What is #MetaHash?
#MetaHash is a next-generation network based on the Blockchain 4.0 technology for sharing digital assets and a platform for creating and managing decentralized apps and services in real-time.
Four components of the system:
The fastest and most secure Blockchain
More than five billion transactions per day, no more than three seconds to validate a transactionNew generation of Smart Contracts
Decentralized real-time applications that are operated like regular web services and developed with the help of any programming language including C ++, PHP, Solidity and othersDecentralized Internet
Decentralized apps directory and a multi-asset wallet that won't overload your computer#MetaHash network exchange asset
#MetaHashCoin is used to ensure the reliability of the network, exchange services and regulate its self-financing and development
The network can be used for:
Storage of any information in Blockchain with 4k crypto protection and multi-signature. Attacks on crypto-wallets are getting more and more common, even mining platforms are not secure. In order to address this problem, #MetaHash Network offers 5 different consensus algorithms aiming to increase security.
Transactions (up to 3 seconds approval time inside the #MetaHash network and outside it). Many crypto specialists are upset about not being able to transfer their assets in time, BTC needs 10 minutes for transaction approval for example. #MetaHash aims to increase speed unlike any other project. #MetaHash will be even faster than EOS (5 seconds) and ETH (15 seconds). Thanks to #TraceChain protocol, project’s analog to Blockchain, Transactions per second rate, in addition to decreased approval time, increases to 50,000+ per second. Thus, crypto-currencies can be used as a means of payment, while a commission for online payments will be reduced to almost zero. This means that #MetaHash can bring crypto to the real world.
Exchange of any asset (all digital assets in the #MetaGate wallet use the ERC20 token in all exchange services). This is important and shows that project wants to integrate as many crypto enthusiasts as possible.
Despite, #MetaHash network enables the creation of following:
Decentralized applications that work in real time like ordinary web services and applications that can respond to events both in any of the blockchain networks and on the regular internet. #MetaHash, unlike EOS, offers high decentralization levels, even higher than the level of Bitcoin and Ethereum. Decentralization has always been one of the main reasons of blockchain’s emerging popularity, users want to have a say on how to manage their own data
Independent sub-chains protected by the main #MetaHash network that also operate on the basis of the #TraceChain protocol. We already mentioned the significance of safety in the network, also, #TraceChain protocol is a name for the blockchain in #MetaHash. It’s #TraceChain that allows high decentralization levels and fast transaction approval times.
How advanced is the project
#MetaHash released MainNet (so-called “end product”) before the ICO Round A. It’s especially important, due to the fact that this kind of situation happens rarely.
Opportunities / Advantages
Transactions
In #MetaHash, transactions per second (TPS) rate is at least 50000, while network requires only up to 3 seconds to confirm the transaction. TPS rate is significantly higher and will be appreciated by cryptocurrency holders. For example, Bitcoin can manage only 12 transactions per second, and Ethereum - 30 transactions. #MetaHash beats even EOS in this aspect.
1
Transactions begin at the outer radius and then run into the core network using the fastest route.
2
Each stage approves a transaction on its way to the core.
3
The fastest nodes of the core network synchronize transactions between themselves.
4
Core network returns the balance of the wallets to the network, which verifies the correctness of the calculations.
5
Backup data goes into the classic Blockchain, verifying network integrity.
6
Anchors (hash from the longest chain of blocks) are stored on the Bitcoin, Ethereum and other networks.
Decentralization
#MetaHash has a very high level of decentralization, it is one of the main components of the whole project. The network has a system of open voting, where token holders decide whether to approve any new application or an update of an application in a democratic way. As mentioned before, level of decentralization is indeed higher than in most other projects. In general, #MetaHash lists eliminating centralization in blockchain industry as one of its priorities.
Forging
Multivote Proof of Stake (Multi-PoS/forging) could be a solution to problems that are associated with mining. Forging offers the opportunity to get cryptocurrency fast and even in a light mode. Besides, the absence of damage to the environment is also an advantage. #MHC coin can be forged and cannot be mined. #MetaHash came up with an evolutionary way to distribute its coins, this will surely excited users. Innovations and inventions are always met with the sense of optimism.
Disadvantages
No public version of detailed strategy
The project is secretive in some aspects and it can confuse some users. However, we have contacted the team and found out that they do have global and ambitious plans, but they want to keep everyone excited and reveal their strategy step by step.
A limited number of accepted currencies
During ICO Round A, #MetaHash will accept only Ethereum and Bitcoin. So users of other cryptocurrencies will have to convert their assets to either ETH or BTC if they want to get #MetaHashCoins.
As part of the MainNet release, they presented their browser #MetaGate. In this browser, users can test multi-currency wallet and the speed of the network. #MetaGate can be installed for free at https://metagate.metahash.org.
One of the features of #MetaGate is #MetaApps, where users can create decentralized applications. Even equivalents to such major projects as Facebook and YouTube can be created via #MetaApps.