The 4th generation of blockchain is at our doorsteps and it promises to bring us closer to mass adoption than ever before. But before we delve into that, let’s quickly look at the 3 evolutionary phases blockchain technology has gone through since 2008.
What we have so far
The first generation of blockchain was designed by Satoshi Nakamoto and resulted in the first ever cryptocurrency Bitcoin.The hallmark of first-gen blockchains is that they use Proof of Work (PoW) algorithm to validate transactions. In this group are also Bitcoin’s various clones and forks like Bitcoin Cash and Litecoin.
The second generation was led by Ethereum and introduced smart contracts and made possible the easy tokenization of assets. It became hugely popular with developers and a platform of choice for the vast majority of ICOs. Other projects in that category are NEO and WAVES.
Slow transactions, high network fees, and insane amounts of energy consumption have become synonymous with Bitcoin, while the CryptoKitties mania last December revealed that Ethereum is far from production-ready scalability.
3rd-gen blockchains are working to solve the problems of scalability, speed, and energy efficiency, by using approaches like Proof of Stake (PoS) validation and off-chain routing. Projects like Cardano fit that category.
So… what’s next?
The fourth generation of blockchain should go above and beyond patching the deficiencies of the first two. It must introduce radical concepts and bring us closer to mass adoption by making the blockchain environment flexible and economical for enterprise, industrial and institutional use, and safe for consumers.
Multiversum seeks to achieve just that. Unlike modern blockchain implementations, which are not suitable for complex data interfacing and representation, Multiversum will offer complex data types and organization in multidimensional structures, similar to relational databases.
Data sharding, chain splitting and rejoining will allow for greater scalability and parallelism, along with the unique Proof of Integrity (PoI) validation algorithm, which will offer superb speed and energy efficiency and will effectively render PoW obsolete.
Projects hosted on the Multiversum blockchain, will be able to enable the optional rollback feature. It will allow the undoing of undesired operations without disrupting the credibility of the chain, by implementing a set of transaction recovery states.
Multiversum claims transaction speeds of 0.2s (incl. validation) and unlimited scalability — throughput will be up to 1000 Tps per core, hence a 64-core server can do up to 64 000 Tps.
Citing Je-Gyeong Jo, Jong-Won Seo and Hyung-Woo Lee’s research, the project will look into supporting biometric inputs to produce asymmetric cryptographic keys and guarantee the authenticity of the signers’ identities. Combining user’s biometric and personal info with SHA-256 will produce a unique hash, which can then be used for verification when transferring funds or data and will still retain the anonymity of its owner.
Refer to the whitepaper for more technical details and the full list of features.
Thanks for reading and… please clap! :)
I’m not a financial adviser and this is not financial advice.