An alternative to blockchain is being launched in Russia. The team behind #Metahash has announced the launch of #TraceChain technology.
The announced bandwidth of the distributed ledger varies from 60,000 to 80,000 transactions per second. The speed comparable to Visa and MasterCard systems but tailored to be decentralized. #TraceChain is currently the first fully functioning system based on decentralized distributed data register technology that changes technical principals used in all existing blockchain systems. The initiators behind the launch of the Blockchain 2.0 system are former game developers Gleb Nikitin and Anton Agranovsky.
#MetaHash has announced the launch of a test network based on #TraceChain technology, an alternative to blockchain. The test network, emulating the future functioning of the fully decentralized network, is deployed on virtual servers rented for $40 per month on average and located in Europe, Asia and America. The announced bandwidth of the distributed ledger as tested varies from 60,000 to 80,000 transactions on the network. The speed comparable to Visa and MasterCard systems but tailored to be decentralized. At the same time, the centralized network – in the framework of one data centre – showed more than 1 million transactions per second. Moreover, the validation of more than 99% of transactions takes only three seconds, compared to several minutes with existing popular blockchain systems. All developers wishing to participate in the testing can sign up in March. The public opening of the network and the launch of the wallet are scheduled for April. If the announced rates are confirmed after the test launch, it can be said with confidence that this will present a revolution in payment systems and in decentralized data storage.
What is the essential difference from blockchain?
The average monthly cost of $40 for rent of one VPS means that the new network does not need supercomputers and exclusive mining elements such as ASICs for the bitcoin or expensive video cards for ethereum. This will allow for a reduction in energy costs and lowered investment in the network infrastructure, making money transfers not only quicker but also much cheaper. The future principle of sharing transaction fees and forging of the pool among owners of coins, servers and wallets would create a coin less volatile than existing cryptocurrencies because its market value is insured by revenues from running the network. To keep transactions and data storing affordable, #MetaHash fees are set by the general vote of the coin owners.
How does the #TraceChain technology work?
#MetaHash decided to create not just a new variation of a blockchain network, but to approach the problem from an absolutely different angle. Instead of improving the protocol, the #MetaHash developers tried to maximize the synchronization speed of distributed computer networks. After multiple tests made during the past year, #MetaHash obtained multi-layered architecture, with the external radius keeping connection with multiple clients, the medium radius bearing the load of slow intercontinental connections and the central parts being responsible for the full synchronization of the lost transactions. In fact, the data uses multiple weak internet channels to reach computers using the fastest ones, ensures they’re synchronized and then comes back to the network. The new synchronization speed enables implementation of a new type of consensus multi-PoS, with all computers on the network simultaneously verifying the accuracy of every transaction and of each other’s work.
The principle of intercontinental data transfer deserves special attention. Usually, this process greatly slows down the synchronization of computer networks. In #TraceChain, the machine learning (AI) allows for the creation of a network map. Thereafter, all accessible small channels are used to deliver the incoming transactions to the next well-interconnected group of computers.
Having optimized the principle of synchronization of the distributed computer networks, #MetaHash managed to reach a synchronization speed that allows the entire network to jointly verify every transaction made by the users. Unlike a classic blockchain, a block is created by the vote of many machines at the same time and is validated by the network as a whole and not by different computers voting in turn. If a computer is not fast enough to approve all the transactions in the block, it will validate only the part that it can. However, all weak computers join together to validate every transaction many times. The algorithm of the consensus used in #MetaHash became known as multi-PoS, meaning that many computers confirm or decline every transaction simultaneously, and the network is protected by network coins, limited in number, that can be obtained only during the initial coin offering or, in future, by participating in validation of the transactions.
Besides the new principle of synchronization of decentralized networks, #MetaHash announced an alternative to smart contracts – #MetaApps. The key feature of #MetaApps is the ability to function in real time as ordinary web services and to react not only to events in all blockchain networks but also to all data from the ordinary internet. #MetaApps changes our ideas of what decentralized applications are capable of doing. Starting from now, both ordinary websites and complicated services such as social networks can start independent life in a decentralized cloud.
We asked Gleb Nikitin, one of the founders, to tell us about the tasks of the project. “Blockchain systems brought to life the incredible principle of decentralization of trust. The reason why this technology emerged is that people do not believe other people but are ready to believe thousands of machines belonging to thousands of different people. We tried to reinvent only the technological principle of this technology, to make it faster and more user-friendly. One might think that the world does not need thousands of transactions per second but that would be a big mistake. The demand for decentralized data storing and transfer is enormous, but the current prices and bandwidth impede the development of projects based on this technology. We hope that #TraceChain and #MetaApps will start a new phase of development of the decentralized internet. Mass services that belong to many people across the world, that finance their own development and change only in compliance with user demands – this is the dream that we wish to bring to life with #MetaHash.”
#MetaHash is currently supported by three companies. The AdSniper Company, producing advertisement technologies, servicing billions of advertisement demonstrations daily, undertook the development of the system nucleus. The international advertisement network AdNow will be responsible for the advertising support of the project, and the Agranovsky IT company will give counsel on business development, establish partner relations and ensure project development on the international markets. At present, #MetaHash is searching for additional team members. The start of the ICO is scheduled for fall 2018.
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