Welcome to MultiVAC’s 2023 Mid-Year Report and Outlook. We believe this time of the year is the perfect opportunity to provide you with a deeper insight into the progress of MultiVAC, as well as the foreseeable future of the project.
As always, should you have any questions or suggestions, feel free to reach out to us at core@mtv.ac
Global Context:
Governments worldwide have adopted different approaches to the Web3 market.
Some countries, like Switzerland, Singapore, and the United Arab Emirates seized the opportunity to demonstrate their innovativeness by embracing early blockchain technology.
Recently, countries which initially took a more stringent approach, through ban or legal enforcement, have taken steps towards a better tolerated — yet more regulated — Web3 environment, in which traditional players and institutional investors are encouraged to participate.
As countries are increasingly recognizing the potential economic benefits of Web3, an intense global competition will develop to establish leadership in blockchain technology.
Since governments are actively seeking to regulate the Web3 market to mitigate risks and protect consumers, bad actors, and unfair practices are being suppressed. This focus on investor protection is leading to more rigorous compliance requirements, including Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. The effects of tightening regulations are particularly noticeable when dealing with cryptocurrency exchanges and service providers.
The ongoing sanitation of Web3 is pushing institutional investors — including asset management firms, hedge funds, and traditional financial institutions — to show growing interest in cryptocurrencies and the broader Web3 market. This trend is driven by the potential for diversification, high returns, and the recognition of blockchain technology’s transformative potential. On the practical level, there has been a surge in institutional investors filing for cryptocurrency Exchange-Traded Funds (ETFs) in various jurisdictions. These ETFs, if approved, would provide traditional investors with regulated exposure to cryptocurrencies, potentially opening up a new wave of institutional capital into the Web3 market. Additionally, it would help dampening the (in)famous volatility of Web3 market, as institutional investors are known to bring an element of stability to the asset classes they’re invested in.
Although initially this growing interest from professional investors should mostly benefit Bitcoin, it is believed that professionalization of the Web3 market will also benefit altcoins with strong technical fundamentals, as professional eyes will be scouting for mid-to-long term opportunities with real utility and added value to our economies. Highly-scalable and fully-integrated base-layer blockchains, such as MultiVAC, will be natural contenders for such investments, as they will play a central role in the tokenization of real-world assets — and in the articulation of Web3 in general.
Project Overview:
MultiVAC is a next-generation public blockchain designed to address the challenges of large-scale and complex distributed applications. With a focus on technical innovation, MultiVAC aims to overcome the limitations of existing blockchain solutions and provide enhanced scalability, flexibility, low latency, and ultra-high transaction throughput. The platform leverages several key technical advancements to achieve these goals.
1. All-Dimensional Sharding: MultiVAC introduces the concept of All-Dimensional Sharding, a groundbreaking approach to partitioning the network into smaller shards. Unlike traditional horizontal sharding, MultiVAC’s approach involves not only horizontal partitioning but also vertical and functional partitioning. This allows for greater parallel processing, improved scalability, and efficient resource utilization across the network. By leveraging All-Dimensional Sharding, MultiVAC can achieve a high degree of scalability without compromising security or decentralization.
2. Blockchain Trilemma Flexibility: The “Blockchain Trilemma” refers to the challenge of achieving a balance between scalability, security, and decentralization in blockchain networks. MultiVAC addresses this trilemma by introducing flexible mechanisms that enable users to adjust the network parameters based on their specific requirements. Through dynamic adjustments, MultiVAC allows users to prioritize scalability, security, or decentralization according to their application needs. This flexibility ensures that MultiVAC can adapt to a wide range of use cases without compromising on important blockchain attributes.
3. High TPS, Low Latency & Infinite Expansion: MultiVAC aims to deliver high transaction throughput by leveraging its innovative sharding technology and consensus mechanism. Through All-Dimensional Sharding, MultiVAC achieves efficient parallel processing of transactions across shards, resulting in increased throughput and reduced latency. Additionally, MultiVAC’s consensus mechanism, Proof of Instruction Execution (PoIE), enables high-performance transaction validation and execution. By combining these technical innovations, MultiVAC has the potential to support ultra-high TPS, low latency, and to provide a scalable platform for demanding distributed applications. Furthermore, MultiVAC’s architecture is designed for infinite expansion, allowing the network to dynamically scale and accommodate growing transaction volumes and user demands.
Team Commitment:
Despite the bear market and its associated uncertainties, the MultiVAC Dev Team has demonstrated exceptional commitment and resilience in enhancing the performance and scalability of MultiVAC, addressing key technical challenges, and optimizing the platform’s functionality.
Our unwavering dedication, combined with our technical expertise and vision, positions MultiVAC as a robust and promising blockchain project, ready to capitalize on the growing interest in Web3 technologies and attract institutional investors seeking scalable and reliable blockchain solutions.
Mid-Year Accomplishments:
During the first semester of 2023 — and on top of the work detailed in the next section — the MultiVAC Team has been diligently working on several fronts to advance the project:
1. Mainnet Upgrades and Continuous Testing: The Dev Team has been rigorously testing various sharding mechanisms and conducting internal optimizations, as well as carrying out regular upgrades of the mainnet to implement improvements, resolve known issues and ensure stability.
2. ZK-SNARK Enhancement: The Dev Team has improved the ZK-SNARK technology (Zero Knowledge — Succinct Non-Interactive Argument of Knowledge) used by the MultiVAC blockchain.
3. Node System Upgrade: The Dev Team has successfully upgraded the node system to full archival nodes, improving data accessibility and reliability within the network. At the same time, a new system was implemented to ensure RPC nodes remain connected during future node upgrades, enhancing stability and operability.
