Achieving scalability is one of the major challenges faced by the blockchain industry because it means making tradeoffs in either decentralization, security or sometimes both. It’s a problem that has come to be known as the “blockchain trilemma”.
The term was coined by Ethereum co-founder Vitalik Buterin to describe the tension between the three essential properties any blockchain must have – decentralization, security and scalability. Unless they possess all three qualities, blockchains will struggle to achieve mass adoption, but the trilemma dictates that it’s only possible to achieve two out of three.
If blockchain can find a proper solution to the blockchain trilemma, it’s believed that nothing will stand in the way of widespread adoption and use of the technology across industries.
Many blockchains have attempted to tackle the trilemma by focusing on decentralization and security and then achieving scalability through innovative solutions such as sharding, side chains, layer-2 networks and state channels, yet these methods remain experimental.
Metatime is taking a different approach, with a unique Proof-of-Meta consensus mechanism built on something it calls “MetaAnthill” technology that was inspired by the way ant colonies carefully allocate their resources to ensure their needs are met.
At its core, Metatime is much more than just another blockchain network. It’s building a cohesive ecosystem that will enable users to engage with other blockchain protocols and decentralized applications seamlessly. It provides a robust blockchain platform for dApp development, with the Metatime Virtual Machine sitting at its heart and serving as a secure and efficient infrastructure for smart contract execution.
Achieving Decentralization, Security & Scalability
The key element that enables Metatime’s MetaChain to overcome the blockchain trilemma is its original Proof-of-Meta (PoM) consensus mechanism. It’s actually a hybrid approach to reaching consensus that’s made up of three distinct algorithms – Meta Proof-of-Stake (MPoS), Meta Proof-of-History (MPoH) and Meta Proof-of-Social Work (MPoSW). By combining these algorithms, each of which has its own strengths and weaknesses, Metatime’s MetaChain is able to achieve a perfect balance between decentralization, security and scalability. This is where the MetaAnthill technology comes in, working to optimize resource allocation and ensure that every miner contributes to the network in proportion to the capabilities of the hardware they’re using.
The MetaAnthill technology is designed to mimic the incredible efficiency shown by ant colonies in terms of allocating resources and dividing up the various tasks they must perform. Ant colonies assign different kinds of ants to complete different tasks. For example, some ants are tasked with taking care of ant larva in the colony’s nursery, while worker ants are assigned to collect food, and warrior ants must protect the colony from being attacked. In a similar way, MetaAnthill attempts to optimize the allocation of resources across MetaChain, leveraging the capabilities of devices such as smartphones, PCs and ASIC miners to keep the blockchain running at maximum efficiency while maintaining decentralization and strong security. Those with more powerful computing resources cannot dominate the network, as MetaAnthill maintains a careful balance in how resources are distributed across the network.
Mining Roles
The PoM consensus mechanism employs three kinds of miners, whose role is based on the type of hardware they’re contributing to the network.
MetaMiners work as validators that secure the MetaChain using the MPoS algorithm, which is similar to the traditional Proof-of-Stake consensus mechanism. They validate transactions by staking MetaCoin (MTC) tokens. In addition to validation, MetaMiners also work to manage the transaction volume on the network, and can send transactions to other validators to prevent congestion. They’re rewarded for their contributions with additional MTC tokens.
To become a MetaMiner, users are required to stake 1 million MTC and provide powerful hardware such as an ASIC rig to run a full node.
MacroMiners also work as validators, securing the network through the MPoH algorithm that checks the order in which transactions occurred to ensure they’re being validated correctly. The MacroMiners themselves are split into three distinct nodes, based on their available hardware. Archive nodes require at least 4GB of RAM and an eight-core CPU with 5GB SSD space. For full nodes, the minimum requirements are 8GB of RAM, a four-core CPU and 250GB SSD. Finally there are light nodes, which need at least 16GB of RAM, a two-core CPU and 1GB SSD.
MacroMiners earn daily mining rewards from a pool that’s shared by all other nodes on the network. These rewards are capped according to each node type. Archive nodes’ rewards are capped at 150 MTC per day, while full nodes can earn up to 100 MTC and light nodes are restricted to just 50 MTC per day.
Finally, there are MicroMiners, who validate transactions using the MPoSW algorithm. They’re tasked with checking each transaction to ensure that they are accepted or rejected in a timely fashion. To participate as a MicroMiner, all that’s required is a mobile device to perform basic data processing tasks.
Due to its complex PoM consensus mechanism, Metatime’s MetaChain is not only fast, but also highly accessible. Users can set up a node using any kind of device, be it a mobile phone or desktop, or by staking MTC tokens. This approach encourages widespread adoption and strengthens the resilience of the MetaChain.
Security is another strength of Metatime. Because every transaction is verified through a meticulous validation process involving three kinds of miners, the PoM consensus algorithm ensures that only legitimate transactions will be processed by the blockchain, ensuring a high degree of trust.
Concerns To Be Addressed
Metatime’s unique vision is backed by strong ambitions to build one of the most extensive blockchain ecosystems of all. Moreover, its transparent communication channels and collaborative governance processes ensure that every Metatime user has a voice in the decision making that shapes the future of the project.
The project is not without its concerns, though. One of the main criticisms is Metatime’s reliance on the Java programming language, which may limit its compatibility with other languages. Even so, the Metatime team is committed to ensuring broad interoperability so it can cater to all developers.
A second concern relates to centralization. Some have said that, while the MetaAnthill technology is designed to promote wide adoption of the network, its resource allocation mechanism gives those with more powerful resources greater control over the network. But Metatime’s developers say they’re actively working on striking an appropriate balance to prevent any concentration of power by certain groups of miners.
Gânduri finale
Metatime is pursuing some bold ideas as it strives to create a balanced blockchain ecosystem that can overcome the blockchain trillemma. The MetaAnthill technology that’s inspired by the way ants allocate food, water and duties throughout the colony is extremely promising, representing a beacon of innovation.
With Metatime’s strong commitment to decentralization, security, scalability, interoperability and community engagement could forever change the blockchain landscape. For developers and anyone else who wants to explore the unique opportunities within Web3, Metatime is a project that’s well worth looking into.
Source: https://thenewscrypto.com/with-a-novel-consensus-mechanism-inspired-by-ants-metatime-can-finally-solve-the-blockchain-trilemma/