Multichain MULTI Price

Cross-chain Assets Withdraw Flowchart

Altogether, Multichain offers a blockchain with a small, easy-to-manage private network and developer-friendly flexible tools. In addition, it supports a great variety of programming languages.

The main advantages of Multichain:

• Support for larger numbers of networks and crypto-assets;
• Support for blockchain ecosystem innovation;
• Support for multi-party interaction in Web3.

Multichain History

Zhao Jun and his partners Dejun Qian, DJ Qian and Xu Guochang have improved the GG20 algorithm unveiled in 2019 by Steven Goldfeder, and Rosario Gennero.

• On July 20, 2020, Anyswap was created, representing a decentralized cross-chain protocol for the exchange of digital assets (tokens).
• In early 2021, Anyswap removed the DEX feature and focused on bridging services between networks. To provide users with better interconnect services, Anyswap decided to upgrade the brand to Multichain.
• In January 2022, there was a critical vulnerability identified for some tokens, which was promptly fixed. However, there are reports that hackers managed to withdraw WETH, PERI, OMT, WBNB, AVAX and MATIC coins. The amount of damage is estimated at about $3 million.
• In March 2022, the Anyswap platform was rebranded as Multichain (cryptocurrency MULTI).
• On May 9, 2022, the mainnet veMULTI was officially launched.

Multichain Roadmap

Multichain Features

First, we need to understand the difference between multichain and crosschain:

1. The term "multichain" describes many chains. When a project runs Multichain, it means that in addition to the initial chain, it can be independently deployed in other chains, such as BSC or Polkadot (it could be Ethereum, BSC, or another chain).
2. Assets can only be moved between individual chains using a cross-chain tool that allows assets to be transferred between the Ethereum chain and other chains available on the market.

The Multichain network is composed by so-called SMPC nodes. They are separate from any blockchain and collectively sign transactions, but a group of them must do it together, and each of them knows only part of the key. SMPC nodes are managed by various organizations, institutions and individuals, and they are interested in performing their functions properly.

fastMPC Roadmap

Multichain Instruments

• MPC, a powerful decentralization symbol that handles Multichain bridging and smart contract methods in other blockchains.
• Non-Slip Bridge. The Multichain 1:1 bridge allows users to perform zero-slip transfers and eliminate the hidden costs associated with AMMs.
• Multichain Router. In June 2021, the company launched the beta version of the Multichain Router V3 in the core network.

This router has the following important features:

• It can enable asset transfers between any two or more networks.
• It can operate with existing assets on blockchain, using liquidity pools for those assets.
• It can also work with the Bridged assets smart contract, where Multichain is responsible for minting assets across networks.

The Multichain router can include both proprietary and bridged assets. It allows you to include assets that may have been created with third-party bridges.

Token veMULTI

veMULTI is an abbreviation for vote escrow Multi. Multi holders can lock their Multi tokens and become eligible to vote in the protocol. veMULTI is the control scheme for multiDAO. Each person who sends their MULTI tokens to the staking will receive a veMULTI NFT.

NFT holders will have the right to initiate and vote on management proposals. In addition, veMULTI NFT is the first traded NFT with weekly rewards in addition to the NFT value.

Despite the fact that you cannot extract your MULTIs before the end of the lock, you can trade your own veMULTIs. But it is important to understand that each NFT veMULTI is unique, in other words, it is created for a particular blocking and contains information about the number of blocked MULTI tokens in it and the remaining blocking time. It is problematic to evaluate such assets and provide prices for them, so there is no centralized platform for trading these NFTs.

Multichain Advantages and Disadvantages

Summary

Multichain has modernized blockchain technology with unique characteristics such as scalability, faster transaction speeds and the ability to connect blockchains for business use. Because of these characteristics, Multichain is used by banks and other financial institutions as a suitable platform for financial transactions. But after the hacker attack, there are concerns about the security of the protocol, so not everything is clear-cut.