The pioneering cryptocurrency, Bitcoin, together with all the various reinterations, modifications, clones and forks based on Proof of Work algorithm for transaction validation, are considered first-generation blockchains. The second generation, with Ethereum leading the charge of smart-contracts-enabled blockchains, is instead more heterogeneous, allowing easy tokenization of assets.
Both designs are extremely low energy efficiency with medium-low block validation speed and transactions per block. Solving the scalability, speed, and energy consumption issues is the goal of third-generation blockchain solutions, using different approaches and tech-niques like Proof-of-Stake validation algorithm, off-chain routing, graph-chains, and complete or partial centralization.
The fourth generation goes beyond, achieving faster and more scalable solutions while simultaneously becoming competitive from a business perspective. Simple chains of data are not flexible enough to fulfill corporate environment needs, in which complex data structures need to be organized in tables (as in relational databases). At the same time, those structures need to be validated and made immutable with blockchain-based techniques, increasing traceability and security.
In other words, fourth generation blockchain brings this technology to a complete primary production application, and expand current business-oriented offer in terms of data storage, application decentralization, auditing, security, reliability.
Multiversum offers complex data organization instead of data sequencing, chain splitting and rejoining to allow for greater scalability and parallelism. This includes concept of Proof of Integrity validation (i.e. cryptographic proof of server code) instead of existing Proof-of-Work or Proof-of-Stake solutions.
Always thinking about the future and future-proofing our development, Multiversum will feature ERC20/ERC23 integration, allowing coins and tokens from other solutions to be hosted on our chain and vice-versa, with notary services as an external confirmation method. Meanwhile, together with these innovations, we are certainly going to leverage several smart solutions that our colleagues have already implemented over time.