Written by: Plamen Ivanov & Valentin Dimitrov
Technical Analysis: Victor Georgiev
1. Industry Overview
The problem that the MultiVAC project aims to address is one of the oldest in the blockchain industry, since its initial stages. A professional term for this problem already exists, it is referred to as the impossible triangle. This impossible triangle includes three critical factors: decentralization, scalability, and security. Classical blockchains that are already in operation have thus far achieved two out of three of these characteristics. Existing public blockchains compromise between these features and when developers are striving to enhance them, usually one is sacrificed in the name of improving the rest.
While Bitcoin and Ethereum are secure and decentralized for example, they are not scalable enough to answer the constantly evolving industry needs. In contrast, there are already implemented sharding models by projects such as Zilliqa and Dfinity that are seriously considering solving scalability factors, however, this is in exchange usually at the expense of decentralization or security.
Another arising problem in the blockchain industry becomes apparent from the variety of consensus mechanisms in existence. Some are outdated, others do not equally favor participating nodes or have one or more flaws. The team clearly identifies this issue and presents in a few paragraphs the historical evolution of some of the most widely-adopted consensus methods, in order to present their imperfections.
The solution developed by MultiVAC's team does not simply deliver the next sharding blockchain solution. The difference in terms of scalability can be seen in the unique capability of sharding independently the transaction processing and additionally, the smart contract execution. This way, the team strives to offer a supportive and flexible layer for a future industrial-scale environment where a dApp platform can be hosted. MultiVAC works to solve three fundamental problems:
– performing sharding on transaction and smart contract level by creating shards out of the network nodes
– processing transactions and at the same time updating the relevant records that they affect
– verifying the correct and honest execution of smart contracts by network nodes
In order to respond to the problem with the consensus mechanism, MultiVAC’s team decides to implement the Verifiable Random Functions (VRF) model, which combines two very important characteristics in a single place that can be seen as essential for the right composition of the consensus mechanism equitability (randomness) and efficiency. The team comprehends that decentralization cannot be seen as the main and the only value proposition that the blockchain industry proclaims, but the time has come for something in addition, the efficiency of the system. They believe that these two values can be brought solely through the use of a verifiable random functions model.
By striving to design a high-performance public blockchain with randomly sharded nodes based on VRF, MultiVAC will also offer flexibility for self-selecting the balance between security, decentralization, and scalability. This can be achieved thanks to the MVM virtual machine. Combining all these features, MultiVAC will attempt to bring its blockchain capabilities to a new, higher level, which is supposed to be suitable for setting an infrastructure for industrial-grade dApps.
MultiVAC has chosen the sharding approach due to the fact that compared to other solutions like DPoS, off-chain, and DAGs, it follows the main philosophy of decentralization and efficiency. DPoS is seen by the team as a step back from the decentralization model to a semi-decentralized one. Meanwhile, off-chain solutions require high trust relationships between client and state channel provider, and DAGs are seen as inefficient due to their open nature which automatically refers to the wide number of network transmissions that will be seen publicly.
2. Project Overview
MultiVAC’s goal is to develop the next-generation public blockchain platform, specially designed for large-scale, complicated decentralized applications. The project gravitates around its sharding technology, allowing a sustainable approach to scalability. It provides an unusual and innovative approach towards the current blockchain scalability issue. With the proposed trusted sharding model, MultiVAC solves the scalability problems, allowing for the unlimited accumulation of transaction power from nodes worldwide to clarify and produce highaTPSresult to enable dApps. It adopts the shard election and the verifiable random functions model as one of its consensus mechanisms. The accounting method of this project is similar to Bitcoin, using unspent transaction output.
The project solves the three fundamental problems, creating shards from network nodes for transactions and smart contracts processing in a trustworthy manner, and allowing the network to scale. The virtual machines usedinMultiVAC, calledMVMs, allow the smart contracts to work on the network without the need to be present on every machine. Furthermore, the project introduces its Blockchain Instruction Set Computer (BISC) and its PoIE consensus, as well as uses the C programming language in the MVMs currently, although the team has stated their intention in their plans to enable higher level languages like Java and Go.
2.1 Overall Documentation Review
The MultiVAC team presents a relatively detailed, but at the same time highly technical whitepaper, describing the project's goal to become the world’s first fast, efficient, all dimensional sharded blockchain, designed for total scalability and performing sharding parallelization not only for computational purposes but also with transmission and storage capabilities. The project claims to solve the fundamental problems of blockchain, including:
– the issues with creating shards from network nodes for transaction and smart contract processing in a trustworthy manner, allowing the network to scale
– the issue of transaction processing and updating records using trusted shards
– the issue of verifying the correct and honest execution of smart contract codes, by network nodes
The document introduces the reader to the Verifiable Random Functions (VRF) probability model, designed to solve the problem of how to safely, efficiently, and randomly shard the network. Furthermore, it describes the use of the Byzantine consensus family to reach internal consensus within a shard, achieving the construction of trustworthy shard-based consensus. Information for the smart contract's deployment is also given, explaining the optimized virtual machine(MVM, short for MultiVAC Virtual Machine), capable of general-purpose computation, equipped with a special blockchain instruction set computer (BISC), and verifying the correctness of the contract execution through the proposed Proof of Instruction Execution (PoIE) consensus.
MultiVAC has provided both white and yellow papers, where all technological features and key aspects of the project relies on are described. The technical whitepaper begins with a description of the current problems of the traditional blockchains and further elaborates on the proposed VRF probability model. To summarize, the project uses the VRF model to construct a probability model that splits the user's transactions and miner nodes into shards, and then uses UTXO and the Byzantine consensus family in order to reach an in-shard consensus.
Furthermore, there is information regarding the technical aspects of the MultiVAC Virtual Machines and the specialized blockchain-dedicated instruction set, named BISC (Blockchain Instruction Set Computer). It is followed by a technical description of thepreferredPoIEConsensus. The document continues with details regarding the storage, transmission, and computational capabilities that MultiVAC's public blockchain would provide, followed by a conclusions section and the standard references enumeration.
The yellow paper represents a vast and more thorough technical view of MultiVAC's All-Dimensional Sharding solution for scaling blockchains with its design principles, providing explanations for every aspect with various schemes and diagrams.
The MultiVAC project presents the team of the project solely on the company website. Members are introduced with their full names, photos, positions in the company, as well as short biographies. There are also links to social media provided for each team member. The team section provides a clear picture of the MultiVAC team and its structure, showing the leadership team at the top of the section, with other groups such as the researcher, engineer, and growth teams listed below.
Figure 1 The webpage team section of MultiVAC
A technical roadmap for the project is presented on the website, as well as a more brief roadmap in its one-pager document. The version on the website is significantly more detailed and spans from Q2 of 2018 when the project was initiated, continuing all the way through Q3 of 2020. The team has done its best to show the planned progress gradually quarter by quarter, as well as to present the most important milestones in a structured and explanatory manner.
