Blockchain technology is a technology that is introduced together with bitcoin. Blockchain technology has been known as a program to record financial data digitally and is widely used in the banking sector. Not only in the banking sector, but all industries, both financial and non-financial, can use and apply Blockchain technology to record all company data into a secure system that can be accessed anytime and anywhere.
Blockchain, cryptocurrency, and the existence of a decentralized system have opened and created a promising global economy. Innovation is continually being developed, making Blockchain technology increasingly popular. However, with its popularity does everyone have access to the use of this technology? Limitations in stability, usability and accessibility have prevented the adoption of blockchain technology widely and the present Metabase takes on this challenge. With the Metabase, the vision is to build a blockchain platform to build, scale, and monetize next-generation businesses.
What is Metabase?
Metabase is a blockchain platform to build, scale, and monetize next-generation businesses. The vision is to build a blockchain platform to build, scale, and monetize next-generation businesses. The technical aspects of Metabase – providing technological solutions and innovations to overcome the challenges discussed above. As we mentioned the challenges of the first-generation blockchains, namely – Scalability, Limited Programming Ecosystem, Security and Usability and Governance.
Metabase – a scalable blockchain protocol and cryptocurrency; inspired by real-world economics. In the Challenging Scalability section, we explain why solving scalability requires redressal at two levels – a technical level and an economic policy level. In the Protocol section, we address scalability at a technical level by describing an innovative next-gen blockchain protocol that scales with adoption. In the Monetary Policy section, we address scalability at an economic policy level by introducing a new monetary policy – taking inspiration from real-world economies. Finally, both these levels incorporate parameters that will be subject to well-defined Governance mechanisms.
Limited Programming Ecosystem
Metabase features at its core – a next-generation virtual machine – expanding blockchain programming capabilities. In the Virtual Machine section, we describe the core of Metabase programming capabilities. A Virtual Machine 2.0 with an augmented OpCode Space – unleashing a rich programming ecosystem which enables programming on high-level programming languages for end users, low-level programming languages for organizations and identity systems within the core blockchain.
Security and Usability
Metabase is designed with security and usability in mind. With a goal to improve application layer security, we are building Metabase from the ground-up to provide a secure platform for application layer programmers. In the Virtual Machine section we describe how Metabase will incorporate standard security constructs into the OpCode space itself – reducing the burden of application programmers. An augmented OpCode space will also make blockchains easier to program. The Tools section describes the software and tools that will be built for developers – keeping usability and security features in mind. Metabase aims to provide light client implementations both on mobile and browser platforms to create seamless integration for blockchain-based applications.
Metabase features a governance framework to enable a controlled evolution of the blockchain. A blockchain should be like a living specimen that evolves over time. Under the Governance section, we describe a framework to enable a controlled evolution of Metabase – with the process guided by open consensus of the participants. Governance of Metabase encompasses areas from Metabase Improvement Protocols to controlling base axioms of the system. Hence, with these features, Metabase will overcome limitations of first-generation blockchains and enable programmers and entrepreneurs to build their blockchain based solutions on a rich, scalable, secure, easy-to-use and evolving platform.
Blockchain Transactions and Validation
Achieving consensus across multiple chains that are handling transactions for a varied set of transactions is critical to the integrity of Metabase. The following concepts enable transaction validation and prevent double spend attacks across the blockchain. As stated in the Network Layer section every Metabase node has a 256-bit address called Node ID derived from a private key created at node installation. As a result, miners in the Metabase system will also have a Node ID that determines on which chain they can mine.
In Metabase, we are introducing a special transaction type which enables dynamic creation of multiple Ray Networks. The purpose of a Ray Network is to enable instant P2P payments denominated in Metabit and provide spectrum channels for smart contracts. Transactions in the Ray Network and spectrum channels store the previous transactions as a DAG, and hence the transaction itself has a point of origin. Each Ray network transaction initiates from an on-chain transaction and merges back to the blockchain with another on-chain transaction after a finite amount of P2P transactions. Transactions on the DAG exceeding this limit are considered null and void, thus making P2P transactions as part of the base chain protocol rather than an externality.
