MetaHash, DApp Revolution And Its Lightning-Fast Protocol | Review
December 27, 2019
MetaHash, DApp Revolution And Its Lightning-Fast Protocol | Review
December 27, 2019

MetaHash is a MutiPoS consensus blockchain with a real-time decentralized application platform. The interoperability between independent networks is what sets apart MetaHash from other blockchains. This ensures the full adoption of blockchain technology while creating a standard for the exchange of digital assets. It can act both as a replacement for and an upgrade to the smart contract prototype.

What is MetaHash?

MetaHash aspires to be a decentralized network for digital assets while being a platform in building decentralized applications.

Decentralization, as we know, brings freedom from the shackles of larger corporations. It supports the creation of decentralized applications to work at a real-time speed while also executing functions that could be web-based or for that matter in any other blockchain network.

The platform allows converting of any assets in another blockchain network and other cryptocurrencies to be converted into tokens in other blockchain networks. The network for MetaHash works in real-time just like regular web services and applications. The cryptocurrency of MetaHash is fully decentralized working on the protocol of blockchain 4.0.

MetaHash RoadMap

metahash roadmap part 1
RoadMap of MetaHash Part 1
metahash roadmap part 2
RoadMap of MetaHash Part 2

The MetaHash Network Architecture

The network of MetaHash is composed of four parts: TraceChain, MetaApps, MetaGate, MetaHashCoin

Each of the components in the architecture performs a crucial function within the network that is unique and solvable only to them.

TraceChain-

TraceChain is a self-learning algorithm for routing signals over the network. It can process over 100 000 transactions per second (TPS) making it an alternative for networks with higher transaction fees and slower speed. One can rely on the MetaHash network with the growing additions of new nodes with higher bandwidths where transaction processing is expected to rise.

MetaApps-

MetaApps builds decentralized applications while making use of the nodes that are attached to the MetaHash networks. It integrates smart contracts with added features. Third-party developers can create applications in the MetaHash networks using several programming languages like C++, PHP, Solidity, and others. It is compatible with any operating system while including numerous modules for the acceleration of the development of new projects.

MetaGate-

The MetaGate is an open-source interface that utilizes the protocol of TraceChain making it a framework of MetaApps and allowing other networks to operate. The code of MetaGate can be applied by third-party developers while embedding TraceChain and other blockchain features that it deems fit.

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MetaHashCoin-

The MetaHashCoin (MHC) is the native currency used on the MetaHash network. According to tokenmetrics, a total of 9,200,000,000 MHC  will be within a period of 10 years. The MetaToken on the network allows automatic tokenization of MetaHash coin into ERC20 while converting digital assets into MHC.  

What Sets MetaHash Apart?

The developers address MetaHash’s similarity to other platform projects in their white paper:

“We couldn’t find any project focused on creating a fully decentralized and synchronized network capable of quickly processing data on a large-scale, global basis, so we created #MetaHash”

The developers then went on to list the market needs that MetaHash serves.

Chief among these are:

  • full decentralization,
  • full synchronization, low prices, transaction speeds under three seconds,
  • high bandwidth.

The network consensus is based on the value of the network native coins, enough to rent any common web-server or use a home PC with a good internet connection.

Forging In MetaHash

The significant part of MetaHash forging is that blocks are generated and validated while supporting the entire operation of the MetaHash network.

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metahash forging

Forging in MetaHash follows the same protocol where new coins are minted and distributed as the following: –

  • 50% proportionally to coin owners
  • 40% to nodes
  • 10% to random wallets, chances proportional to the held amount
  • 30% of tokens will be pre-issued, then gradually released in decreasing amounts, from 10% in Y1 to 4% in Y10.

Forging is a necessary element for the operation of the blockchain of the MetaHash network, which in turn tries to implement the WEB 3.0 or Blockchain 4.0 technology to create a fully decentralized network.

Check out a review on forging in MetaHash By Mohd Shoaib, CEO of Digital Notice

Faster Transactions

MetaHash compares itself with major players in the market such as Bitcoin, Ethereum and EOS.

MetaHash claims that it can approve transactions in under less than three seconds while having the capacity to fulfill between 60,000 and millions of transactions per second.

transanction speed of metahash
The transaction speed of MetaHash compared with Other Networks

Bitcoin takes around 10 minutes for a transaction to occur and in maximum best, only 12 transactions per second can be processed. Ethereum offers a transaction speed of fifteen seconds and the ability to handle 30 transactions per second. Then there’s EOS, where transactions are approved in five seconds.

Although this system can process anywhere between 1,000 and millions of transactions a second, its level of decentralization is described as minimal, whereas MetaHash’s is high.

Current Problem

The biggest problem in the decentralization landscape is that cryptocurrencies are currently facing the problem of scalability. The most popular smart contract platform, Ethereum too faces the same problem.

The decentralized applications built on top of the blockchain have a scalability problem that results in few userbases. Moreover, the transaction fees on making these kinds of applications make it quite expensive.

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How MetaHash Can Provide Solution

MetaHash in this sense can solve the problem of speed and scalability by implementing its automatic self-learning algorithm.

Initially, the speed will be at 60,000 transactions per second but it will continue to grow as more nodes with higher bandwidths are added to the network.

The MetaHash team is aiming to employ sub-chains while being protected by the main MetaHash network while being operated on the TraceChain protocol. The sub-chains unloads the main network while making it feasible to run thousands of applications to operate in a faster and cost-effective way.

Conclusion

Despite being the “the fastest and most secure blockchain”, one will wonder but can it scale? Apparently it can, all the while being decentralized and dynamic. MetaHash has reimagined blockchain technology by solving the problems of speed and security that most of the decentralized applications currently faces.

MetaHash proves to be the fastest cryptocurrency in the world while setting apart from the rest of cryptocurrencies That’s just one of the many features the MetaHash team continues to perfect in its quest to build a new internet, where speed, reliability, and security are no longer concerns in the blockchain community.

Developed by a team of experts with a wealth of experience in their various areas of expertise, and advised by top blockchain analysts with a track record of success, MetaHash is bound to be a phenomenal success with a growing community.


References: CardRates.com | Blockonomi | Busy.org | Token Investor Online | Inside Bitcoins | CryptoAge.com | Digital Notice


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Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.
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