A decade ago, an unknown figure that goes by the name Satoshi Nakamoto introduced to us a technological innovation that has proven to be very important in solving problems in both the digital world and in the real world. He introduced us to Bitcoin and its underlying technology, Blockchain and since then, it has opened up a whole lot of new industries.
The Blockchain technology is a stellar technology that detests centralized power, by providing maximum decentralization; It has provided us with a means of carrying out fast, cheap and secure transactions by using an immutable distributed ledger that not just enhances transaction speed but also guarantees autonomy of both parties( sender and receiver).
Ever since its inception, this technology has continued to upgrade progressively. With the first generation of blockchain that is commonly referred to as the blockchain 1.0 , we have continually upgraded with each new generation of blockchain trying to solve what the previous generation couldn't. The upgrades brought about a lot of added benefits but yet, there are still pressing issues that has stopped this technology from achieving its maximum potentials.
Existing blockchain platforms have been doing well so far. But there are still few problems it faces which has left it as a fringe technology that is yet to achieve mass adoption. Some of these problems include;
SCABILITY
This particular problem haas been plaguing the blockchain since its inception. No blockchain(both old and new) has been able to completely counter this problem. Scability is a major feature of a perfect blockchain. Blockchain was made to streamline the speed of transactions which is done by processing a huge number of transactions each second. Yet, even the blockchain giants, Bitcoin and Ethereum can only process a maximum of 20 transactions per second and when this threshold is exceeded, subsequent transactions are queued up and waiting for approval. This then leads to a congested network that causes transactions to take hours to confirm and increase the fees for transaction.
FULL DECENTRALIZATION
Yes, we know all blockchains are decentralized but most of them are partially decentralized. a blockchain should be free from any monopolistic interference. Bitcoin and Ethereum have a reputation for being fully decentralized but the likes of EOS have proven to be partially decentralized as they have the power to block a particular wallet and shut down the blockchain for some time.
This doesn't look like full decentralization.
These are some of the problems currently facing existing blockchain technology and in order to profer solutions to these problems, a smarter alternative, The Metahash Solution is needed.
The need to completely eradicate issues plaguing the blockchain technology and stunting its growth led to the innovation of the MetaHash Platform. MetaHash is a blockchain based platform that seeks to bring to us the next generation of blockchain; Blockchain 4.0. This blockchain will be a full-proof platform that will enhance decentralization, interoperability, security and scability that has for so long been a pressing challenge to existing blockchain technology.
The MetaHash project will provide a platform on which other chains can bring their utility and processes into a single decentralized network. Transactions on these chains will be recorded and can be publicly viewed on this network. This will greatly improve interoperability and communication amongst different chains.
The MetaHash platform will definitely be a game changer and this is what the blockchain world needs to unlock its maximum potentials and increase utility.
MetaHash comes with improved architectures and advanced blockchain protocols that is set to position it as the most secure, fastest, and the best interoperable blockchain platform. A blockchain that will be able to process 50000 transactions per second that will result in over 5 billion transactions per day will see MetaHash stand out as the leading blockchain platform of the decade.
The platform is also packed with a user-friendly interface that provides easy-to-use tools for any developer or business to transform their business model into a dApp of their choice thereby ensuring that a good communication environment is maintained between them and their end users.
Metahash aims to build the perfect blockchain by getting rid of major set backs of other blockchains and improving 3 key features that makes a perfect blockchain. These features are:
MetaHash is making available a decentralized pathway to the internet and it will do this by introducing MetaApps and MetaGate. MetaGate will serve a dual purpose of being a cryptocurrency wallet and also a decentralized internet explorer for operating decentralized applications and providing easy access to the decentralized web.MetaGate is open source which means anybody, regardless of geographical position will have full access to it. MetaApps allows software developers to easily create decentralized applications for personal use or for the genral public to use. Centralized bodies will not be needed. MetaApps and MetaGate will open up a new gateway to decentralization for everyone.
While giants like Visa and PayPal are able to process an average of 8000 transactions per second using a centralized server, Bitcoin and Ethereum, even with decentralization and advanced protocol can manage just an average of 15-40 transactions per second. This proves that these centralized bodies still have the upper hand in terms of mass adoption and this calls for a better alternative to the current blockchains. If blockchain must achieve mass adoption, it needs a network that can handle a huge number of transactions in split seconds and this is where MetaHash comes in. MetaHash will build a novel internet protocol called #Tracechain that will enable its blockchain bewield a huge number of transactions.
#TraceChain will ensure that transaction speed under the Metahash network will take a maximum of 3 seconds and the network will be capable of handling over 50,000 transactions per second. The increase in the speed of transaction under this network will also reduce cost of transactions to the lowest minimum.
A network of blockchains allows for network effects to improve the decentralized internet. When everything(blockchains) is connected, it brings more capital in , a better user experience, and more minds coming together to further improve blockchain utilization.Blockchain interoperability can significantly increase scalability, speed, and extensibility of blockchains. For example if you have a blockchain capped at 50 tps, you can select a second identical blockchain that can process 200 tps that can interoperate with the other blockchain. You can do this to allow for thousands of transactions without having to go through the stress of using exchanges. MetaHash is providing a platform where users can easily use digital assets like BTC, ETH, EOS on their network and these assets can easily be converted to the currency of the MetaHash Platform( MetaHashCoin) and vice versa. With MetaHash, different blockchains can easily communicate with each other and this is Interoperability at its best.
In conclusion, MetaHash is just the solution to the jinxes plaguing blockchain technology. The Metahash objective is clear; it has the goal of becoming the preferred platform for all businesses and corporations as we approach the future of high tech by combining security , decentralization, scability and interoperability.
This is an exceptional blockchain platform that I am on the lookout for and if you also want to see blockchain technology achieve mass adoption, then Metahash should interest you as well.
For more information on Metahash, please visit the following useful links:
Author's BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1194610
ETH Address: 0x1A334a6974070c52AB42701c113929B294f5D67B
