Multiversum Development Update 4

The development team is now within sight of its first goal, the Testnet.

Phase 1 ended this week, having successfully completed the last scheduled tasks. We are now in phase 2, which continues with the development of the DAG structure. This phase will consist of 2 weeks of development, before moving on to phase 3, the final test phase.

Before we proceed though, it is important for us to quickly dive into the technicalities of the feasibility study that informed the structure of the network. Researches was conducted across several functional blockchains to check for compatibility with our PoI consensus alongside DAG systems. We carefully reviewed the pros and cons of blockchain systems and DAG networks with a criticial eye on our timeline and not compromising the timetable.

After weeks of testing both structures, DAG was came head and shoulder above blockchain for PoI compatibility based on the following observations:

· Pro

▪ There are no elements external to the infrastructure, since even the nodes that validate and sign the transactions are “included” in the net (unlike a blockchain that requires miners)).
▪ It is possible to create a 0-fee system since each node sees at least n transactions validated before its own validation takes place.
▪ It is possible (in theory) to create a market for the fees for validation.

▪ Given the validation mechanism, there is a good degree of scalability as the number of nodes increases (the number of validated transactions increases with the number of nodes)

· Con

▪ The need to introduce protection mechanisms in the event of a reduction in the volume of transactions to avoid attacks (iota implements the co-ordinators)

The advantages of the blockchain in general well-known. However, adapting its concepts to our reality and the project’s development has raised some very critical and often binding cons, including:

▪ Requiring a consensus algorithm (like POW / POS). In our case MTV is not minable as it is totally pre-mined. Furthermore it is necessary to create a new ASIC resistant algorithm since in the case of POW algorithms one could easily be exposed to attacks at 51% hash rate.

However, PoS-type staking algorithms are to be excluded given the absence of a reward.

▪ High energy consumption for mining, especially in the case of consensus based on POW.

With DAG’s leading advantages, we are now committed to continue platform development as a DAG solution. Also, as requested by the board, the previous key pair/address generation system has been replaced with the BIP38 standard (now used by many distributed ledger system) in order to increase compatibility with other crypto solutions, especially storage devices (hardware and software). BIP 38 standard offers a high degree of uniqueness of the addresses and includes multilingual vocabularies.

We are pleased to announce that development is proceeding smoothly and without delays on the roadmap. We will also be giving the community the opportunity to directly interact with the Project Manager through an AMA session (which we are hoping will be the first of many such).

Thank you for your continued support!

Stay tuned!

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