Figure 2 The roadmap of MultiVAC
3. Company Information
3.1 Company Registration
The project is governed by the Multivac Foundation Ltd, registered in Singapore with a company number 201818191C, and a registry address 3 Temasek Avenue #21-55, Centennial Tower, Singapore (039190), incorporated on the 30th of May 2018. The project has stated its office is located at 19 Joo Seng Road #04-120 Singapore (360019) and there are 16 employees on board. Additionally, there is another office in Beijing, China, as it is stated that some engineers are based in Singapore, London, San Francisco, and Sydney.
The team has decided to establish the company in a jurisdiction that can be seen as one of the global crypto hubs and strongly tolerates and supports the blockchain industry. Although regulations and laws regarding the blockchain industry are still seen more or less as recommendations, or in the light of being guides and good practices, it can be expected that no matter in which direction things progress in the future and what kind of official regulators will exercise control, the destination will remain in line with the latest developments. The outlook is positive for the adequate implementation and synchronization of policies and practices with the best standards.
3.2 Company Owners
CEO & Co-Founder
Dr. Shawn Ying
CTO & Co-Founder
CMO & Co-Founder
4. Team & Advisors
4.1 Core Team
Project’s CEO – Frank Lyu is the CEO and Co-Founder of the MultiVAC project. He is highly experienced in the technology sector. He started out working as an Engineer for Baidu in 2010, where he remained for a period of around one year. Frank continued working in the same sphere during his time at the American Regiment-Volkswagen reviews company, where he spent two years as a Technical Manager. Later on, Frank was promoted to the position of Business Technology Leader and remained in the company for another year. Frank also has notable leadership experience, as he co-founded the Xinrenxinshi.com company, focused on providing a Saas-based HR solution for enterprises. The company reportedly raised roughly $40M in funding from large venture capital investors including Kingdee, Alphastartups, andSequoiaCapital over a series of three rounds.  He remained with the company for a period of three years, prior to continuing to co-found MultiVAC upon his departure from Xinrenxinshi.com. Frank studied at Tianjin University in China for both his Bachelor's and Master's degrees in the field of Computer Science and Technology.
From the very beginning of his career, It is evident that Frank began to use his skills to become apart of the technology sector. During the later stages of his career, he gained valuable experience as a Technical Manager and eventually gained enough skills to become a co-founder of his own company. Notably, he has also been successful at attracting large amounts of funding from venture capital investors which is an important trait for any leader of a blockchain project.
Although not widely popular, there are publicly available videos with Frank and his team on YouTube, where he answers questions and provides an insight into the MultiVAC project.
CTO & Co-Founder – Dr. Shawn Ying is the CTO & Co-Founder of the MultiVAC project. He was employed as a Software Engineer at Baidu for a period of over a year. For much of his career, he has been involved in the education field, both as a Postdoctoral Researcher at Nanyang Technological University and as an Associate Professor at Tianjin University. He became the youngest associate professor there at the age of 26 through the Youth Thousand Talents Plan and has published over 20 papers in top conferences and journals such as SIGGRAPH. An expert on parallel algorithms and general-purpose computation, Shawn holds a PhD degree in Computer Science from Nanyang Technological University.
CMO & Co-Founder – Claire Wang is the CMO & Co-Founder of the MultiVAC project. She created one of the most valuable new-media and community brands in the field of human resources, covering more than one million HR professionals. She was also in charge of Marketing at Xinrenxinshi.com, leading a team of over twenty employers. Although not much other information is known about her, it is clear that her interests and expertise are in the fields of marketing and human resources. Claire received a Bachelor's degree in Public Affairs Management from Beijing Normal University in 2012. She later followed up her studies, receiving a Master's degree in Public Administration from the same alma mater.
Chief HR – Fang Kuang is the Chief of the HR department in the company. She was responsible for personnel, administration, and finance for three years at the Beijing Yunduan Culture Media Co. Very limited information has been provided about her background, although it is clear she is the team’s leader in the field of human resources. Fang holds a Master's degree in Business Administration from the Chinese University of Geosciences in 2013.
4.2 Algorithm Researchers
Dr. Xiao Tong is a Researcher in the field of probability, machine learning, and big data. Dr. XiaoTongis engaged in the research and development of quantitative trading strategies for large hedge funds. He holds a PhD in Statistics from Harvard University in the United States. Although he is listed on the MultiVAC website, there is no mention of the project on Dr. Xiao Tong's personal LinkedIn page.
Dr. Ge Li is an Algorithm Researcher for the MultiVAC project, who is described as an expert in group theory and cryptography. He has valuable experience in an important sphere for any blockchain project. Dr. Ge Li is a quantitative strategist for leading international hedge funds. He graduated with a PhD in Mathematics from the University of Sydney.
Dr. Hong Sun is a Postdoctoral Researcher at the Microsoft Asia Institute and an expert in AI. She is an Application Scientist and possesses important technical skills that could be of importance for the MultiVAC project. Dr. Hong Sun holds a PhD from the Microsoft Research Asia and Tianjin University (MSRA-TJU) joint program in China.
Dr. Minqi Zhang is an expert on the applications of modern topology and applied mathematics in Computer Science. His abilities and skills complement the team of algorithm researchers relatively well, as they are all based in the field of technology or cryptography. He holds a PhD in Computer Science from Nanyang Technological University.
There are eight advisors listed on the MultiVAC webpage. Some of the most notable advisors include Roger Lim, Michael Arrington, and Johnny Lyu.
Roger Lim is an angel investor in blockchain companies and the Founding Partner of NEO Global Capital. He has a history of working in the venture capital, blockchain, and information technology industries. Roger has advised some notable blockchain projects including Bluzelle, Qlink, CoinFi, oChain, Switcheo, and others. He is a successful entrepreneur and founded WebVisions, a cloud hosting company operating on the Asian market. Roger graduated with a Bachelor's degree in Computer Science from the National University of Singapore.
Michael Arrington is an influential blogger and entrepreneur. He is the Founder and former Co-Editor of TechCrunch, a blog covering Silicon Valley technology start-up communities and the wider technology field in America and abroad. In 2008 Time Magazine named Michael as one of the world’s 100 most influential people.  He also founded Arrington XRP Capital, a digital asset management firm in blockchain-based capital markets. Michael attended the University of California, Berkeley and graduated from Claremont McKenna College with a major in Economics. He continued his studies at the Stanford Law School and graduated in 1995. Although he has not been listed by the MultiVAC project as a legal advisor, Michael practiced corporate and securities law at O'Melveny & Myers and Wilson Sonsini Goodrich & Rosati.
Johnny Lyu is the Vice President of Strategy and Investment of KuCoin. He is also a Partner of PhoenixGlobal Capital and provides an important connection for the MultiVAC project to the world of finance and venture capital. Johnny has valuable leadership, technology, and financial experience. He graduated with an E-commerce degree from Chengdu Neusoft University in China.
