a large library of metaverses and solutions

MultiversX is a peculiar crypto project that enables people, among other things, to create and maintain Metaverses in the exact way they see fit. They are small virtual worlds that serve many different functions. Although it's in the name, it's not really the primary product to be found on this blockchain.

It's more about creating decentralized solutions (apps, finance, or NFT-based products) or however you see fit. It's very flexible, scalable, and sustainable. The idea is that you can also integrate these functions with a virtual world that you yourself create. Moreover, you can create sub-blockchains that only follow your rules.

In short, you can create an entirely independent platform within this larger blockchain and do anything with it.

What is MultiversX?

The project entered development in 2017 and was released in 2020 as a fully independent blockchain. It's ambitious, but its self-described ecosystem seems compact and well-defined. It's a web of smaller projects built on user-created sub-blockchains. Within each of them, you are free to enforce your own rules and create whatever.

Most people choose to create decentralized apps of various stripes, decentralized finance solutions, NFTs, or different web3 services. The virtual worlds, or Metaverses, are a way to present these solutions in an expanded, interactive environment. It can be great for education, gaming, product showcasing, and much more. NFTs are a non-minor part of it all, but they aren't really the driving force.

XFabric

The main framework you would be working with is called xFabric. It's a mechanism that enables the creation of sub-blockchains. It means that you can customize your own environment within this larger ecosystem. Many features will be shared with the mainnet, but it will largely be independent.

In many projects, these sub-blockchains tend to be restrained in quite a few things (such as consensus mechanism, security, etc.). MultiversX instead offers a lot of leeway to their developers. The sub-blockchains are almost entirely independent. Their connection to the main chain is maintained by an interoperability mechanism that enables a quick and seamless transition to the larger MultiversX platform.

Scalability measures

Part of what makes this ecosystem so great is its scalability measures. It basically means that it's more cost-effective to complete transactions and exchange data. That, in turn, means that developing apps in such an ecosystem requires a lot fewer resources. In short, it's easier to expand your project if you don't have to pay as much for it.

There are several measures that make it possible:

• Sharding. Sharding is a process of splitting the database into many portions, called 'shards'. Their purpose is to divide the processing into multiple parallel flows. The adaptive nature of these shards makes sure that the number of shards is always optimal—no less or no more than needed.
• Secure Proof-of-Stake. Secure PoS is a consensus mechanism based on the regular PoS, except with additional security measures to make it less susceptible to manipulation and concentration of power. There are also some additional provisions to make it more scalable.

The result is that the development process benefits hugely from the architecture of this platform. As such, it's superior in many ways to baseline Ethereum. Like the latter, it also heavily uses smart contracts. This also contributes to the increased scalability and TPS (transactions per second) parameters on MultiversX.

How SPoS works

Secure proof-of-stake is a modified version of the typical proof-of-stake, which is the consensus mechanism utilized in Ethereum and a myriad of other blockchains.

The main feature of PoS is its increased energy sustainability compared to proof-of-work, which is a consensus model used in Bitcoin. The consensus mechanisms determine which participant gets to add the new block to the chain (and receives rewards in the process). By comparison, proof-of-stake determines this based on how much each person staked.

Secure Proof-of-Stake adds another layer of security to this whole ordeal by making the process of selecting the validator (the person responsible for the new block) random. There is a degree to which the number of staked tokens is proportional to the chance of being selected, but it's largely random.

It's a fairer system, really. Since there are so many whales in this industry, any consensus can be hijacked by a single participant that stakes a lot more tokens than anyone else can afford. As a result, they get the rewards in their entirety. With this system, everyone has an almost equal chance to be involved.

There are other security measures, as well—mainly aimed at preventing manipulation. As a result, the mechanism is a lot more secure compared to the regular proof-of-stake, although it's also not without its limitations. The main one is that it's less effective at predictably creating profit for validators.

Use cases

The platform can be used for anything. As a matter of fact, your possibilities are only limited by your knowledge of the technical aspects of the development process. The architecture is similar to Ethereum, and you can use the in-built tools to customize your personal sub-chain.

Even if you don't want to spend so much time designing a personal space on MultiversX, you can use the baseline hub for development. Anything goes, but it's most commonly utilized to create DeFi and NFT solutions. It's made easier by the interoperability and scalability measures, which make it more comfortable to exchange data between blockchains, as well as expand your project.

Conclusion

MultiversX enables users to create decentralized projects of any complexity, owing to its highly customizable and scalable nature. It might not be as streamlined. There is also a large emphasis on virtual worlds, which not everyone will appreciate. But that's fine. There is a lot of potential even so