Today, we are excited to speak with Lucian Mincu, the CIO and Co-Founder of MultiversX, an advanced blockchain platform redefining scalability, security, and interoperability in the decentralized ecosystem. Lucian, thank you for joining us.
Q1: What inspired the vision for MultiversX as “The Internet-Scale Blockchain”?
Lucian Mincu:
The vision for MultiversX stems from the understanding that the blockchain ecosystem must not only match the efficiency and user experience of Web2 but surpass it. Legacy systems have set high standards for interconnected and robust infrastructures supporting applications, services, and intuitive user interfaces.
Our goal with MultiversX is to build an architecture capable of handling massive amounts of data and interactions while remaining user-friendly, scalable, and cost-efficient. With groundbreaking features like sharding, we provide a versatile platform for diverse industries, including finance, supply chain, web3 gaming, governance, and more. It’s about creating a reliable and transparent arena for interactions, rooted in trust.
Q2: Could you explain the purpose and benefits of Sovereign Chains?
Lucian Mincu:
Sovereign Chains represent our innovative approach to tackling fragmentation in the web3 ecosystem. Powered by sharding, they enable MultiversX to grow dynamically with demand. By connecting all top blockchains into one seamless ecosystem, Sovereign Chains eliminate the complexity of managing multiple wallets or platforms for users.
This solution not only boosts scalability but also fosters interoperability, making it easier for developers to build and for users to interact across networks. It’s a significant step toward unifying the web3 landscape, a vision previously considered out of reach but now a reality with MultiversX.
Q3: How does Adaptive State Sharding enhance efficiency?
Lucian Mincu:
Adaptive State Sharding is at the core of MultiversX’s efficiency and scalability. It dynamically adjusts the network structure based on demand, ensuring optimal performance even under heavy transaction loads. This approach enables us to achieve transaction speeds of up to 263,000 transactions per second while maintaining low costs.
By merging or splitting shards as needed, Adaptive State Sharding ensures the network remains secure, cost-effective, and capable of supporting high throughput, making it a game-changer in blockchain scalability.
Q4: MultiversX boasts over 3,200 validator nodes. How do you ensure decentralization and security?
Lucian Mincu:
Decentralization and security are pillars of MultiversX. With one of the largest Proof-of-Stake architectures globally, we’ve implemented mechanisms like an auction-based validator selection process and a reshuffling mechanism that rotates one-third of the validators every 24 hours.
These measures ensure randomness and prevent collusion, safeguarding the network against malicious actors. Such robust protocols have solidified our position as a highly decentralized and secure blockchain ecosystem.
Q5: What impact does the 30% developer royalty on gas fees have?
Lucian Mincu:
This innovative mechanism is a testament to our commitment to fostering developer engagement and innovation. By allocating 30% of complex transaction gas fees as royalties, we provide a steady monetization framework for developers, empowering them to focus on building impactful solutions.
This program has distributed over 5,000 EGLD to developers, encouraging the creation of high-usage apps and fostering ecosystem growth. It’s a model of economic sustainability that bridges web3 development challenges with real-world incentives.
Q6: How does MultiversX maintain its carbon neutrality?
Lucian Mincu:
Sustainability is embedded in our operations. MultiversX offsets more CO2 than it produces through investments in Offsetra-verified projects, supporting biodiversity and community development.
Our efficient infrastructure, combined with rigorous carbon offset practices, ensures every transaction on the MultiversX network has a positive environmental impact, aligning blockchain technology with ecological responsibility.
Q7: Partnerships with Google Cloud and Deutsche Telekom are key. Can you elaborate on their roles?
Lucian Mincu:
Our partnerships with Google Cloud and Deutsche Telekom have been transformative. Google Cloud enhances scalability and accessibility for developers through tools like BigQuery and 1-click node deployment, while joint initiatives such as hackathons expand our ecosystem.
Deutsche Telekom strengthens our infrastructure, paving the way for enterprise adoption and expanding our market reach. These collaborations are vital for achieving our vision of a globally impactful blockchain ecosystem.
Q8: What advancements did the Spica Upgrade introduce?
Lucian Mincu:
The Spica Upgrade addresses user security and experience by introducing passkeys at the network level. By leveraging mobile device biometrics, passkeys simplify wallet management while enhancing security.
Combined with on-chain 2FA, this innovation bridges the gap between web2 familiarity and web3 security, making blockchain accessible to a broader audience.
Q9: xDay 2024 was a landmark event. What were the key takeaways?
Lucian Mincu:
xDay 2024 in Munich focused on Real World Assets (RWA) and their integration with blockchain. Highlights included partnerships with Alibaba Cloud, new protocol upgrades, and ecosystem showcases like Zontix for ticketing, Shelters for fractional real estate, and Inspir3’s NFT loyalty system.
This event underscored our commitment to driving RWA adoption and building meaningful collaborations across industries.
Q10: How does the EGLD token drive the MultiversX ecosystem?
Lucian Mincu:
EGLD serves as the backbone of our ecosystem. It simplifies blockchain adoption for new users while enabling staking, governance participation, and economic activity. Its versatility supports seamless transactions and ensures the ecosystem’s long-term growth, embodying the value and potential of digital assets.
Q11: What’s next for MultiversX?
Lucian Mincu:
We’re focusing on achieving sub-second finality, expanding Sovereign Chains, and onboarding top-tier talent to strengthen our team. Exciting developments like EVM compatibility through Sovereign Chains and significant protocol upgrades are on the horizon, promising an intensive growth period for our network and community.
Ending: Thank you, Lucian, for providing such valuable insights into MultiversX’s groundbreaking innovations and its mission to redefine blockchain scalability and interoperability. We’re excited to see how MultiversX continues to shape the decentralized landscape and foster transformative advancements in blockchain technology.