Besides the three people mentioned above, there are another five advisors that have been listed by the MultiVAC project on their website. The majority of remaining advisors are experienced as entrepreneurs and have varying leadership, technology or finance experience. They have participated in notable blockchain projects including Blockcloud, nOS, Open Platform, and TomoChain.
The MultiVAC team consists of a number of professionals experienced in multiple fields including blockchain technology, financial, and software development. They have delivered a complete set of experts in order to answer to the minimum requirements for sustainable long-term growth and development. The project relies on Jenga Solutions, based in Singapore, for legal counsel advice and expertise.
While the team behind MultiVAC is not very large, they have assembled the required experience and expertise needed to establish the project successfully. The MultiVAC project is currently in the process of hiring staff, with a special priority being placed on recruiting for the Beijing engineers team. This can be viewed as a strong signal that there are serious intentions for future growth and expansion, based on strategic plans and necessities for the project at this stage of development.
5. Business Model
The business model of MultiVAC project is aimed towards building a scalable, safe, and reliable blockchain. The difference that the team is striving to achieve through the sharding model is to create an environment for hosting dApps, which will be on an industrial scale. The project will be the first to use the Verifiable Random Functions (VRF) model, with which it is planning to reach the industrial capabilities and respectively to provide proof that the blockchain industry is far more scalable and capable than what existing architectures are able to offer.
The sharding principle will be implemented in three directions – transactions, computation, and storage. Transactions are confirmed based on the UTXO model and the safety levels are enhanced again for the purposes of addressing industrial needs and hosting of dApps of industrial grade scale. Another aimed target is to provide the first in the industry computational model for smart contracts, so developers will have the flexibility to decide on and execute a possible trade-off between the pain problematic triangle of consistency, availability and partition tolerance parameters. These vectors of capabilities of the technical infrastructure are usually stiffly fixed by the design of most of the blockchains. The flexibility is achieved thanks to providing a general-purpose virtual machine MVM, equipped respectively with the appropriate tools. In the end, MultiVAC targets speed, scalability and robustly allows development of dApps which are supposed to have a complicated business logic.
Overall, MultiVAC’s team is aiming at a new, improved, and scalable blockchain architecture that focuses especially on the development and performance necessary to create industrial-grade dApps.
The MultiVAC project strives to establish a long-term ecosystem, which will unite various types of users in a single place.
The team differentiates four main layers, which create its consistency. They can be seen as:
– node expansion – the underlying infrastructure of nodes – light, miner and storage ones
– economy&market – the layer that is hostingthedAppincubationprocess and the developer community
– engineering platform – the layer facilitating the development process with SDK, plugins and languages
– network & service – refers to the possible use cases and the utilization of the established technical infrastructure
Figure 3 MultiVAC Ecosystem
In addition, MultiVAC’s ecosystem is backed by solid venture capital and institutional investors, which complete the ecosystem with the viable component of providing funding that supports it during various stages of its progress. Also, in light of the dApp incubator topic, blockchain projects recently have started to compete in attracting interesting startups and projects that can build up their ecosystem. Furthermore, it has been observed that this is a time in the industry where the major ecosystem-based projects aim to get programmers to build their software on their platform in order to gain developers and subsequently users. In return, they provide funding, co-working space, connections, technology, and assistance from established developers from their ecosystem.
It is a realized fact that the focus recently is user adoption. Thus the funding raised for hackathons, events, and incubators has been raised in order to compete in the acquisition of new fresh tech startups that will make them stand out from and drive users to their platform.
5.2 Incentive Loops
The incentive loop is the driving force, based on which the collaboration between the participants in the ecosystem is happening. The MultiVAC project is based on employing a simple and straightforward incentive mechanism. It is based on the utilization of the MTV token, seen as a means of store, exchange and transfer of value to those participants who would like to perform operations (light nodes), to those that are performing work (miner nodes).
In particular, the incentive loop results in remunerating miner nodes, who have previously staked tokens and run the consensus algorithm.
5.3 Pricing Strategy
The pricing strategy implemented into MultiVAC is based on gas charges and adopts this idea from Ethereum for each BISC instruction executed. However, there are a number of factors that must be taken into account, which refer to the gas charges and are respectively in favor of the whole system as thanks to them these charges are supposed to be kept as low as possible through comprehensive optimization.
For the purposes of optimizing the gas charges, the MVM platform performs charging only upon executed instruction. Also, the MVM allows the miner nodes to schedule tasks by adding them to priority queues in order of their gas price and to execute them in order of priority.
5.4 User Adoption
The user adoption topic is quite speculative at this stage of the project. If developments continue smoothly and testnets alongside with the mainnet are released according to the plan, then MultiVC can be seen as a blockchain architecture that might be considered as a suitable option from sophisticated and industrial-grade users.
However, it can be expected that if the project is successful in the long-term, there will definitely be high user adoption as well. Assuming that the technical infrastructure will be deployed in most of its scale in a year from now, then the blockchain industry might desperately be in need of scalable solutions that can answer the industry’s progress.
5.5 PESTEL Analysis
– The company is registered in Singapore, which can be considered as a country, which positively accepts and tolerates the blockchain industry and crypto projects. It can be safely assumed, that the jurisdiction will follow and apply any future good practices and policies in this regard.
– The team has set restrictions for participation in MultiVAC’s IEO for citizens or residents of the United States of America, Canada, New Zealand, Thailand, Japan, Mainland China, Bahamas, Botswana, Cuba, Democratic People’s Republic of Korea, Ghana, Serbia, Tunisia, Somalia, Zimbabwe, South Sudan, Sudan (north), Sudan (Darfur), Iran, Iraq, Libya, Syria, Eritrea, Ethiopia, Yemen, Sri Lanka, Afghanistan, Albania, Belarus, Bosnia & Herzegovina, Burundi, Central African Republic, Côte d'Ivoire, Democratic Republic of the Congo, Guinea, Guinea-Bissau, Lebanon, Liberia, Myanmar, Pakistan, Nicaragua, Republic of Macedonia, Trinidad & Tobago, Tunisia, Uganda, Ukraine, and Venezuela.
– The company has implemented a simple incentive loop in combination with comprehensive pricing mechanisms that are oriented to gas charging optimizations. This can be considered a strongly competitive characteristic.
– There is a comprehensive structure presented in regard to the token allocation and use of funds. While the token allocation section is presented in a strategic manner, oriented to various types of investors and participants at different stages, the use of funds section is clearly defining the most essential directions where funds will find use. In addition, the use of funds gives significant amounts of information regarding the future plans of the team for overall business developments. Both of the sections are pointing to carefully prepared and structured budgeting.
