Bitcoin blockchain technology has been known to be market disruptive since its inception. But over the years other blockchains have erupted with an improvement over the pioneer. We see the Etherium blockchain that came with diverse applications of smart contracts allowing other projects or tokens to be built on it. Though with a slightly improved speed as the second generation blockchain, the third generation blockchain came in with a much faster speed, lower energy consumption. The fourth generation blockchain seeks to be better by further increasing its speed, further user protection, and other cool features as will be highlighted in this article. Multiversum proves itself as a fourth generation blockchain as it comes with an improvement to the pre-existing blockchain.
Multiversum is a platform that primarily aims at pushing the traditional blockchain to a much higher level. This is done by increasing the effectiveness of data through distributed and self-verifying structures of organized data that are related by means of a symbolic link. Multiversum as a platform sets to build a foundation or groundwork for a distributed and decentralized platform of consistent transactions that are self-verified.
Multiversum is a 4th generation blockchain technology which surpasses all existing blockchain technologies because of its speed, security, low power demand and many other you will get to know in this article. This article will take a look at some interesting features of Multiversum as a 4th generation blockchain side-by-side with other blockchains that are existing before like the blockchain technology.
Proof of Work Vs Proof of Integrity
Bitcoin blockchain and other blockchains use Proof of Work (PoW) for the execution of its processes and the protection of users from hacks or take over. Proof of Work requires that for a transaction to be validated, service requester have to do some work like hash calculation. This calculation requires a lot of power as the result of the calculation must be the same for a specific transaction on each node. This is why mining bitcoin and other tokens require a system with high computation power (speed – RAM) and thus a lot of power.
Instead, Multiversum uses the Proof of Integrity, which involves that a set of algorithms be able to verify the cryptographic validity of a compiled node and uniformity of response from the majority of nodes. Simply put, it involves that for a document to remain trustworthy, archives must provide proofs that the document existed on a certain date and has not been changed since. Thus operating on the principles of proof of origin, proof of existence, etc. this requires a considerable lower computing power.
Operations on bitcoin and other blockchains cannot be altered, changed or deleted at any stage. As much as this is good, it has caused a lot of harm as users are not able to rollback transactions mistakenly sent to a wrong address at an early stage before it begins verification.
Multiversum improves on this being a 4th generation blockchain by allowing a rollback feature at early stages of an operation without disrupting the credibility of chain validation, by implementing a set of transaction recovery states. The rollback feature can be optionally enabled on all tokens and applications on the Multiversum blockchain.
Existing blockchains works as a fully decentralized system, without government to determine what happens to transactions. This is good as users have full control over their wallets. This, on the other hand, has become disastrous as fraudulent or unlawful operations cannot be stopped, neither traced though the transaction history can be seen. There was a situation in which the wallet of an exchange (name withheld) was hacked and a lot of users funds in their custody was transferred to a third party wallet. When investigations were done, it was seen that the funds lost were sent to a particular wallet. Nothing else could be done as rollbacks are not possible neither the location can be traced.
Multiversum includes a wallet freezing feature that allows wallets with unlawful or suspect activities to be frozen after proper investigations have been conducted.
Interoperability with other blockchains
The Versum coins are developed in such a way that it is compatibility with other blockchains. Though built on the ERC23, versum coins are backward compatible with ERC20.
Multiversum has a lot of other advantages which makes it better than other blockchains:
Wallets are protected or secured with biometric and retina scan to ensure that users are protected.
Transaction costs on the blockchain will be insignificant.
Transactions will be completed in less than 0.2second with secure validation of transactions. Multiversum complete 6400 to infinity transactions per second.
For further information on Multiversum, you can see:
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