New Blockchain Speeds Being Made Possible with Launch of MetaHash MainNet
With speed of transaction emerging as key requirement for blockchain adoption, #MetaHash launches MainNet after successful capacity testing
In December 2017 an influx of new users fascinated by the potential of cryptocurrencies caused massive overloads of all cryptocurrency networks. Bitcoin mining fees were over 50 times more expensive than right now, and users were having to pay over $60 just to have transactions confirmed.
This brought into focus the drawbacks and limitation of certain networks for different purposes. In particular, it became clear that the Bitcoin network is currently not suitable for the high-speed transactions required for many Decentralized Application (DApp) or high-throughput use cases.
While many cutting-edge startups and massive corporations mull over how to integrate blockchain technology in their business models, the need for lightning fast and high capacity blockchain networks is very real. Among the companies proposing solutions is #MetaHash, which uses a novel MultiPOS consensus mechanism to allow users to avail of transactions that take a max of 3 seconds in confirmation time, with billions of transactions possible per day.
Speed improvements
As explained by the company co-founder Gleb Nikitin:
“The low speed, closed nature of blockchain networks, and their inability to interact with each other, are the real problems slowing down the development of this technology in general. #MetaHash is designed to create a single solution that allows blockchain systems of the future to unite into a single decentralized network, capable of recording each and every transaction. The self-regulating #MetaHash network, in fact, creates a basis for the emergence of a fully-fledged branch of the decentralized internet. It doesn’t depend on individual creators once launched and is managed by open voting of users or #MetaHashCoins holders.”
One of the ways in which #MetaHash improves on the existing standard blockchain paradigm is by using forging instead of mining. This is much less resource intensive and can be partly done by participants using only a smartphone (sharded computing of part of the block is possible). All these developments were tested in recent months with the network TestNet, which validated their assumptions. The MainNet has recently launched for third-party developers also.
Upcoming activity for the #MetaHash platform
On 29th of June the ICO has begun with Round A getting underway. #MetaHash has designed the sale to reward early entrants, with 10% of the #MetaHashCoin (#MHC) amount to be distributed at this stage for just $0.0391 per coin which can be had for the price in Bitcoin or Ether. In addition to this, #MHC holders will have the opportunity to benefit from early forging (beginning in August) and get a head start on accruing rewards.