– МultiVAC project has relatively low numbers of followers on the analyzed social channels. Most of the active discussion is on the Telegram channel. Nevertheless, the team has proven to have high social engagement, which goes mainly through events participation, where the project has been presented regularly. Additionally, there are consistent bi-weekly updates streamed. Analyzing the past, the planned budgets to date and gathering further information directly from the team, it is clear that there will be a number of more participation until the end of 2019 and the total budget for marketing, PR, brand recognition, and event participation is 20%, which can be seen as sufficient.
– The overall public sentiment toward the project’s outcome is positive. People are excited about the upcoming IEO. The IEO that will be supported by KuCoin can be seen as an alternative to the classical ICO, as well as a more innovative approach in the blockchain industry.
– The project is bound to face serious competitors with already working solutions. There are a number of projects that offer sharding techniques for the purposes of achieving an appropriate level of scalability- Zilliqa, OmiseGo, Quark Chain, and others.
– A point of concern is the fact that the mainnet is planned to be released in one year’s time. Although there is already a testnet released, most of the features are still under development and there are three more versions planned for the following quarters.
– The IEO event is supposed to take part during a period, which is supposed to favor alt coins and respectively, to reduce the overall dominance of major cryptocurrencies like Bitcoin. Bitcoin and Ethereum are seen as benchmarks for the overall market performance and it is possible that they might be seen at lower levels than the existing ones. Further details are provided in the next sections of the analysis.
– The direct competitors of the project, which are already listed – OmiseGo, Zilliqa and Quark Chain have clearly defined a negative trend for the performance of their tokens during the last nine months. This gives MultiVAC a favorable opportunity to enter the market.
– The MTV token predominantly bears the characteristics of a utility token. It is used as fuel within MultiVAC’s ecosystem. Nevertheless, analyzing the technical paper of the project, there are signs that MTV will be used actively by miner nodes for staking and respectively – earning rewards, which also adds an element of a security. According to the team, an official legal opinion is about to be issued soon. It will be prepared by Jenga BCG.
– Jenga BCG is the company that has been officially appointed as a legal counsel. Furthermore, Jenga BCG is about to issue an official paper very soon, where a comprehensive analysis of the token’s nature is supposed to be presented. It can be safely assumed, that MultiVAChas taken care of the legal matters by using the services of this business entity.
5.6 Competitor Analysis
Earlier in the analysis, there was an introduction to the nature of the MultiVAC project, which also included some of the existing and operating solutions. It is worth to mention some of the direct competitors of MultiVAC. Readers have to understand that due to the specifics of the industry, projects might be seen as partners and as competitors simultaneously. This is something normal, as it is driven exactly by the fact that such type of solutions have not yet reached the moment of their maturity. For the purposes of the analysis, several projects will be observed and compared. Their essential parameters, purpose and background, as well as financial data will be compared in order to understand in a better way how MultiVAC positions when compared to them.
DeepCloud AI is a self-organizing distributed network utilizing spare resources. The project is based on the Nebulas blockchain due to its improved performance when compared to Ethereum. It consists of membership protocols, and a proof of service algorithm to connect used dApps, services, and node configurations. In addition to membership protocols, the AI controller is based on several advanced aspects including sharding, sidechains, a matchmaking algorithm, task scheduling, load balancing, and others. DeepCloud AI makes use of the Proof of Service (PoSe) consensus algorithm. As a result, masternodes schedule tasks between nodes in the same cluster and synchronize the dependency and execution time of each task between each other. SimilarlytoMultiVAC, the project is also in an early stage of development, prior to conducting a public sale.
Elrond Network is a relatively recent project that is similar to MultiVAC. It introduces a novel architecture which goes beyond state-of-the-art by introducing a genuine State Sharding scheme for practical scalability, eliminating energy and computational waste, while ensuring distributed fairness through a Secure Proof of Stake (SPoS) consensus mechanism. Technologically, the project is similar to MultiVAC as it includes network, transactions, and storage sharding. This provides an opportunity for Elrond Network to deliver an adaptive, scalable, and balanced solution that will reach 10,000 TPS through this novel architecture. Elrond is technologically competitive with the MultiVAC project.
OmiseGO is a public, Ethereum-based financial technology for use in mainstream digital wallets. The focus is to enable real-time, peer-to-peer value exchange and payment services agnostically across jurisdictions, and in both fiat money and decentralized currencies. The Plasma architecture used by OmiseGO allows for unlimited scalability with unprecedented transaction speed. Similarly, MultiVAC also has a focus on maximizing throughput on every shard.
Quark Chain is a peer-to-peer transactional system that aims to achieve millions of transactions per second. The project aims to solve the scalability issue by utilizing horizontal scalability technologies, while maintaining a high speed and secure blockchain by natively supporting cross-shard transactions.
Zilliqa is a scalable, secure, high-performance public blockchain platform. It has run a transaction ratio of 2000 TPS on its testnet. However, while MultiVAC uses all-dimensional sharding at the core, other projects such as Ziliqa use only partial-sharding. They split the processing labor, however still impose the network's full burden for storage and transmission on every node.
In the following table, some basic information is presented about the compared projects, in order for the reader to be able to quickly acquire practical information and understanding regarding some standard financial parameters.
|Project||Token||Rank||Token Price||Circulating Supply||Circulating Supply as %||Total Supply||Market Cap|
MultiVAC did not yet finish its IEO and it is quite early to compare it from a financial point of view to its direct competitors. Nevertheless, the project is employing new technologies that are not used by the majority of other projects in the field. The Elrond Network is likely one of its closest competitors currently. However, as an additional challenge, while some of the projects are technologically inferior, they are ranked within the top 50 according to CoinMarketCap.
This immediately refers to the expectation that MultiVAC will have to show true consecutive developments and high social engagement, compared with proven technical infrastructure in case the team would like to win its space among the top-ranked projects. However, it is also one of a small number of projects utilizing innovational technology to solve important blockchain problems.
Figure 4 Competitors Performance Comparison
|July 2018||Aug. 2018||Sep. 2018||Oct. 2018||Nov. 2018||Dec. 2018||Jan. 2019||Feb. 2019||Mar. 2019||CAGR||Monthly Gain||Monthly Dev.|
The chart above presents a simulated comparison between the three listed projects, which are seen as direct competitors. The analyzed period starts at the beginning of July 2018 and continues until the present. Assuming that the analysis examines the closing prices of the tokens and specifying that the investment at the beginning of the period is equal, then holding a certain amount of tokens worth 100 USD would result in the result shown in the chart above.
The overall cryptomarket sentiment is bearish for 2018, which has remained in the investment history as the crypto winter. Besides the sharp price movements from the end of 2017, the overall trend has been hostile during the entire first half of the previous year. Since then, the situation has started to even out. For the purposes of having a long enough period, which can be considered as changing from hostile to neutral, the analysis examines a period of nine months previous.
