MultiVAC ICO Overview
The MultiVAC ICO and MTV token are raising funds for a high-throughput, flexible blockchain platform based on trusted sharding computation, storage, and data transmission.
The design features of MultiVAC are purpose built for integration with large-scale decentralized applications (dApps). As a core aspect of the protocol, developers can customize parameters for consistency, availability and partition tolerance, providing a high degree of user autonomy over the blockchain infrastructure.
MultiVAC ICO Value Proposition
MultiVAC implements a novel approach to scalability for large-scale dApp development through a sharding model called Verifiable Random Functions (VRF) for transactions, computation, and storage. Transactions on the network are confirmed through UTXO, whereby miners are dynamically selected through a probability model.
MultiVAC operates on the MultiVAC Virtual Machine (MVM), which includes the Blockchain Instruction Set Computer (BISC). The BISC is the key feature of MVM that allows developers to decide how many nodes are required for each dApp, selecting a large number for better security and a smaller number for higher throughput.
MVM currently supports C compilation based on LLVM, with the aim to eventually integrate other languages such as Java and Go. As MultiVAC will become an open-source ecosystem, the ultimate goal is to incorporate as many languages as possible for backwards-compatibility with existing applications.
For data storage and retrieval, MultiVAC employs a mechanism based on both Hash and Merkle Roots, in addition to a sharded storage network based on the native VRF model. MultiVAC storage nodes only contain block header information, maintaining the full transaction input and output in the distributed storage network.
MultiVAC utilizes a Proof of Instruction Execution (PoIE) consensus mechanism, which verifies honest computation in a way similar to proof of replication. The PoIE consensus algorithm is directly embedded into MVM, verifying each executed instruction. When an instruction sequence with sufficient gas is completed and verified, the node will issue the computational results through the consensus mechanism and will receive a gas reward.
The basic logic of PoIE is that all nodes running on the network contribute a high amount of computational resources through hashing and randomized data processing, making it costlier from the perspective of nodes to act maliciously than in the interests of the network.
The MultiVAC native token (MTV), provides the means of transacting value within the ecosystem. The token incentivizes computation and storage nodes to contribute resources toward computation, storage and data transmission. Nodes that contribute to both storage and computation receive higher rewards.
MultiVAC ICO Team
Lu Heng (CEO) is the Co-founder and CTO of Xinrenxinshi.com, a Software as a Service product for HR, where he led a team of over 60 engineers. He previously served as Senior Engineering Director and Manager at Meituan.com, one of the leading group discount and sharing economy websites in China. As a developer, he is specialized in data warehousing and distributed systems.
Dr. Ying Xiang (CTO) is a former Software Engineer from Baidu who holds a PhD in Computer Science from Nanyang Technology University in Singapore. He spent an additional 2 years as a Postdoctoral Researcher at Nanyang Technology University after obtaining his PhD before taking up a position as Associate Professor at Tianjin University for 3 years. He specializes in parallel algorithms and general-purpose computation.
Claire Wang (CMO) is former Director of Marketing at Xinrenxinshi.com, where she served for nearly 3 years. Prior to that, she spent a year as a Product Manager at Meituan. Claire holds an MA in Public Administration from Beijing Normal University.
Dr. Susan Calvin graduated from Columbia University in 2003 and has been lauded for her exceptional work in cybernetics and positronic interfaces. She is currently Chief Robopsychologist at US Robots. If you’re still reading this bio, it might please you to know that MultiVAC is named after one of Isaac Asimov’s fictional creations, too.
On the advisory side, MultiVAC has influential advisors from both the blockchain and enterprise arenas. Among them are Roger Lim of Neo Global Capital, and Meituan Co-founders, Yang Jun, and Chen Liang.
The full team consists of 16 members and 7 advisors, the details of which can be found here.
MultiVAC ICO Strengths and Opportunities
A major advantage of MultiVAC is the level of customization in the hands of developers. Flexible sharding computation means dApps built on MultiVAC can operate according to whichever parameters are set by developers. Developers can choose their own parameters for consistency, availability, partition tolerance and the level of decentralization. The size of the shard is set through the contract creator; a higher amount of nodes allots for availability and security, while a smaller amount facilitates higher throughput.
Developers also have control over other parameters such as probability of forks and the amount of gas required for transactions.
The MultiVAC developer team is relatively new to blockchain, yet their experience at leading tech companies and universities is strong. Members of the developer team include former Senior Engineers from Google, Tencent and Alibaba, as well as researchers from Harvard, Nanyang Technology University and the University of Sydney.
The developer team consists of 13 full-time members, and plans to solicit support from the open source community as the project moves further along. The team’s collective track record of accomplishments in the tech sphere lends a high degree of credibility toward their current work with MultiVAC.
MultiVAC ICO Weaknesses and Threats
While the MultiVAC team has at their disposal a number of channels through a network of advisors to establish partnerships for dApps, no announcements have been made to this effect.
As a blockchain that is purpose-built for development of large-scale dApps, enterprises will conceivably comprise a substantial share of the target market. A key factor at play in this scenario is the level of product development, which is currently still at the MVP stage. The team plan to have a testnet up and running by the end of July, which would provide a crucial stepping stone toward cooperation with large-scale enterprise clients.
Still, a concrete development roadmap and go-to-market strategy have yet to be unveiled, leaving these crucial questions unanswered.
The MultiVAC ICO offers a unique take on trusted sharding with the inclusion of a storage solution, but projects like Zilliqa and QuarkChain remain significant contenders that may overlap in their respective target markets. With Zilliqa planning a mainnet launch in Q3 2018 and QuarkChain following shortly thereafter in Q4, the projects will both maintain an advantage as first-movers in the space. How MultiVAC position the project in respect to the competition will be crucial for onboarding a sustainable user base.
The Verdict on the MultiVAC ICO
The MultiVAC ICO adds a dynamic new contender to the high-throughput protocol race. Features that include flexibility for developers and incorporation of components like storage make MultiVAC a novel solution for the large-scale dApp market. While the project remains in the early stages of development, the team and product concept are strong.
We have been in discussions with the MultiVAC ICO team and our ratings are based on conversations and information that they have asked us to keep confidential. While it may seem premature to rate their ICO highly, we are privy to insights that suggest a solid project, and we will update this review when the MultiVAC ICO team is ready to share further data.
As a Top 10% rated ICO, we will look to make a small bet on the MultiVAC ICO.