Metahash is a new project aimed to create a platform for fast, secure, and purely decentralized blockchain network. To do this, one of their offers is #TraceChain protocols. Does it really work?
#TraceChain Offering
According to MetaHash whitepaper, #TraceChain is a new blockchain protocol (called Blockchain 4.0), focusing to solve low speed of transaction and the decentralization level of the currently existing blockchain. Compared to EOS, Ethereum and Bitcoin, #MetaHash claims that by using #TraceChain, they'll be able to process 50,000 to millions of transactions per seconds while maintaining the decentralization level as high as Bitcoin and Ethereum network, unlike EOS.
But, how does this happens?
#TraceChain Digest
Here's how they achieve that, according to my understanding from the whitepaper.
- Not PoW or PoS, but Multivote-PoS
To make sure verifications does not require a lot of power, PoW is not implemented. But to achieve pure decentralization, PoS is also not implemented. So, how do they verify the transactions in the network? #TraceChain will use a consensus algorithm called Multivote PoS. Basically, the network will randomly choose someone based on some evaluation to 'mine' the transactions that are sent to them to be verified.
- Distributed transactions & node roles
In order to speed up transactions processing, #TraceChain will also distribute pending transactions to the fastest node available on the network. The core nodes (that is, the one who will verify it) then send the results back to the network. Other core nodes don't have to verify it again.
However, there will be 5 laver of verifications in the whole network. One of them is the slave node, where they are responsible to check whether the core verification is correct or not. These slave nodes will also be chosen randomly based on some test that will be performed by the #TraceChain AI. This test will happen at a random time to determine how good a specific node is working.
- Trust evaluation
A trust evaluation will also be conducted. This evaluation will also affect the node selection. If you don't have the required trust (calculated by the AI), you will not be selected for a long time and it is possible that those specific nodes won't be available to use again. And to start a new one, it will require around 6 months before you will be 'trusted', assuming you are performing your roles accordingly.
- Multi-layered protection
In the #TraceChain network, exist a lot of nodes roles. Starting from peer nodes, until test nodes. Each one of these nodes protects and ensure the performance and security of the network from a lot of scenarios. Example: the peer nodes, which will be the layer from wallets and external services transaction will protect the #TraceChain network from external overloading such as distributed denial of services. Blockchain backup nodes will protect the integrity of the blockchain network, and if an extreme case happens, such as an attack on the blockchain that makes the blockchain vulnerable, they can do a voting procedure to return the blockchain to the previous state before the attack.
TL;DR, if you wanted to send some tokens/coins to pay someone, then your transaction will be verified at the peer nodes first. After that, it will be set to the fastest verification nodes available around your network. Master and slave nodes will perform the verification of your transactions, send the result to the other nodes after being double-checked by the slave nodes. After that, blockchain nodes will keep the record of your transactions.
And that's why #MetaHash can process a lot of transactions per seconds while at the same time keeping the value of decentralization in the network. Pretty cool, huh?
Read more about them here:
Website: https://metahash.org/
Whitepaper: https://metahash.org/docs/MetaHash_WhitePaper_EN.pdf