For all of the assets, the average monthly gains are negative. For OmiseGo, the percentage is -8.63%, performing in the worst way, followed by Zilliqa with -8.05% on average, and Quark Chain with -5.57%. For the whole period, this results in a CAGR of -77.71% for OMG token, -72.42% for ZIL, and -50.10% for QKC. The monthly standard deviations for the three listed assets are between 25% and 33%.
Seen from this perspective, if the IEO of MultiVAC is successful and attracts significant capital and public attention, the project might be seen as well-positioned and entering the market at an appropriate moment. With an initial price of the token at 0.006 USD, MTV has the potential to take advantage of the shifting funds that are relocated from major assets to alternative ones.
5.7 Use Cases
Potentially, a blockchain architecture like the one of MultiVAC has the chance to get adopted by various industries that are planning to take advantage of more complex dApps, which need scalable and industry-grade level technical infrastructure.
6.1 Seed & Private Funding
The seed and private rounds of project’s funding are essential for MultiVAC, due to the fact that the majority of the capital earned so far is exactly during these two stages. NEO Global Capital is one of the names that has performed an early investment in the project. There are many other notable investors listed on the project’s official website, including Hashed, IDG, Genesis, Signum, One Block, Elysium, Angfund, JRRCrypto and many more. The accumulated funds during these two stages are notable – $ 12.6M.
6.2 Token Allocation
The token distribution of MultiVAC is relatively straight forward and it is overall oriented in a way to facilitate various types of investor groups to participate in the project. The biggest part of the allocation – 30% goes for the ecosystem, followed by distribution of 27% for the foundation and 16.8% for the team and advisors, respectively – 15% for the team members and another 1.8% for the advisors of the project. The tokens allocated for private investors are 10.2% and besides this, there are a further 9% for those who have supported the project on seed level funding.
MultiVAC project employs various vesting periods, depending on who possesses respectively the tokens:
– tokens acquired during the seed sale come with a vesting period that starts on the 4th month and are unlocked in 12 months;
– tokens acquired during the private sale have a vesting period that starts on the 4th month and are unlocked in 9 months;
– tokens acquired by the team and early contributors have a vesting period starting in the 13th month and are fully unlocked in the 27th month
Figure 5 Token Supply Breakdown
6.3 Use of Funds
The use of funds accumulated by MultiVAC will be utilized in several directions:
– 60% will go for funding the development costs, including team salary, cloud service costs, security and pressure test service costs, etc.
– 5% of the funds will be dedicated toward the intellectual property and software copyright protection
– 10% of the funds will go for marketing and public relation costs, seen as paid fees to media and PR agencies
– 15% is dedicated to establishing partnerships with companies in the future
– 10% will be allocated for branding costs and for events participations
It is notable that the greatest part of the proceeds will go for development costs. MultiVAC is emphasizing the importance of finding sufficient capital for future works, not only related to purely technical aspects, but also for ensuring that the team is financially well-supported. Of course, taking into consideration that according to the team, there will be between 25 and 30 developers added to MultiVAC’s office in Beijing.
Figure 6 Use of Funds Breakdown
6.4 Soft & Hard Cap Values
MultiVAC’s team did not specify any soft cap value and this is mainly driven by the fact that only a small part of the funding is dedicated for public offering. The total fundraising goal of the team is $ 16.2M, while the hard cap value for the IEO is set to $ 3.6M only.
Although the hard cap value for the IEO is a relatively low figure, the total fundraising goal of $ 16.2M can be considered as sufficient enough in order to support mid to long-term developments. Similar projects to MultiVAC, such as OmiseGo, Zilliqa and Quark Chain were targeting and had actually succeeded in attracting an even higher amount of funds – respectively $ 25M for OmiseGo, $ 22M for Zilliqa and $ 20M for Quark Chain (separated to $ 4M for the public and previously accumulated another $ 16M in private rounds).
6.5 Initial Token Price, Circulating & Total Supply
The IEO that will take place on KuCoin and will be with the price of MTV set to 0.006 USD. According to publicly available information, the team is planning 980,000,000 MTV to be the initial circulating supply (or 9.8% of the total supply of 10,000,000,000 MTV).
6.6 Market Performance & Entry Moment
The most crucial factor for each project, which is still in ICO/IEO stage is the current crypto market condition, as this directly refers to the moment of entering it. Every team must carefully consider this factor, because a successful project does only on its technical aspects and characteristics, but also on external factors as the market condition for example. There might be a perfect project with an immaculate setup, but if the time chosen for entering the market and performing the ICO/IEO is not suitable, then most of the efforts spent could be for nothing. For that reason, it is important to have a look at least at the two main currencies, which can be seen together as an appropriate benchmark for estimating the crypto market condition – ETH and BTC.
Figure 7 ETH/USD Daily Price Chart
As shown on the chart above, the price of the Ethereum is moving close to an up trending supporting line. One example is that the existing price level is close to the support line, formed by the bottoms at 83 USD and 105 USD for 1 ETH. The important level to consider in this regard is at 125 ETH/USD. However, the range between 125 USD and 155 USD is the range that must be monitored for estimating future movements.
Ethereum's (ETH) price may be preparing to re-test the previous heights. On the daily chart, the price has found support on the 50-candle exponential moving average (EMA). A re-test on the previous heights around 155 ETH/USD is likely to take place. If the price manages to stay above the previous heights and close a daily candle could test the next zone of resistance, around 192 ETH/USD. If the price breaks the support under 125 ETH/USD, it could give a bearish momentum and a re-test of the previous lower price-lows.
Important levels supporting the prices areas already mentioned- 83USD, 105 USD, and 125 USD. Otherwise – 155USD, 192USD, and270USD are seen as mid-term resistance levels. Although Bitcoin is not a cryptocurrency which will be used by MultiVAC during the IEO, the overall price movement provides a fair indication of where exactly the crypto market is and what can be expected as a greater picture of the market.
Figure 8 BTC/USD Daily Price Chart
The chart above presents Bitcoin in light of its recent price movements. On the daily chart, a 50-candle exponential moving average (EMA) gave the price level of support. Potentially a new re-test could break the support of 50-candle EMA and transform it into a future resistance. Breaking under the 50-candle, EMA will bring the price during the next support around 3660 USD. If the price rises above the previous highs and a close daily candle above it potentially could rise to test the zone around 200-candle (EMA).
Figure 9 BTC/USD 3-day Price Chart
Bitcoin's (BTC) price may be preparing to test the 50 EMA resistance. On the three-day chart, the 50-candle exponential moving average (EMA) has crossed the 200-candle (EMA), confirming what is well-known as the “Dead Cross”. This is a sign of trend change from bullish to bearish. The 50-candle (EMA) is playing the role of powerful resistance. Most likely a potential test of the 50-candle resistance will end with a failure.
In case the price gets rejected at that level of resistance, it could drop further, re-testing support levels and reaching new even lower price-lows. Usually, in a state of “Dead Cross” need a consolidation period that could be between three to six months before it breaks above the 50-candle (EMA).
