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What is Multichain (MULTI)?
Multichain serves as a comprehensive cross-chain routing protocol (CCRP) that establishes an infrastructure for on-chain asset communication, striving to become the premier router for Web3.
First unveiled as Anyswap on the 20th of July, 2020, Multichain emerged to address the growing need for smooth interoperability between diverse blockchain networks. Each blockchain possesses distinct services, communities, and development ecosystems. To propel the industry forward, a swift, secure, cost-effective, and dependable method for exchanging value, data, and control between chains is crucial.
Multichain's offerings allow almost all blockchains to interact with one another. It is not limited to Ethereum-based chains (e.g., Binance Smart Chain), several Layer 2 chains reliant on Ethereum for finality (e.g., Polygon), a network of Parachains (e.g., Moonbeam within the Polkadot ecosystem), Bitcoin-style chains (e.g., Litecoin), or COSMOS chains (e.g., Terra). All of these chains are either already integrated or in the process of integration. Through facilitating compatibility with both ECDSA and EdDSA encrypted networks, Multichain XYZ serves as a versatile and comprehensive layer that enables widespread interoperability.
What makes Multichain stable and secure?
The Multichain framework is composed of independent Secure Multi-Party Computation (SMPC) nodes, which are not reliant on any specific blockchain. These nodes collaboratively authorize transactions, necessitating joint action and partial knowledge of the required key from each node. A diverse range of entities, including organizations, institutions, and individuals, manage these SMPC nodes and are motivated to execute their responsibilities correctly.
Multichain Pros and Cons
- Enables interoperability among various blockchains, promoting seamless communication and exchange of value.
- Supports almost all ECDSA and EdDSA encrypted chains, making it widely applicable.
- The network is stable and secure, with SMPC nodes operated by diverse organizations, institutions, and individuals.
- Integration with some blockchains may still be in progress, which could limit the full functionality of the platform.
- As with any new technology, there may be potential challenges or risks that have not yet been fully identified or addressed.
- Hidden owner is present
- Mint function is detected
- Owner can modify anyone's balance
Multichain is a promising cross-chain router protocol that aims to enhance the blockchain ecosystem by enabling seamless interaction between different chains. Its focus on interoperability and wide applicability make it an attractive solution for developers and users alike.
Our security review however uncovered a few potential risks on the project. One of these risks is that a hidden owner is present in several smart contracts associated with the project. Also present on several contracts is a mint function and a function that allows the owners to modify anyone's balance on the chain. These can be potentially dangerous if used with malicious intent.
Is Multichain a Scam?
There seems to be no evidence to suggest that Multichain is a scam. It is a legitimate project that has been developed to address a crucial need in the blockchain industry - interoperability.
But as with any investment, inside the crypto world or outside, its always best to DYOR before committing into anything. Ensure as well that you are only investing an amount that you can afford and not go all in. Scams are everywhere nowadays. Make sure you are on top of the news and always change your passwords and keys safe.
If you liked our review, you can also explore Celer Network - a project that tries to revolutionize the way multi-blockchain Dapps are built and used.
You might also resonate with our review on Synapse, a project that aims to address security concerns associated with today's interoperability platforms.