[ICO Watch] Multiversum – Scalable solutions for corporate data storage
Since its inception in 2009, the blockchain has gone through many checks and balances and has evolved over time. It started off, with Bitcoin, with a Proof-of-Work validation process, then went on to smart-contract based validation with Ethereum. But both these generations of blockchain are low efficiency and very power hungry. The third generation of blockchain technology aimed to solve these problems along with those of scalability and using a different approach like Proof-of-Stake algorithms.
The fourth generation blockchain, that Multiversum plans to develop and provide, goes as far as achieving faster and more scalable solutions while providing flexible solutions for corporate data storage needs.
Corporate data storage needs cannot be fulfilled with present blockchain technology because it is not flexible enough to store information in the tabular forms that companies generally use. Which is the problem statement Multiversum is targetting. It offers complex data organization in place of chain splitting and rejoining to facilitate greater scalability and parallelism and plans to use Proof-of-Integrity validation instead of Proof-of-work and stake algorithms.
How does it work?
The advantages of blockchain by far are its reliability and security features. But as users, we pay for it in terms of huge processing power and high transaction costs. The data storage method is also simple and affects the horizontal scalability of use.
What Multiversum is doing is; it is working on the blockchain’s existing technology, pushing its boundaries and adding the relational database feel to it. The company plans to do that by enhancing the data layer through self-verification and distribution of structured data entities.
Instead of using blockchain’s single thread, splitting and rejoining alone, Multiversum is creating and integrating a Relational Crypto Database on it so that it can handle more than a single data type and deal with data organised in graphs of complex data structures. One of the company’s main aims is also to integrate AGILE methodology into the blockchain.
By doing this, Multiversum enables the smooth transition of traditional industry into the blockchain technology sphere. Because it provides them with an interface that is similar to the ones they’ve been using for decades, only better and much more advanced.
Apart from being a project that is aiming to revolutionize and fundamentally alter the data compatibility that the blockchain technology currently allows, the company also has an ERC20 token compatibility integration system. The token is called MTV and is of a utility type. Features like rollback can be used and accessed at any time by token holders.
The pre-ICO sales started on the 1st of March and will go on till the 31st. Their target for which is $65,000,000 USD which converts to about 141,000,000 MTV coins.
Their actual ICO starts on the 16th of April and will go on till the 10th of June. The hard-cap for which, too, is $65,000,000 USD.
The Multiversum project is a project that is shaking the single thread data method foundation that the blockchain has been working with ever since its inception. It plans to take the traditional data storage methods out and replace them with a more dynamic, more modern and a more familiar method of data storage such as relational databases.
While the achievement of success for this product will facilitate a path for a smooth transition for mainstream, traditional industries like Banking, Security, Search Engines, etc, it is extremely ambitious. But then again, that is what a good team’s goal always looks like. The product itself will only become usable and available by 2019.
Overall, it is a very ambitious project and problem statement, but if achieved, may ring in the new and improved blockchain and increase industry adaptation and adoption to it.