Metacoin – Store Of Value
Metacoin is the store of value currency of Metabase. It is the primary token of Metabase and will be issued in ICOs and traded on exchanges. (For distribution statistics, please refer to the Token Sale Economics document). Metacoin can’t be used as a medium of exchange currency on the blockchain. To pay transaction fees on the blockchain, one first needs to convert Metacoin to Metabit tokens and then pay the appropriate fees denominated in Metabit tokens.
Metacoin tokens issued via mining will have a deterministic reducing/deflationary supply – similar to Bitcoin but with different generation parameters. Generation parameters of Metacoin tokens are hard-coded into the protocol and can’t be modified by Governance Mechanics.
Metabit – Medium Of Exchange
Metabit is the Medium of Exchange currency of Metabase. It is the transactional token of Metabase and will be used to denominate transaction fees. Metabit as a currency is inflationary in supply with a degree of demurrage associated which can be governed by the governance framework.
Based on supply of Metabit and Metacoin, there is a rate of exchange derived between both tokens. All transactions of Metabase have a static transaction cost in terms of Metabit, but when the rate of exchange is applied, the overall transaction cost is reducing in nature with respect to Metacoin. For the mathematical details of Metabit supply, the transaction costs and the prevailing exchange rate between the two currencies – refer to the detailed document on Monetary Policy of Metabase.
Best Aspect Metabase
Metabase will address scalability issues by introducing concepts of Split Chains, Priority Pools and Ray Networks. By utilizing these mechanisms, the mining operation is parallelized, transaction capacity per block is increased and instant transfers become possible. Metabase blockchain will split itself automatically if transaction capacity is heavily used. To start with, the blockchain would follow a PoW based consensus mechanism – similar to Bitcoin – where repetitive hashing is required to meet a difficulty target. Difficulty retargeting would be done based on averages of block generation times across all chains. The entire block reward would be alloted to the PoW mechanism.
Eventually, the protocol would be shifted to a DPoS + PoW based mechanism, and block reward would be split in 1:1 ratio between the two methods. The DPoS mechanism – similar to the one used by Bitshares – would enable stakers to delegate their mining roots to miners who can then sign the Merkle Root. Upon completion of DPoS based mining, the Merkle Root then goes through a PoW based mining process where a difficulty target is to be met. On top of on-chain scaling mechanisms, Metabase will introduce a native, off-chain scaling solution to enable instant transfers between peers.
Token Sale Information
Token Symbol: META
Price: 1 META = 0.02 USD
Accepting: USD, ETH
Minimum investment: 100 USD
Soft cap: 624,000 USD
Hard cap: 41,840,000 USD
Country: Hong Kong
Whitelist/KYC: KYC & Whitelist
Metabase is about to solve some of the world’s biggest challenges by cultivating the untapped ingenuity of makers and innovators around the world. Metabase provides an intuitive and easy to use toolset to build and monetize new businesses. From concept to launch founders can deliver new products and services quicker than ever before. Develop enterprise grade solutions that will help you grow your business. Metabase eliminates the difficulty and technological hurdles that are inherent in many blockchain platforms. Progressive organizations that embrace change, can use Metabase to reinvent themselves and create sustainable futures. Re-invent the competitive arena and developing game-changing applications that can power collaborative industry consortiums. Equip your emerging smart nation with a digital infrastructure that facilitates innovation and powers the evolving services and outcomes your citizens demand. Develop a blockchain infrastructure that enables industrial, private/public collaboration. I must admit that I enjoy identify great projects before the rest of the world does. I think I have done that with Metabase. They still have some work to do. However they have a Super Star team, with deep industry and blockchain experience and a Strong Blockchain Infrastructure proposition that targets the enterprise business segment.
- Product is indeed competing with power houses, but with a targeted industry of businesses and solves quite a few problems here that other solutions cannot
- The team is Very strong technical team with a track record.
Disclaimer: All information on this post is made to educate our readers. Don’t invest in any ICO unless you’re confident about its capabilities and do so at your own risk.
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