MetaHash history: blockchain trilemma
While the team is working on new features, let’s remember why #MetaHash stands out in the blockchain market.
If previously the word “cryptocurrency” was associated only with Nakomoto, now the situation differs thanks to many young “blockchain knights” that made their voices heard in recent years.
First and foremost is Vitalik Buterin, the creator of Ethereum, which is Bitcoin’s main competitor. The first smart contracts, tokens, NFTs, dApps and many other tools were created on the basis of Ethereum, and it is impossible to imagine the modern cryptoworld without this project. And despite various problems like gas size, scam and delayed updates, the number of ETH-followers is impressive.
During the same period, the blockchain Waves was launched by very talented Sasha Ivanov. His project is positioned as a “decentralized blockchain platform focused on operations with user tokens”. Additionally, the functionality of this service gives opportunities for crowdfunding, granting and user-projects generating.
Another star on the cryptospace is Justin Sun. Although some people may be embarrassed with his style, he still has a major impact on the industry. His Tron project ran one of the biggest ICOs of 2017–2018 period.
So what unites them? The desire to create fast, decentralized and feature-rich ecosystems. However, the development of such platforms faces three blockchain “eternal pains”: scalability, security, and decentralization.
Ethereum, for example, is struggling with scalability problem for a pretty long time. The question is if it’s successful — in fact, this struggle primarily affects users due to huge online commissions and insufficient speed.
What about security, it is important not only for the blockchain system itself but also for the tools that are built on it. For example, DEX from Waves was hacked on the first day after the beta-testing had been completed.
The issue of decentralization deserves special attention. Do you remember how acquiring of the Steem platform by Justin Sun led to its criticizing and following network forks? The same doubts are caused by Tron itself.
In its turn, the #MetaHash team proposed a unique solution to this trilemma (read more in our blog). Time will show how effective our method is, but users can already enjoy the high speed of transactions and the absence of commissions. And the whole ecosystem usability will become clear after the new functionality as tokens, bridges and our DEX appear.
Stay tuned to not miss this historic moment!
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