Multichain MULTI
About
What Is Multichain (MULTI)?
Multichain (MULTI), previously known as Anyswap, claims to be the ultimate router for web3 and has positioned itself as an infrastructure developed for arbitrary cross-chain interactions.
As claimed in their official documentation, Multichain offers solutions that enable nearly all blockchains to interconnect – regardless if it is EVM chains (e.g., Avalanche), Layer 2 chains tied to Ethereum (like Polygon), Parachains networks like Moonbeam on Polkadot, and so on.
Multichain is a prominent name in the cross-chain space, with a rapidly growing network of 26 chains, with Total Value Locked (TVL) reaching highs of over $10.45 billion, and a sustained daily volume of over $100 million. However, the onset of the bear market and recent news of Multichain CEO being uncontactable saw TVL dropping to $1.38B.
Who Are the Founders of Multichain?
Zhaojun is the co-founder and CEO of Multichain.
What Makes Multichain Unique?
As laid out in its official documentation, Multichain aims to solve the problem of a single point of failure that occurs when a single signature is used to send assets or interact with smart contracts cross-chain. The solution, according to Multichain, is to use Threshold Signature Schemes (TSS) and split the security key. This is where Multichain's Secure Multi-Party Computation (SMPC) network comes into play.
Multichain's SMPC network of nodes implements TSS Distributed Key Generation, an algorithm custom written and optimized by the engineers at Multichain. Each node in this unique selection works independently from the others to produce part of the private key responsible for confirming transactions. Not one of them can independently sign transactions, yet they all collaborate to do so. Furthermore, the key is never fully reconstructed during the signing process and remains safe from interception as it's kept in separate parts.
By digitally signing transactions, the SMPC network is able to effectively manage asset accounts and smart contracts across a variety of blockchains. This comprehensive system makes it possible for users to perform countless tasks with ease and efficiency.
Cross-chain bridges are the connection between two blockchains. When an asset is to be bridged, it's sent to a special SMPC wallet address and kept safe in a Decentralized Management Account on its origin chain. On the destination chain, this triggers a smart contract that mints tokens 1:1 with those held in the Decentralized Management Account and then sends them directly into your wallet. The reverse occurs when you withdraw coins from your destination blockchain - they're burned off before SNMP nodes quickly release them onto their source blockchain again.
In addition to its unique SMPC network as described above, VeMulti is another unique feature of Multichain. VeMulti stands for vote escrow Multi and it was launched on May 9th, 2022.
As the governing system for multiDAO, VeMulti rewards stakers of MULTI with veMULTI NFTs. These holders will be capable of initiating and supporting governance proposals through their votes. The degree of rights and power are based on both your amount of MULTI invested as well as how long it is locked up in the system.
How Many Multichain (MULTI) Coins Are There in Circulation?
According to the project’s whitepaper, the total supply of MULTI is 100 million. The current circulating supply of MULTI is 14,541,094, about 15% of the total supply.
How Is the Multichain Network Secured?
MULTI is an ERC-20 token issued on the Ethereum blockchain, which is secured through the Proof-of-Stake (PoS) consensus mechanism. Validators stake 32 ETH to participate in consensus and validating transactions.
Where Can You Buy Multichain (MULTI)?
MULTI can be purchased on various centralized exchanges such as Binance, Coinbase, Kraken, Huobi and more. It is also available on decentralized exchanges like PancakeSwap (V2), SushiSwap, SpookySwap and more.
Keep track of MULTI live prices in real-time with the CMC mobile app.
AI Analysis
What is the Multichain (MULTI) cryptocurrency good for? What are its main use cases?
Multichain (MULTI) is a cryptocurrency associated with the Multichain protocol, which is focused on improving interoperability between different blockchains. Here are some of the key aspects and use cases of Multichain (MULTI):
Cross-Chain Communication: Multichain enables seamless transfer and interaction of assets across various blockchain networks. This is particularly important in a landscape where many organizations and applications operate on different blockchains.
Decentralized Finance (DeFi): Multichain plays a vital role in the DeFi ecosystem by allowing the movement of assets between different DeFi platforms and protocols. This can facilitate more complex financial products and services that require assets sourced from multiple blockchains.
Interoperability: One of the primary use cases of Multichain is to act as a bridge between blockchains, allowing different networks to communicate and exchange data and assets without needing a central authority.
Token Swaps: Users can use Multichain to swap tokens from one blockchain to another, enhancing liquidity and enabling users to access various token ecosystems without relying on centralized exchanges.
