The ‘Lightning Fast’ Protocol: 60,000 Transactions per Second?
An important blockchain digital asset exchange network has decided to launch a protocol that is capable of handling more than 60,000 transactions per second. The product is known as ‘lightning fast’ and aims to disrupt the market.
#MetaHash explains that their protocol takes no longer than three seconds to approve each of the transactions. The protocol known as #TraceChain is now being tested and a free browser is available for Windows, Linux and Mac OS X platforms. In the future, applications for iOS and Android will be released.
The company explains that the #TraceChain is one of the four components that make up its system. The main intention is to create a ‘simple, synergistic entity.’
We can also mention other components like the #MetaHashCoin, a digital asset that works as the means of payment across the platform. Then it can be exchanged for Bitcoin or Ethereum within the system.
At the same time, #MetaApps has been called a ‘revolutionary platform for building standalone decentralized applications.’ It boasts a graphical user interface that allows them to look like the web services and applications that are used by the general public. Project that have been created in other programming languages can be converted into a #MetaApps piece of software.
Users can access the dApps and their multi-currency wallet, which is known as #MetaGate.
#MetaHash team commented:
“Contrary to comparable networks, #MetaHash is expertly designed to process record volumes of transactions with relatively inexpensive hardware, resulting in some of the industry’s lowest per transaction commission rates.”
During the second quarter of 2018, the trial period will be operational and tested. Indeed, there will be over 200 temporary servers around the world. Moreover, the company explains that the network will be able to process more than five billion transactions on a daily basis.
Another important point of #Metahash is that the blockchain system is able to compare itself with other important blockchains like Ethereum, Bitcoin and EOS. Apparently, it can approve transactions under three seconds and can fulfill an incredible number of 60,000 to 1,000,000 transactions per second.
Compared to Bitcoin this is completely astonishing. The Bitcoin network needs 10 minutes for a transactions to have green light and it can handle no more than 12 transactions per second.
Ethereum has been improved in this case, but the numbers remain far from the ones offered by #Metahash. For example, it can handle 30 transactions per second with an approval time of five seconds.
And compared to EOS, the number of transactions that it can handle may be similar to #MetaHash, but the level of decentralization is quite poor in this network, while #MetaHash is not decentralized.
One of the main points of #EtaHash is that it has a decentralized network with unprecedented levels of transaction speed and lower costs than any other regular blockchain. It is important to mention that there are five different stages of consensus before the transaction is verified. The company explains that the information stored on #MetaHash is impossible to corrupt or modify.
On June the 29th, the first round of the Initial Coin Offering will start at 12:00 UTC. The intention is to allocate 920,000,000 #MetaHashCoin (#MHC) that are equivalent to 10% of its token emission.
The company says that buyers will be able to have a valuable asset that will increase its value in the future once the next phase of development is completed.