4. Proprietary NFT Marketplace Upgrade: The Dev Team has carried out significant updates to MultiVAC’s proprietary NFT marketplace (https://n.mtv.ac). This upgrade marks the first step towards a more robust NFT environment. NFT creators can now take advantage of a seamless process for importing collections, creating new opportunities for exploration and trading.
NFT collections already listed on the platform were also upgraded, ensuring all NFTs are now stored on-chain for improved security, accessibility, and durability.
In the bigger picture, boasting an integrated tokenized solution might prove crucial for the future of MultiVAC.
5. Exploring New Technologies: As time goes by, new purposes and technologies are being continuously envisioned for Web3. It is the Team’s duty to ensure MultiVAC remains at the cutting edge of technology, and that our blockchain will be ready to fulfill innovative purposes when mass adoption of Web3 finally materializes.
6. Halving of MTV Mining Rewards: Although no development work was required, it is worth noting that a halving of mining rewards took place at a block height of 20 million.
The MultiVAC Foundation acknowledges the frustration of some investors, but it is emphasized that the true value of investing in MultiVAC lies in its growth potential. Halvings are necessary to mitigate coin inflation, and to ensure perenniality of the tokenomics.
7. Website Updates: Minor website updates were carried out.
8. Ecosystem Progress: The Proxima project made significant strides, including listing on Dex-trade.com and CoinGeko.
Epic.gallery kept growing, as new NFT collections were added to their marketplace, including MultiVAC’s legacy NFTs.
Many other projects of our ecosystem, such as MultiWorms, have been very active too during that period.
9. Mainnet MTV Listing: The mainnet version of our coin was listed on two CEXs: Dex-trade.com and Bitforex.com.
Important Milestones:
Due to the ambitious and groundbreaking technology of the MultiVAC blockchain, the Dev Team has been faced with numerous challenges since inception of the project. Nevertheless, the Team has worked in a devoted and synergetic manner to overcome each of those obstacles. Doing so has taught us humility and know-how, which in turn has strengthened the project’s foundation and is helping us to address effectively new obstacles.
While it has become clear over time that superior scalability will play a determining role in Web3 adoption, the main development barrier to achieving such attribute lies in the complexity of scalability mechanisms and in the optimization of transmission between a large number of participants. To date, many base-layer blockchains are promising unrivaled scalability, but close to none have delivered — not even the most-adopted ones.
MultiVAC, on the other hand, has already proved — through lab testing — that it can reach the scalability promised by many of its competitors. However, we’re not in Web3 to match competition. We envisioned a blockchain with close to infinite scalability, a universal and integrated blockchain that can be used for almost any purpose, by any participant in the Web3 economy. We’re working intensively towards that goal, and we’re progressing well.
Our regular forks (upgrades) of the MultiVAC blockchain have made it impractical to release nodes so far. Our objective is to engineer and bring to life — read decentralization — an extraordinary blockchain. We have no interest in marketing an immature product to please market speculators. This blockchain will be our legacy, and we want to deliver it with the specifications promised in our white paper.
As this report is the opportunity to provide our community with a deeper insight into the project, here are more details about the remaining challenges that we’re currently addressing:
1. Consensus Protocol Complexity: Developing a robust consensus protocol that can effectively handle all-dimensional sharding across an ultra-large network — potentially comprising millions of users — has proven incredibly complex and intellectually challenging to address. Our Team has been working relentlessly to resolve this matter, while at the same time ensuring that no trade-off was made between integrity, scalability, and security of the sharded system.
Thousands of hours of multidisciplinary effort between high-profile mathematicians and computer scientists have been already spent to overcome this obstacle and reach the grail of linear scalability and massive parallel processing.
2. Security and Hacking Mitigation: While the competitive advantages of sharding are potentially substantial, the technology introduces new attack vectors and security considerations that require vigilant mitigation. Some of those treats include Shard Takeover Attacks, Data Leakage, Cross-Shard Attacks, Insecure Shard Selection, Consensus Attacks, and Shard Sybil Attacks.
MultiVAC’s Dev Team is dedicating significant resources to ensure that resistant prevention mechanisms of potential attacks and vulnerabilities are being implemented.
We want to make the MultiVAC blockchain unbreakable.
Project Outlook:
Looking ahead, MultiVAC’s Foundation Council has defined the following key objectives for the short-term future of the project:
1. Addressing Residual Technical Challenges: The Dev Team will focus on resolving the technical challenges described in the previous section of this Mid-Year Report, and implement necessary upgrades based on the knowledge acquired.
2. Partnerships and Collaborations: The Executive Team has been mandated to explore strategic partnerships and collaborations with industry leaders, academic institutions, and research organizations to foster innovation and drive adoption of MultiVAC. These partnerships will hopefully result in valuable knowledge sharing, joint research efforts, and the exploration of new use cases for the MultiVAC blockchain.
Conclusions:
We at MultiVAC strongly believe that the success of our project relies on the support and involvement of our community. We truly appreciate the patience of our community and of our investors as a whole. We realize how privileged we are to be supported by investors rather than by speculators, and most importantly by people who understand our technological breakthrough — and its impact on tomorrow’s world.
Once more, we encourage all stakeholders in the projects to actively engage with us to help us make MultiVAC a key player in tomorrow’s Web3 industry.
Let There Be Light! And please rest assured — we’re almost there.
ABOUT MULTIVAC:
MultiVAC is a high-throughput flexible blockchain platform based on all-dimensional sharding. It’s a next-generation public blockchain platform built for integration with large-scale decentralized applications.
MultiVAC is developing the first solution in the world characterized by speediness, efficiency, and all-dimensional sharding to expand its capacity in computation, transmission, and storage. It realizes the maximum throughput while maintaining decentralization and without sacrificing security.
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