Multichain (MULTI), previously known as Anyswap, claims to be the ultimate router for web3 and has positioned itself as an infrastructure developed for arbitrary cross-chain interactions.
As claimed in their official documentation, Multichain offers solutions that enable nearly all blockchains to interconnect – regardless if it is EVM chains (e.g., Avalanche), Layer 2 chains tied to Ethereum (like Polygon), Parachains networks like Moonbeam on Polkadot, and so on.
Multichain is a prominent name in the cross-chain space, with a rapidly growing network of 26 chains, with Total Value Locked (TVL) reaching highs of over $10.45 billion, and a sustained daily volume of over $100 million. However, the onset of the bear market and recent news of Multichain CEO being uncontactable saw TVL dropping to $1.38B.
## Who Are the Founders of Multichain?
Zhaojun is the co-founder and CEO of Multichain.
## What Makes Multichain Unique?
As laid out in its official documentation, Multichain aims to solve the problem of a single point of failure that occurs when a single signature is used to send assets or interact with smart contracts cross-chain. The solution, according to Multichain, is to use Threshold Signature Schemes (TSS) and split the security key. This is where Multichain's Secure Multi-Party Computation (SMPC) network comes into play.
Multichain's SMPC network of nodes implements TSS Distributed Key Generation, an algorithm custom written and optimized by the engineers at Multichain. Each node in this unique selection works independently from the others to produce part of the private key responsible for confirming transactions. Not one of them can independently sign transactions, yet they all collaborate to do so. Furthermore, the key is never fully reconstructed during the signing process and remains safe from interception as it's kept in separate parts.
By digitally signing transactions, the SMPC network is able to effectively manage asset accounts and smart contracts across a variety of blockchains. This comprehensive system makes it possible for users to perform countless tasks with ease and efficiency.
Cross-chain bridges are the connection between two blockchains. When an asset is to be bridged, it's sent to a special SMPC wallet address and kept safe in a Decentralized Management Account on its origin chain. On the destination chain, this triggers a smart contract that mints tokens 1:1 with those held in the Decentralized Management Account and then sends them directly into your wallet. The reverse occurs when you withdraw coins from your destination blockchain - they're burned off before SNMP nodes quickly release them onto their source blockchain again.
In addition to its unique SMPC network as described above, VeMulti is another unique feature of Multichain. VeMulti stands for vote escrow Multi and it was launched on May 9th, 2022.
As the governing system for multiDAO, VeMulti rewards stakers of MULTI with veMULTI NFTs. These holders will be capable of initiating and supporting governance proposals through their votes. The degree of rights and power are based on both your amount of MULTI invested as well as how long it is locked up in the system.
How to Buy MULTI on an Exchange
Step 1: Choose a Reputable Exchange Platform
Select a trusted platform from among many available options for purchasing MULTI. Some reputable platforms include HTX、Bybit、Bitget, and others.
Step 2: Register an Account
Here, we'll register an account on theBybit(registration link) trading platform. You may need to provide personal information such as phone number and email to complete the registration process.
Step 3: Complete Identity Verification
For security purposes, some platforms may require you to complete identity verification. Follow the platform's instructions to provide necessary identity information (such as country/ID number) and undergo facial recognition. Once your identity is confirmed, you'll receive notification.
Step 4: Link Bank or Payment Method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing MULTI.
Step 5: Purchase MULTI
Find the option to buy coins on the exchange platform, choose the C2C coin purchase process, and then input the quantity of MULTI you wish to purchase. Typically, you'll choose to buy USDT first and select your preferred payment method. Simply place the order, make the payment to the seller, and you'll receive the cryptocurrency. Once payment is complete, you can use your exchange assets to buy MULTI.
Step 6: Store Your MULTI
After purchasing, you can choose to store your MULTI in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Reminder
To protect your exchange account and MULTI assets, be sure to use a strong password and enable two-factor authentication.
MULTI Price:Multichain (MULTI), previously known as Anyswap, claims to be the ultimate router for web3 and has positioned itself as an infrastructure developed for arbitrary cross-chain interactions.The price fluctuates daily, You can go to the exchange: Bybit to check the price.
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