Metahash a blockchain based cryptocurrency exchange has revealed its plans to test a lightning fast network that can process over 60,000 transactions per seconds. This platform has a component known as "Tracechain" and will contribute immensely to the attainment of the set goal. The trial for the use of this platform has begun and a free browser has been made available on the Linux, Mac OS and Windows platforms. Also, the exchange has announced that applications for Android and IOS operating systems are underway and would be developed and launched soon. According to the exchange, the Tracechain is one of four components that makes up the system to create a synergistic simple entity.
Image Source : https://metahash.org/
According to them, one additional component is the MetahashCoin which is a digital token and acts as a means of payment across the platform. This digital token can be exchanged for either BTC or ETH tokens on the platform as well. The Metahash platform stated that their new application, the MetaApp would be a revolutionary one in the building and launch of standalone decentralized applications. This application has an easy to use interface that allows it to look like the applications and web services that are used by the general public. You will find it interesting to know that platforms that have been created with different programming languages can also be converted into the MetaApp. Even applications as complex as Facebook and YouTube can also be decentralized on the MetaApp.
The company has put in place a decentralized platform where their users can gain access to this project as well as a multiple currency wallet. This platform is known as MetaGate. The development team of the platform told newsmen that unlike the other networks, that the Metahash platform is designed in such a way that they record large volumes of transaction with an inexpensive hardware. Making it one of the lowest charging platforms.
The trial would begin according to the team at the second quarter of the year and will continue till the end. There are over 200 temporary servers that have been made available for the trial. These servers according to the development team would be replaced by the nodes once the MetahashCoin is being issued. The company went further to state that the platform as a whole can process over 5 billion transactions each day.
The development team went further to state that their platform would prove to be faster than the Ethereum, Bitcoin and the EOS platforms. They went further to state that their platform can approve transactions in three seconds. It has the capacity to process between 60,000 to 1 million transactions per seconds. This platform is way ahead of the Bitcoin network which takes about 10 minutes before a transaction is approved and at its best, only 12 transactions can be processed in a second.
Asides the transaction speed of this platform, it charges lower transaction rates when compared to other regular blockchain based platforms.