The metahash network is the fastest of all the blockchain as it only requires 3seconds for its confirmation and more than 100,000 transactions per second (the fastest ever) totaling to about 5billion transactions per day.
The blockchain technology is one of the most positive inventions that postmodernism has brought. Though it is still in its infants, many people still find it very difficult to adopt the technology majorly for lack trust in the technology, even though the technology is based on trustlessness. Many companies who have found the great advantages that the blockchain technology provides wishes to make their work or companies decentralized but for lack of the proper technical know-how which anyone who wants to venture into such must have, they are incapacitated. Well, this article will not be focusing on the barriers for existing companies who wished to get on the blockchain. This article focuses on the generations of the blockchain, the disadvantages and each generation that informed the next.
The Generations of Blockchain
The First Generation
The first generation of the blockchain technology is the bitcoin and all it forks. This generation of blockchain technology provides solutions to the existing problems of the finance sector. Through the first generation of the blockchain technology, funds can be sent over a very long distance within minutes (10minutes for bitcoin and up to 12 transactions per second) and lower cost of a transaction. Users also get to be able to monitor their payments as all transactions are transparent and visible to all. The first generation of blockchain technology provides a very secure way of transferring funds or storing files because it works on the principle of decentralization. This means that no single file is stored in a location, rather each file is split into parts and stored in different locations thus making them secure and permanent. Though there are many more advantages that this generation presents, it operates on the principle of proof of work. This means that for any system that will successfully mine or confirm a transaction on the network it has to perform some complex mathematical calculations which result must be the same as that on the network (node) per second. Over the years these calculations have gone so complex that it requires specific integrated circuits or processing units, this requires a lot of power. The transaction speed also is very slow and it takes longer for a successful transaction to be confirmed. This and many more disadvantage informed the creation of the next set of blockchain generations.
The Second Generation
The Ethereum network pioneered the inception of the second generation of the blockchain. With a more implementation and utilization of the proof of work (PoW), the ethereum blockchain uses smart contracts in its operation. Smart contracts are just like normal contracts which is a legal binding agreement of two parties, the only difference is that it is self-executing and eliminates all intermediaries while allowing the concerned parties to interact directly. The consequence of this is that it allows other projects to be built on the blockchain through the effective use of the smart contracts. There are more than 1700 projects that have been built on the ethereum blockchain over the space of three years. The blockchain processes transactions faster than the first generation and with lower costs of a transaction (ethereum takes about 15seconds to approve a transaction and can process up to 30 transactions per second.
The downside is that as time goes on there arises a need for blockchains to process transactions faster, and with a lower cost of a transaction. Consequently, the applications built on the ethereum blockchain cannot work in real time because of the processing speed.
The Third Generation
The EOS pioneered the third generation of the blockchain. With the need to reduce the power consumed by mining new coins, the third generation switched over to the Proof of Stake instead of the proof of work. The operations of the proof of stake algorithm require that for any transaction, the creation of new coins (forging in this case) to occur, there will be voting amongst the systems to avoid a takeover. Through the voting trust scores can be allotted to systems and hacks can easily be averted (read more about Proof of Stake). The third generation of blockchain provides faster speed and lower cost of transaction than other existing blockchain (Eos takes about 5seconds to confirm a transaction and can process 1,000 to millions of transactions per second). Nevertheless, Eos is not fully decentralized as its operations or voting is within a set of twenty supercomputers. This is not too good for a blockchain technology.
Though all of these blockchain technologies provides astounding advantages which this articles cannot cover explicitly, the blockchain technology experiences a slow growth or rate of adoption because different blockchains cannot interact together. Anyone who wishes to have a taste of each of the above-mentioned blockchain will have to deal with each as a separate entity.
The Fourth generation Blockchain – Metahash
Metahash is a totally new blockchain that will surpass all existing blockchains by combining all their advantages and adding more features to make the blockchain technology more inviting thus increasing the rate of its adoption and growth. Metahash will unite all existing blockchains and bring them to work like a single decentralized network. The metahash network is the fastest of all the blockchains as it only requires 3seconds for its confirmation and more than 100,000 transactions per second (the fastest ever) totaling to about 5billion transactions per day. The Metahash is working on the foundation of tracechain, a new kind of modified smart contract that allows any application, no matter the programming language used to build it, to become decentralized. This means that even without the knowledge of blockchains, through Metapps they can become decentralized.
As stated earlier Metahash unites all other blockchains. Metahash allows the conversion of any ERC20 (Etherium based token) compliant token into #MetaHashcoins (MHC). MHC can also be transferred to ethereum and waves network and back. It has an anchor on the Etherium and Bitcoin blockchain. If anyone will successfully take over Metahash, they must have first taken over Bitcoin and Etherium block. This is truly unifying other blockchains. The tracechain on which Metahash is built also works on the Proof of Stake. The effectiveness of this is that apps that are built on the blockchains will be authorized through voting by the community or holders of MHC.
Be part of the fastest blockchain there is, get to know more about Metahash Through the following links:
Thanks for reading. I am @ayobami99. You can also me on bitcointalk: https://bitcointalk.org/index.php?action=profile;u=1848386;sa=summary and https://cryptostocksreviews.org
To earn tokens for this project by completing simple tasks, join the BountyPortals platform at app.bountyportals.com
Join the official Telegram group of BountyPortals @officialbountyportals for instant updates on new rewards and campaigns for exciting projects with great potential.