Altcoin Spotlight: MultiVac (MTV) – The Rise of a Sharding Specialist
One small-cap altcoin grabbed attention recently by charging up through the market cap rankings while the broader market declined.
MultiVac (MTV) launched within the past year, is listed on just three exchanges thus far, and recorded over 100% growth in the past month. So let’s take a look at MultiVac before it moves any further.
MultiVac’s documentation expresses the concern that while blockchain platforms are brimming with potential, no one is using at the moment because they cannot scale. Here MultiVac proposes using sharding to efficiently scale its blockchain platform – which it says is the only feasible option available.
“Sharding is the only practical and fundamental way to scale blockchain from the bottom up, while at the same time preserving its original intention of being a decentralized ledger open to everyone.”
The MultiVac website claims 30,784 transactions per second (tps) have already been achieved in lab tests, with a single shard processing 533 tps by itself.
One of MultiVac’s unique selling points is its plan to create ‘flexible’ sharding solutions where developers can tune and tinker to suit their own needs. Finding the sweet spot on the scalability triangle is what MultiVac says differentiates it from the likes of Ethereum and EOS.
“Ethereum, for example, is completely decentralized, reducing its throughput, while EOS sacrifices decentralization to ensure high TPS. Neither can provide a variety of options for the diversity of the DApp universe.”
A testnet v2.0 was released in Q2 of this year, and work continues on a mining client which would allow PC owners to mine MTV using their desktop computers.
The team is mostly comprised of Chinese nationals, many of whom have glowing histories as technicians at places like Google, Facebook, Pinterest, Microsoft and Tencent. Co-founder Frank Lyu’s previous business venture was backed by prominent Chinese angel investors, Sequoia Capital. Advisors include Roger Lim of NEO Global Capital, and Michael Arrington of TechCrunch.
Over the course of the previous six weeks, MultiVac’s MTV token jumped more than 100 places up the market cap rankings. Now ranked around 380th, the value of MTV is worth 108% more than it was in late June. From $0.004582, the MTV price climbed to a peak of $0.009541 by August 3rd.
MultiVac’s documentation is simple and straight-forward; its vision is concise and clear – a major bonus in a realm dominated by overcomplicated shams. The project’s Twitter page currently has over 8,000 followers, while two Telegram channels share just over 15,000 members.
The token’s Etherscan page shows just over 1,000 addresses – a small number which admittedly doesn’t account for tokens held on exchanges. The largest holder of MTV does hold 79% of the supply, however, and it would be interesting to know the rationale behind this. This particular address appears to be the ‘genesis’ address for the MultiVac token, and transactions have been made from it every few days.
MTV is traded on three exchanges – KuCoin, Coinsuper and ABCC. On the day, over 97% of its $600,000 trade volume went through KuCoin.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.