The third chart presented in the analysis can be seen as one of the most important ones. It refers to the Bitcoin dominance in percentage as part of the total market capitalization.
Figure 10 BTC Dominance Chart
On the daily chart, the 50-candle exponential moving average (EMA) may cross the 200-candle EMA, confirming what is well-known as the “Dead Cross”. The 53.4% dominance level has already been tested a couple of times. A potential drop could place the price around 49% level of support with potential reactivation on “W Shape” structure. A drop of Bitcoin's dominance could reflect in a diversification towards Alt-coins or existing investors of the crypto market.
Based on the performed technical analysis, it can be assumed that the current moment is an appropriate one from a market point of view, to perform IEO and/or to enter the market with a possible token listing. Evidence points to a conclusion, that it is most likely that crypto investors will switch from classical crypto assets to alternative coins, as there are signs for such behavior, mainly due to the existence of the “dead cross” event. It is highly possible that not only the MTV token but also other tokens entering the market during next month will have a reasonable chance for initial positioning.
7. Project Development
7.1 Previous Steps
Besides the extensive theoretical researches that were performed and gathered together in the white and yellow papers of the project, MultiVAC's team has also completed an MVP in Q4of 2018. According to the advertised information on the project's website, in a network of 64 shards and 12,800 total nodes, the reached peak of TPS was 30,784 transactions.
Figure 11 MultiVAC Sharding & TPS
MultiVAC’s server providers are the world’s top three largest cloud computing platforms, namely AWS, Azure, Aliyun. Servers are distributed in data centers such as Sydney, Silicon Valley, London, Virginia, Oregon, Beijing, Singapore, etc. to ensure decentralization of the test environment. 
7.2 Ongoing & Future Developments
Currently, the team has focused on the upcoming IEO. However, it has also defined the vision for the next couple of quarters:
– Q2 of 2019 – MultiVAC's testnet 2.0 “Enigma” is planned to be released and its main focus will be to test the VRF dynamic sharding mechanism implementation, as well as the test mining client
– Q3 of 2019 – testnet 3.0 “Oracle” should be online, which will give more options for miners. The incentive mechanism will be developed and it will be based on open community discussions. During the same quarter, the main network version 1.0 should be officially launched
– Q4 of 2019 – the testnet 4.0 is planned to be online, which will feature a smart contract system, and cross-sharding communication supportive function will be tested
– Q2 of 2020 – is supposed to deliver MultiVAC's main network version 2.0 with a whole portfolio of additional features added to already existing ones.
Overall, MultiVAC’s team shows that there are plans for the future, but a point of concern is that they spread very far ahead in the future.
Technically wise, MultiVAC is dependent on Ethereum’s blockchain, but as soon as the mainnet is officially launched, the project will be a technically independent one.
From a business point of view, no clear and direct dependencies can.
The MultiVAC team has been working and cooperating with a variety of technology and blockchain partners. There are plans for these partnerships to be officially announced by the project in the near future.
7.5 Institutional Investors & VCs
The MultiVAC website portrays a worldwide network of top crypto funds and partners from a number of countries including South Korea, the United States, Russia, India, and others. Some of the most notable funds have been listed below:
Signum Capital is a Singapore based company with a focus on investing in blockchain-enabled companies. Their mission is to drive the future of the blockchain economy through investment in advanced projects. MultiVAC is listed as one of the companies in their official portfolio.
Hashed is the largest blockchain venture capital fund and crypto community builder based in South Korea and San Francisco. The company has invested in a number of startups including Bluezelle, StormX, and others.
Arrington XRP Capital is a digital asset management firm in blockchain-based capital markets. Digital asset management firm Arrington XRP Capital has merged with another crypto-focused fund, ByteSize Capital.  MultiVAC is listed as one of the companies in their official portfolio.
Kosmos Ventures is a leading investment firm, focused on helping blockchain startups scale and integrate their products into enterprises. The company is headquartered in Perth, Australia. The venture capital fundis a strategic partner behind some of the largest and most successful blockchain projects. MultiVAC has been listed in their official portfolio.
NEO Global Capital is the strategic investment vehicle of the NEO foundation and one of the largest institutional owners of cryptocurrencies. They are based in Singapore. Furthermore, they have listed the MultiVAC project as one of the projects that is part of their official portfolio.
8. Technology Development
The technology that MultiVAC project aims to implement can be seen in the light of an innovative approach toward evolving the existing blockchain architecture from daily users oriented ones to something more sophisticated and suitable for larger entities – institutional-grade ones.
Nevertheless, in order to obtain a full-scale picture of the proposed architecture, it is worth analyzing separately the characteristics of the components that all together form MultiVAC's blockchain infrastructure. These components are the Verifiable Random Function (VRF), UTXO synchronization model, the applied in-shard consensus mechanisms, the designated blockchain instruction set (BISC), the MVM virtual machine, the applied consensus mechanisms on a general and in-shard level, as well as the storage methods.
8.1 Verifiable Random Function (VRF)
The VRF lies at the core of the sharding principles implemented. It consists of three polynomial-time functions – generate, evaluate and verify, each of which has its specific purpose. Also, the VRF is a verifiable pseudo-random function and seeks for three conditions to be satisfied: a probabilistic correctness, unique probability, and residual pseudo-randomness. In the end, VRF defines a complete random number generator, which is respectively used to select bookkeepers and validation challenges. Also, the random number, generated by the VRF must be unpredictable for the purposes of securing the identity of miners. Generally speaking, the main purpose of VRF is to pick up a random and unpredictable number of X nodes among the whole sum of Y nodes for the purposes of performing a sharding of these selected nodes.
8.2 UTXO Model
By stepping on the VRF model and choosing a random number of nodes that will generate shards, the whole blockchain network can be decomposed into a number of shards with each transaction designated to a specific shard for execution. However, at the same time, sharding and decomposing can proceed hand in hand with arising problems of synchronization between the shards and realizing inter-shard coordination. Described in another way, sharding is simply one step, which must be continued with a comprehensive solution. Providing an answer to how a ledger will be generated out of the in-shard transactions, whether the consensus reached within a shard is secure enough, as well as how to handle transactions that straddle multiple shards.
MultiVAC's UTXO mechanism solves the synchronization problem. Each transaction is distributed by the network into different shards according to its account number, such that all the transactions of any given account are executed on the same shard. 
In particular, the UTXO mechanism:
– ensures the availability of funds and confirms it once they are spent and not when they are received
– handles the confirmation of transactions
– oversees and guarantees that a particular user account will be processed within the same shard
– sets a simple rule preventing cross-shard data interactions
In order for readers to get a better understanding about UTXO’s logic, the team has provided the following diagram below.
Figure 12 MultiVAC’s UTXO Mechanism
8.3 Consensus Mechanisms
In MultiVAC’s technical architecture, there are consensus mechanisms on two different levels – on a general level, which is the PoIE (embedded in MVM) and in-shard consensus mechanisms, which can vary and different for each shard.
