In recent months, a lot of the buzz in the crypto industry has not been on cryptocurrencies as a store or transfer vehicle of value, but on the possibilities of decentralization for creating whole new business models. It is still very early in the development of this domain, and as of yet, only a few decentralized apps (DApps) like cryptokitties on Ethereum have seen much success and adoption. In many ways, there are still large barriers to adoption for developers looking to integrate decentralization in their offering, but thanks to the lively developer ecosystem in crypto that is changing.
One such development that could hold promise for the future of DApps is the #MetaHash project. It is a development progressing in its creation of an integrated ecosystem that allows developers to create and scale DApps with many different benefits compared to other platforms.
Decentralization for the future
As explained in the #MetaHash white paper: “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.” This is how the platform seeks to further the DApp ecosystem, through superior speed and scaling abilities. The #MetaHash testnet demonstrated that their blockchain can handle all transaction in under 3 seconds and can handle billions of transactions per day.
The main importance of the benefit of this speed is also linked to the other components of the system. The rewards for forging (similar to mining but less resource intensive) on the network are allocated as 40% for the person running the node, 50% for the wider network, but interestingly 10% for those that use the MetaGate browser, which is an integral part of the #MetaHash value proposition. Users can better interact with the DApp ecosystem when online by using the browser, which is what the #MetaHash DApps will be designed to use. Thus a mutually beneficial ecosystem of node operators, users, and DApp creators can flourish.
Incentivising use
Unlike existing tech paradigms where the owners derive most value, there are financial benefits for all participants in the network. The #MetaHash team have worked to make this value proposition as attractive as possible, and this also applies to the upcoming token sale. Round A of the sale has begun on June 29th at 12.00 UTC, with the initial batch of coins being sold for $0.0391 (can be purchased in BTC or ETH at the exchange rate at the time of purchase), which is likely to be half the price of later rounds.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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