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Metahash Interview & Analysis – Blockchain 4.0 – Revolutionary High-Speed Network

Taking a look into the fastest decentralized blockchain network.

MetaHash is a decentralized network for digital asset exchange and a platform for building decentralized applications that work in real time. A legal entity registered in Switzerland is representing the interests of the #MetaHash project within a legal framework. With an astonishing transaction speed of 50,000 transactions per second (TPS) and 3 seconds approval time, it’s aiming to revolutionize the blockchain industry.

The token Sale was concluded on 26 September 2018 gathering a total of $36,000,000 in investments.

The MetaHash platform allows any project to become fully decentralized. Thousands of projects require decentralization right now, but the speed and capabilities of existing blockchain operators aren’t sufficient to meet those needs. MetaHash enables the creation of a) decentralized applications, b) smart contracts without requiring the knowledge of programming languages, c) independent sub-chains protected by the main MetaHash network and d) digital assets in the form of tokens in the MetaHash network for sharing within the network and converting to the tokens of other networks.

“Even complex apps such as YouTube or Facebook can be decentralized with #MetaApps,”

as mentioned on the MetaHash whitepaper.
Comparison table of the main Blockchain systems

#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 key difference between Ethereum and MetaHash lies in #MetaHash’s dual-chain data collection, which allows for dynamic reallocation of processing resources as opposed to the static full nodes and light nodes framework of Ethereum.

It also differs from EOS. Whereas EOS uses delegated Proof-of-Stake (DPOS) to achieve high-speeds (which centralizes block producers to a select few nodes), #MetaHash remains fully decentralized through multivote-Proof-of-Stake (multiPOS) whereby at least 67% of nodes vote, with each node getting one vote for each of the roles it has played.

MetaHash Decentralized Node Roles

Data synchronization subsystem roles and functions
Recommended hardware

The MetaHash network consists of 4 parts:

1. #TraceChain

#TraceChain is an automatic self-learning signal routing protocol. #TraceChain AI is an algorithm for the #TraceChain machine learning protocol.

2. #MetaApps

#MetaApps are decentralized applications in the #MetaHash network based on the #TraceChain protocol.

3. #MetaGate

#MetaGate is an open-source interface featuring the ability to turn common applications or services into #MetaApp applications. All developers can embed parts of its code into their applications and browsers. It is a gateway to the decentralized internet which exists in parallel with the usual internet but follows its own rules. It cannot be modified or blocked. It is everywhere and nowhere at the same time. It belongs to no one and everyone. It is a multi-asset lightweight crypto wallet and also a catalog of Dapps.

4. #MetaHashCoin

#MetaHashCoin (#MHC) is the internal currency of the #MetaHash network. It is used for transactions, operations of applications (dApps & Smart Contracts) and for the services provided by the MetaHash ecosystem.

Interview

Gleb Nikitin
Tech Lead and Co-founder

Q: Hello, could you introduce yourself and tell us how you got involved in the blockchain space?

A: My whole life I was building various internet projects. My last project was an advertising system that receives requests from all ad networks and uses machine learning to bid for these ad impressions. As popularity of blockchains grew we started getting a lot of requests to use blockchain in our work but they were too slow and too expencive. As we were experts in highload realtime systems and network synchronization we thought why not try to use our experience to build a blockchain that can sync data fast and be cost-effective. Inexpensive and fast transactions open a whole new world of possible blockchain usage and make them suitable for mass adoption.

Q: Can you give us a brief summary of MetaHash’s core functions?

A: Blockchain: 3 seconds confirmation from the moment the user sends a transaction till receiver gets it and instant finality as multiple nodes sign the block and validate it on the way to the user.

MetaGate: d-App browser and multi-currency wallet, practically a gateway to the world of dApps.

MetaApps: cloud for services that need all the computer resources, so it is possible to use even another cryptocurrency inside the Metahash network or run oracles of other blockchains.

Q: What are MetaHash’s goals for the future in terms of dApps & decentralization? What types of companies (gaming, financial etc.) would you expect to utilize your software and join you to create and shape the ecosystem of MetaHash?