Data Transfer: Beyond just asset transfers, Multichain can facilitate the transfer of data and information between blockchains, which can be crucial for applications in areas like supply chain management, where data needs to move across various participants.
Scalability Solutions: By enabling multiple blockchains to work together, Multichain can help alleviate some of the scalability issues faced by individual blockchains. This helps in better resource utilization and potentially lower transaction costs.
Integration with Other Protocols: Multichain can serve as a foundational layer for other decentralized applications (dApps) that require cross-chain functionality, making it a versatile tool for developers.
In summary, Multichain (MULTI) aims to enhance the overall blockchain ecosystem by enabling interoperability, facilitating asset transfers, and allowing for more complex interactions among various blockchain networks. Its focus on cross-chain capabilities positions it as a valuable asset in a multi-blockchain world.
What blockchain does Multichain use? Is it its own blockchain or built on top of another?
Multichain does not operate on its own independent blockchain; rather, it is built to facilitate interoperability between different blockchains. Specifically, Multichain is designed to connect various existing blockchains, enabling asset transfers and data exchange between them. It acts as a bridge to allow users and developers to integrate and operate across multiple blockchain networks.
Multichain supports numerous blockchains, including Ethereum, Binance Smart Chain, and others, by providing a framework for cross-chain communication and functionality. This means it's not limited to a single blockchain environment but works with multiple systems to enhance flexibility and connectivity within the blockchain ecosystem.
Is Multichain programmable? Does it support smart contracts or decentralized applications?
As of my last knowledge update in October 2023, Multichain is primarily a cross-chain protocol designed to facilitate interoperability between different blockchain networks. Its main function is to allow the seamless transfer of assets and data across various blockchains.
While Multichain itself does not inherently support the development of smart contracts or decentralized applications (dApps) in the same way that platforms like Ethereum do, it can enable interoperability for dApps and smart contracts that exist on other blockchains. This means that if you have smart contracts on compatible blockchains, Multichain can help facilitate interactions and communications between those contracts across different blockchain ecosystems.
For specific capabilities and potential feature updates, I would recommend checking the latest documentation and announcements from the Multichain team or their official channels.
How fast are Multichain transactions? What is the typical confirmation time and throughput (transactions per second)?
Multichain is designed to facilitate blockchain interoperability and allow for various chains to communicate and transact with each other. However, specifics regarding transaction speed, confirmation times, and throughput can vary based on several factors, including the underlying blockchain being used for the transactions.
Transaction Speed: The speed of transactions on Multichain can depend on the block confirmation times of the individual chains it interacts with. Since Multichain allows for connections between different blockchains, the transaction speed can range significantly depending on the protocols involved.
Typical Confirmation Time: Confirmation times on Multichain can vary based on the network used. For example, Ethereum typically has a confirmation time of around 15 seconds to a few minutes depending on network congestion, while Bitcoin may take 10 minutes or more. On the other hand, some blockchains have much faster confirmation times, so the overall confirmation time can depend on the participating blockchains.
Throughput (Transactions Per Second): The throughput of Multichain transactions varies based on the chains being used. Different blockchains have different capacities. For example, Ethereum's throughput may be around 30 transactions per second under normal conditions, while other blockchains, like Solana, can handle thousands of transactions per second.
Therefore, while Multichain itself aims to facilitate quick and efficient interactions among blockchains, the actual speed and capacity can differ based on the chains involved in any given transaction. It is essential to check the specific configuration and circumstances surrounding the implementation of Multichain to get more accurate metrics.
How much data can I store on the Multichain blockchain? Does it support on-chain data storage?
Multichain, like many blockchain platforms, is primarily designed for asset management and transaction tracking rather than extensive data storage. While it does allow for some level of on-chain data storage, there are important considerations regarding efficiency and practicality.
Data Storage Limitations: Multichain supports the storage of metadata and small amounts of data as part of smart contracts or asset records. However, it is not designed for storing large files or large datasets. Storing larger amounts of data directly on the blockchain can be inefficient due to the associated costs and performance impacts.
Use Cases: It's more common to store hashes or references to off-chain data rather than the data itself. This allows for verification without overloading the blockchain.
Practical Considerations: When using Multichain (or any blockchain) for data storage, consider the scalability, cost implications (as storing data on-chain can become expensive), and performance issues. Evaluating the necessity of storing data on-chain versus off-chain solutions when working with Multichain is advisable.
In summary, while Multichain does support some on-chain data storage, it is more efficient to use it for asset-related metadata and to keep larger datasets off-chain with references stored on-chain.
Contact Us About Multichain
Are you a representative of the Multichain project? Send us a message.