The main function of the Proof of Instruction Execution (PoIE) consensus algorithm is to perform computation, gas charging, and verification upon every executed instruction. PoIE is based on physical computational constraints and the essential idea in the design is that malicious nodes must incur a high-real-world physical cost in order to defraud and that even if they did defraud, they would be able to receive a reward but would still not be able to overturn the computation's verified correctness. From the perspective of costs, malicious nodes thus have a great incentive to honestly execute computational tasks. 
The in-shard consensus mechanisms that MultiVAC’s team has decided to benefit from, are from the Byzantine family. Ontheshardlevel, there is an option for shards to use different consensus models – consensus algorithms that are very unlikely to produce network forks. Such consensus algorithms are PBFT, asynchronous BFT or BA.
8.4 Blockchain Instruction Set Computer (BSIC) & MVM
The design of ordinary virtual machine instruction sets is of vital importance and MultiVAC's team sees the existing ones as rather unoptimized for the complicated business logic of smart contracts. That’s the reason to propose their own instruction set called BSIC and on this basis, they create their own MultiVAC Virtual Machine (MVM). The motivation of the team to work toward improving the instructions in the light of the virtual machines is dictated partially from the expectation that these virtual machines will become physical virtual machines at some point in time. Furthermore, the idea is to be able to prepare an architecture for handling complicated computations with more sophisticated logic. The MVM is a blockchain virtual machine designed with characteristics of scalability and flexibility, which also provides applications with static code optimization, storage allocation, run-time inspection, and execution-time verification. The MVM will also include targeted suggestions and an optimization engine. This will be a test environment, where developers will be able to see a breakdown of executed instructions and respectively, the gas costs for each of them. This approach will aim to optimize gas charges when code optimizations occur. In addition, the PoIE consensus algorithm is embedded in the MVM.
8.5 Security Measures
A number of technical infrastructures might seem sophisticated and too complicated in order to be breached successfully. However, this is not true. Even cutting-edge techniques might fall under hackers’ attacks and developers could have missed applying comprehensive security measures. The security topic is seen as one of the most important ones by MultiVAC’s team.
A factor protecting the infrastructure sits within the VRF and the principle of requiring that the generated random numbers will be unpredictable, otherwise, miner's identity might be exposed and attacked before finishing verifying a transaction. Furthermore, the team has detected a flaw sitting within the fact that due to the sharding logic, a possible tamper with transactions or performing double spending can be achieved easily by focusing to attack a specific shard and not the whole network. In order to prevent such a scenario, the team has chosen to implement a dynamical adjustment of the miners. This way the security is theoretically increased to the same levels as attacking the whole network.
An additional consideration regarding security comes from the fact that it will be possible to implement a selection of in-node consensus algorithms (PFBT, asynchronous BFT or BA). On the MVM side, there are gas charges implemented for each BISC instruction executed and this way it is aimed at blocking infinite-loop attacks.
MultiVAC’s architecture consists of three types of nodes:
– Light Nodes – these nodes are also the clients themselves. They request transactions and own accounts but do not perform any processing.
– Miner Nodes – they are the nodes that are running the consensus algorithm and are reassigned to different shards or fragments of the network by VRF. The miner nodes run the consensus mechanism and for this activity, they are incentivized.
– Storage Nodes – they store and serve up the transactions and they are the backbone of the technical infrastructure, making it possible for the network to operate.
All of the nodes are connected over a semi-synchronous network. This way almost all miners can communicate with each other with a small time limit.
The MultiVAC project is not only exploring the sharding methodology in the light of sharding transactions but also applying similar logic to the network storage amongst nodes. In particular, the advantage of applying sharding to the storage topic results in miners that are communicating with other miners in the same shard in order to obtain or commit a transaction. Thestoragetopicis seen and actually realized as a pain point by MultiVAC's team, since with the high TPS, there is also a need for improved storage optimization.
The storage solution, proposed by MultiVAC consists of the following features:
– no full ledger in miner nodes – the purpose of this principle is that due to the sharding, storage is enormous and miners do not need to keep the full ledger. The majority of data is held by storage nodes, while miners will need to hold less than 1GB of data.
– in-shard gossip protocol – in MultiVAC the implemented version of the classical gossip protocol is making it possible to broadcast a message only to users within a specific shard. This way miner nodes within a shard will receive messages that they are actually interested in.
– verifiable and trustworthy service by storage nodes – this principle is based on optimizing the data that is exchanged between miner and storage nodes. The MultiVAC protocol facilitates the information provided by the storage nodes to be verified by miner nodes and the rest, unverified messages to be discarded.
– no extra network transmission for miners – in MultiVAC's system miners can update the Merkle root only with newly generated blocks, thus updates are happening without additional transmission pressure to the storage nodes.
Additional details regarding the composition of the Merkle tree used in the MultiVAC’s infrastructure can be found in the yellow paper of the project. There, the team presents the storage methodology in details, emphasizing and outlining the improvements implemented besides the classical understanding of storing of information in the blockchain.
9. Legal Structure and Documentation
9.1 Token Nature
MTV is the native token of MultiVAC project and is ERC-20 compatible. The implemented system is based on the logic of PoS. The purpose of the token is to:
– be used as the ecosystem’s fuel (gas)
– as a means of exchange – paying fees for the network usage
– a tool for staking, performed by the miner nodes in order to enter the validation process and earn rewards for validations performed
After the tokens are locked by the miner nodes, they must wait for a couple of minutes before to be relocated to a new shard by the VRF. As the system runs in an asynchronous manner, miners could be selected for multiple shards and this is based proportionally to the deposit they have entered.
9.2 Legal Counsel
Jenga BCG is the company that takes care of the legal matters around MultiVAC project. The company is headquartered in Singapore and can be seen as a partner for global business expansion activities. In its portfolio, it provides various services, including compliance consulting. MultiVAC’s team is currently in the process of obtaining an official legal opinion from Jenga BCG for the purposes of a correct evaluation of MTV token’s nature.
9.3 KYC & AML
The project itself does not seem to implement any KYC & AML procedures. However, for the purposes of the IEO that is planned on the 3rd of April 2019, participants will have to pass a KYC procedure through the KuCoin exchange. This can be seen as outsourcing of these services to the exchange and is a sufficient indicator in this regard.
10. Marketing Activities
10.1 Marketing Strategy
MultiVAC’s team has recently chosen to advertise its project on Times Square in New York, which is also known as the “crossroads of the world”. MultiVAC’s strong landing on the Nasdaq Big Screen is not only a demonstration of its technology and community strength, but also a demonstration of the blockchain industry’s determination, and power in transforming the real economy to people all over the world also a pioneer in this field. 