A: MetaHash would be awesome for all possible game applications and apps where users are rewarded for some actions. Besides that, we already have a lot of requests to store data in chain, for example, to give information to the user regarding the authenticity of a product or to sell electronic tikets to events.

MetaHash Ecosystem

Q: As a Blockchain 4.0 project, what existing problems that other blockchains face do you solve? What is your main goal as a cryptocurrency and what makes MetaHash different?

A: Aside from speed, I love the fact that the light clients can work directly with chain nodes, so you don’t need to rely on some centralized service for that. Most of the clients of the current blockchains use centralized services to send transactions, as the chain’s size is too big, which practically ruins the idea of decentralization.

Volume of transactions at the estimated peak load

Q: The way that I see it, I believe blockchain should be censorship-resistant and support freedom of speech. Social media companies like Facebook have started censoring and banning certain content and people. Do you believe that MetaHash could support the operation of a decentralized social media network or could an existing open source social media like minds.com that has an ERC20 token migrate to MetaHash?

A: I think the inability of developers to steal users data or in some way interfere in what users do is very important for a vast array of services. I would love to see a decentralized social network on MetaHash.

Q: MetaHash has a very high number of TPS (50,000+). Someone could argue that in order to achieve such high transaction speed you would need to sacrifice some level of security or a certain degree of decentralization. How would you describe MetaHash’s trustworthiness when compared to Bitcoin and Ethereum? On your website you state that “You cannot corrupt or modify the information stored in MetaHash. To do so, it would be necessary to successfully attack the #MetaHash network as well as Bitcoin, Ethereum and other networks.”

A: It is possible to build a network that is fast, secure and decentralized at the same time. It is just hard to find the right mix. If you increase the speed x100 times it doesn’t mean that you have to decrease decentrialization x100, it is possible with a 5% decrease. Anchors are just the additional security measure for the first year of MetaHash’s life in its decentralized form. (Anchor is a hash of the state block that appears in the ΜetaΗash chain that will be published in the Bitcoin and Ethereum networks for the first year or longer after decentralization is complete, as an additional security measure.)

MetaHash Network map

Q: Can you explain Forging, the whole PoW + PoS hybrid model and how the coins are distributed? What are the ways that someone can earn MetaHash coins?

A: You can:

  • delegate coins to make consensus secure
  • set up a node and provide the network hardware for making transactions
  • wallet-forge provide the network with some storage and your internet channel
Reward distribution among the members of the network

Q: You mention that besides blockchain you use another technology called DAG (Directed Acyclic Graph). Could you explain what this technology is and how it helps to improve the speed and functionality of MetaHash?

A: MetaHash is a classic blockchain from it’s structure with improved network synchronization and multi-PoS consensus. The DAG mention refers to the idea of using DaG-like linking for cryptographical evidence.

Q: MetaHash is available for trading on KuCoin, Cex & BitForex. Can we expect more exchange listings in the future and do you have any upcoming planned partnerships with other projects?

A: We constantly work on getting clients on the network and adding MHC to more exchanges, however, we now follow the rule: don’t announce before it’s ready because in relations with 3d parties we can’t really control the release dates.

Q: How do you think the future of cryptocurrencies and blockchain technology will evolve 1 year from now? What are some of the challenges you have faced during the development of MetaHash?

A: 2019 would be the year when everybody will start building real apps the users will love, 2020 will be the year when this work brings results and blockchains will start shining not as networks to transfer speculative assets but as a valuable infrastructure for apps of the new internet.

Q: Your project has many years of existence (early 2017). Could you give us a summary of your journey so far, your experiences with the team and what can we expect from MetaHash in 2019 and onwards?

A: 2017 was the year to build prototypes and make tests and build the first version of the system. In 2018 we were building and adding all the needed services to the network. In 2019 we are finishing the decentralization process and start building apps and integrating partner apps that will attract users and work on the network adoption. In 2020 the network will really start getting hot with lots of users and apps.

If you want to learn more about MetaHash you can check the links, below:
Metahash Website
Official Telegram
Twitter
Medium


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