Different blockchains have different strengths. Bitcoin is fast and secure, but it’s slow, and it has no governance. Ethereum is fast and secure and has a built-in programming language, but it’s slow and complex. A blockchain that combines the best of all these worlds will have a competitive advantage.
MetaHash is just such a blockchain. It’s built on top of Ethereum to make it scalable and secure, but with a simplified programming language that makes transactions light-speed. The result is a more efficient system for contracts, tokens and smart contracts.
A good blockchain can be a better money than Bitcoin.
A blockchain is the technology underlying cryptocurrencies such as Bitcoin and Ethereum. It is a distributed database, with all its cryptographic security, that is decentralized at every level.
The term “blockchain” was first used by Satoshi Nakamoto in 2008, but it was not until 2013 that it became popular. The main reasons for this are the excitement around Bitcoin, as well as the fact that blockchains are designed to be secure and transparent by default, which appealed to many people who dislike centralization of power.
Many people have tried to create new cryptocurrencies based on blockchains without researching the underlying technical details or building them from scratch. This has resulted in many problems both with their technical side and with their business models. In particular we have seen terrible ideas like “smart contracts” where you pay your computer to do something for you and therefore you don’t need any human involvement whatsoever. And in general: Too much hype, too little substance!
MetaHash was created to address these issues. MetaHash is a platform on which other services can be built, using our unique and innovative blockchain technology. Our services will include a developer platform for creating custom side chains and an infrastructure for deploying smart contracts on top of our blockchain (
It’s understandable why people want to invest in Bitcoin. It’s a world-changing invention and it has great potential for growth. But there are also other projects with an amazing track record and strong future potential that have been undervalued by the market.
MetaHash is different. It has a brilliant idea, and is already implementing it on a vastly larger scale than any other crypto project. This means MetaHash is already a much better blockchain than Bitcoin and will continue to improve over time.
Bitcoin has been a watershed for cryptocurrencies. It’s the first to solve a lot of problems, and it’s still the most widely used. But there are other currencies that offer similar features but at lower fees, and indeed some that do better than Bitcoin.
One of the most popular coins is Ethereum, which was inspired by Bitcoin’s blockchain but offers many improvements like smart contracts and a more advanced programming language.
But Ethereum also has a major shortcoming: it can only be used in certain circumstances that make it less useful for everyday transactions.
MetaHash wants to make a complete improvement on Ethereum, by implementing what are called “smart contracts” in a way that is compatible with existing Ethereum wallets. Smart contracts are the building blocks of decentralized applications like the ones we use on Ethereum today, but they’re missing one critical element: trustless verification.
In order to verify smart contract conditions, it is necessary to know who is verifying these conditions, which poses an information leak risk problem. The best way to solve this problem is to create a hash that contains all information needed to verify the entire contract in one block. To do this we combine two different methods: first we create a random “seed”, then we generate hashes from that seed using two different hashing algorithms: Ke
Blockchains are good at keeping things private, but they’re slow and they don’t scale. To be a useful technology, they need to be fast, secure and scalable. Let’s look at these three features individually.
Fast: Fast is different from fast enough. This means the blockchain needs to be able to process a lot of transactions very quickly, ideally in real time. The blockchain needs to run programs written in languages like Java or C++ so that programmers can write their own applications on top of it. That will take time – maybe several years – but we have no reason to think that the blockchain shouldn’t keep running for decades or centuries into the future without needing constant updates from programmers.
Secure: Nothing that runs on computer hardware, let alone software, can be 100% secure. But it won’t do any good if your computer gets hacked and your secrets get stolen, because once your secrets are out there for everyone to see, the hackers will know how to steal them from you again. So the blockchain needs to be secure against hacking.
Scalable: Scalability means much more than just processing a lot of transactions quickly: it also means that if new people want to join the network, they can do it easily; if new users want to start
I had a long conversation with Marc Andreessen about why he was bullish on Bitcoin. One of the reasons he gave was that it was faster than all the other blockchains. I asked: “So if you’re going to be using Bitcoin, why should you not just use Ethereum?” He replied that Ethereum is not as fast as Bitcoin.
Ethereum is also more secure than Bitcoin. It uses cryptography to ensure that all transactions are irreversible, and only allows a limited number of transactions per second. Bitcoin gets around this by having no limits on transactions and allowing every transaction to be valid for as long as it is in the block chain. Just as many new investors were attracted to Bitcoin because it seemed faster and less expensive than PayPal, so too were investors attracted to Ethereum because it is more secure and faster than Bitcoin.
The first cryptocurrency that I ever heard of was Bitcoin. Bitcoin is a cryptocurrency, and a decentralized one at that. What that means is that it was created using the same software technology as the Internet. The Internet was invented by the U.S. government in the 1960s, and in its early days, it was basically a tool for keeping track of people so they wouldn’t mess up with one another too much.
But because there were lots of people messing around with computers, they added some new features to make sure nobody would mess up with one another too much: virtual private networks and cryptography.
Virtual private networks are like home networks but without any wires connected to your house; instead, you connect to them through a public network like the Internet. Anyone can send you stuff on your private network but only you can see it; when you leave your house and come back later, everything looks exactly as it did when you left.
The most well-known kind of cryptography is public-key encryption, which uses two keys: a public key and a private key. Suppose Alice wants to send Bob a message encrypted with her public key; she sends him her public key along with the message. He then uses his own private key to decrypt it, and sends the dec