Additionally, the team has recently been challenging its community members with а few bounty campaigns. One of them was regarding the naming of the versions of the test-nets that are planned for the future, while the other was called sharding killer and it aimed to stimulate followers to create content, pictures and videos in light of the sharding thematic.
Overall, based on the information about the use of accumulated funds, 10% will be dedicated for marketing & PR campaigns, which can be seen as a sufficient percentage of the whole budget that will go for the promotion of the project’s features.
10.2 Events Participation
Since the very beginning of the project, MultiVAC's team has clearly shown that it is following a policy of participating in various events around the world, establishing an image for a project that aims to sustain a high level of social engagement toward its community with this method.
In July 2018, the CEO, Frank Lyu had initially revealed some details around the project and this happened at the World Blockchain Conference in Singapore. Taking into consideration that the MultiVAC project was officially established a couple of months earlier, this can be seen as the first serious step in the light of the project's social engagement.
Again during July 2018, the Chief Marketing Officer, Claire Wang had attended the Blockchain Summer Soirée, co-hosted by JRR Crypto and Consensys. Over a hundred blockchain technology developers, journalists, and representatives from renowned projects in China and abroad attended the conference. Also joined were Blockchain investors including Huobi capital, GVC, INBlockchain, Node Capital and Imagination Fund.  In August 2018, Claire Wang attended the Eco Alliance Pary, hosted by JRR Crypto.
Starting from the beginning of September 2018 onwards, the team has been even more socially engaged. MultiVAC’s team has decided to go on a tour and visit several events globally. At this point of time, only for the month of September, the MultiVAC project was presented on five events Ethereum Industry Summit, NGC Boston Meetup, BitMax, Consensus Singapore / Blockchain Week, and the Blockchain Pioneers Summit.
Official representatives during this period of time were the main figures in the company – the CEO, Frank Lyu, the CTO – Shawn Ying, and the CMO – Claire Wang.
In November 2018, MultiVAC's team explored Russia, attending two events: one in Moscow, which was organized by ICO Drops and BLockchain Life 2018 in St.Petersburg. These two participations are a logical extension to the already started tour since September. The team had the chance to meet personally with core team members from other notable projects such as Waves and Blockrock.
Since the beginning of 2019, MultiVAC’s team has attended two important events. The first one in January, which was organized by Binance, called Binance Blockchain Week and has taken place in Singapore. The other event that the team attended was Blockchain 2049, considered as one of the most important events organized by the blockchain industry.
Contacted directly, the team stated that it is planning actively to participate in events in the next months. In particular, MultiVAC will organize around five to ten events for college students, common internet developers and start-ups during 2019.
Additionally, the team has revealed that they are planning to participate at Blockchain Life 2019 in April, Consensus New York in May, Blockchain Live 2019 in September, and Money 2020 in October and December.
According to the plans for the accumulated funds, during the private and public rounds, the team of MultiVAC will dedicatearound10%for branding purposes and costs related to participation in these scheduled events. Overall, this can be seen as a serious engagement towards the existing and future community that will be formed.
11. Internet Activity & Community Sentiment
11.1 Communication Channels
The MultiVAC project has a portfolio of social channels that have been analyzed. In particular, the project has:
On Twitter, there are more than 6400 followers, and this is one of the main channels used by the team for streaming updates regarding the latest developments.
The project has two telegram channels – one for announcements only and one for community members. While the announcement channel (with over 6800 users) is used for pushing the latest updates, the community channel (with around 15800 users) is a place that hosts a very intensive discussion. People are discussing predominantly the upcoming IEO and details around it.
It seems that the Reddit channel has been abandoned, with only a few posts that are over five months old. The channel has few followers.
Medium is another major social media channel that is being used for posting regular updates and news. The information there is separated into several subsections that are standing for topics related to technology, team, announcements, community contributions, and bi-weekly updates. An important fact to consider is that the weekly reports have started back in July 2018 and they have been streamed regularly since then.
The team has chosen to present some of the core team members, unveiling the details around them and showing in this way that it is truly proud to have such experts on board.
Additionally, the bi-weekly reports that are streamed regularly, are an efficient way to keep the project’s community updated with the work that has been done and with the details about the upcoming developments in the short term.
The project has an active GitHub, but the repositories are private and not publicly accessible.
11.2 Community Sentiment
Although the project does not have a very high presence on channels such as Twitter and the Reddit channel has been largely abandoned, there is a very active discussion running on Telegram. That is the channel where the community is definitely showing its positive solid support toward the project's future. People are excited about the upcoming IEO event.
MultiVAC puts the focus on the sharding mechanism in order to achieve the desired level of scalability and bring the blockchain technology to a new level that will allow industry-scale infrastructure to support the needs of more sophisticated and complicated dApps. The project analyzes already existing solutions and presents ideas for an improved technical infrastructure thanks to two documents – a white and a yellow paper, which are written on an academic level.
The project has already accumulated a significant amount of funds during the seed and private rounds that were organized. For the purposes of accumulating an additional $ 3.6M through a public sale, the team has chosen to follow a new trend that is forming on the cryptomarket – performing an IEO through KuCoin. Analyzing different aspects that might possibly affect the project in a negative way, the conclusion points that MultiVAC enters the markets in an appropriate moment, when competitors are not performing well and when investors are favoring alternative tokens, instead of popular crypto assets. However, a point of concern is that the first product, utilizing most of the planned features, will be a fact in around a year from now, which adds a noticeable portion of uncertainty what the reality at that time is bound to be. There are even competitors, who are still in pre-ICO stage. Although they are not yet presented on the market, their possible effect in future cannot be ignored.
The team of the project has implemented comprehensive token allocation and use of funds structuring. It is in support of various types of investors, including VCs and other institutional investors, as well as retailers through the IEO. Looking at the expenses planning, the team is emphasizing on the development, as well as expansion of offices and team members in order to position themselves among the most competitive projects on the market.
MultiVAC’s team is following a strategy of participation in various events since the very beginning of the project. Core team members are presenting the idea, principles, and values that the project strives to achieve, thus accumulating followers and aiming to increase its community. A significant part of the planned budget is reserved for similar participation in the future, as well as for marketing, PR campaigns and brand recognition.
Overall, it can be concluded based on the performed analysis, that there is serious ground to expect future consecutive developments around MultiVAC. The project will be accompanied by structured marketing campaigns and activities, striving to attract more followers in time. The team is issuing bi-weekly reports, informing its community about recent developments. Once the IEO passes and the MTV token is listed, there will be further ground to assess how the project is developing, at least due to the fact that community’s expectations and sentiment will have an effect on the trend of the token’s price.
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 MultiVAC. (2018, July 18). MultiVAC CMO Claire Wang attended Blockchain Summer Soirée co-hosted by JRR Crypto and Consensys. Retrieved from https://medium.com/multivac-foundation/multivac-cmo-claire-wang-attended-bloc kchain-summer-soirée-co-hosted-by-jrr-crypto-and-consensys-b43ad794fe9a
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