paint-brush
What is a MetaTime? A Look at the MetaChain Blockchain Ecosystemby@bensoncrypto
18,747 reads
18,747 reads

What is a MetaTime? A Look at the MetaChain Blockchain Ecosystem

by Isaac BensonApril 10th, 2023
Read on Terminal Reader
Read this story w/o Javascript

Too Long; Didn't Read

Metatime is a collection of blockchain-based platforms that form an ecosystem of tools for users to interact with the Web3 world. The protocol uses MetaAnthill to enable its Proof-of-Meta consensus algorithm. The technology is built on the Java programming language, and its purpose is to optimize the synchronization between the nodes on the network.
featured image - What is a MetaTime? A Look at the MetaChain Blockchain Ecosystem
Isaac Benson HackerNoon profile picture

Blockchain ecosystems bring multiple tools and platforms into crypto, usually under one main organization. 

These ecosystems enable users to engage in different protocols and applications without changing blockchains or using different tokens. Let us delve into the ecosystem and how it works.

What is Metatime?

Metatime is a collection of blockchain-based platforms that form an ecosystem of tools for users to interact with the Web3 world. The protocol functions as a blockchain development platform that uses the Metatime Virtual Machine (MVM) to enable the execution of smart contracts and the development of decentralized applications. 

How Metatime works

The protocol uses MetaAnthill to enable its Proof-of-Meta (PoM) consensus algorithm, which is a hybrid of three different consensus algorithms:

  1. Meta Proof-of-Stake (MPoS)
  2. Meta Proof-of-History (MPoH) 
  3. Meta Proof-of-Social Work (MPoSW)


MetaAnthill is inspired by how ants work in nature to allocate resources across its workforce in an efficient way. The technology is built on the Java programming language, and its purpose is to optimize the synchronization between the nodes on the network and the devices that hosts are using. The protocol scans a user's device to determine how much resources it can contribute to the network.

The aim is to determine the best resource allocation for validators. For example, a host using their phone will have fewer resources to contribute compared to a host using their PC to validate transactions. MetaAnthill uses the device information to make an efficient way to synchronize the network.

It verifies each transaction before sending them to the different validators on the network. Once MetaAnthill and the network validators have confirmed a transaction, it is added to the blockchain.

My Opinion on the MetaAnthill tech

The protocol takes an interesting approach to secure the network, and there are some benefits and drawbacks to how the tech works:

Pros:

  • Resource allocation: The protocol scans a user's device to determine how much resources it can contribute to the network. This helps in determining the best resource allocation for validators, ensuring that those with more powerful devices contribute more resources to the network.
  • Security: MetaAnthill verifies each transaction before sending it to the different validators on the network. This increases network safety by making sure that only legitimate transactions are uploaded to the blockchain.

Cons:

  • Limited support: It is built on the Java programming language, so it may not be compatible with other programming languages, limiting its adoption in some ecosystems.
  • Centralization: MetaAnthill's resource allocation mechanism may lead to centralization, where those with more powerful devices have more control over the network, potentially leading to a concentration of power.

Different Miner Types

Proof-of-Meta has three different types of miners on the network. Each miner is separated by the kind of mining hardware they use.

MetaMiners

The first group of miners is known as MetaMiners. They are validators that secure the network via the MPoS algorithm. Like the traditional Proof-of-Stake algorithm, these users validate transactions by staking their tokens (in this case, MetaCoin or MTC).

They also oversee the level of transactions on the network and can funnel transactions toward other validators to avoid congestion. MetaMiners earn additional tokens for validating the network, and malicious validators lose their staked tokens. 

In addition to the tasks of validating and archiving the transactions included in the incoming block throughout the process of forming the network's chain structure, the Signer's role, which MetaMiner performs, is responsible for ensuring that the design of the blocks cannot be altered.

In order to become a MetaMiner, users are required to stake 1 million MTC tokens. Upon provision of a node for utilization in Metatime, the individual responsible for executing MetaMiner's tasks will possess full control over said node. The administrator interface allows for monitoring the server and its service's potential disabling at any given time.

MacroMiners

Next, MacroMiners are validators that secure the network via the MPoH algorithm. The MPoH algorithm works by checking the order in which transactions occur on the network and if they are being correctly validated.

Archive Nodes, Full Nodes, and Light Nodes are the three distinct varieties of MacroMiners:

  1. Archive Nodes need a minimum of 4GB RAM, an eight-core CPU, and a 5GB Solid State Drive for operation.
  2. The minimum requirements for Full Nodes are 8GB RAM, a 4-core CPU, and a 250GB SSD.
  3. Computing power for Light Nodes must be at least 16GB RAM, 2 cores or more, and 1GB SSD.


All nodes receive miner rewards from a pool that includes other nodes on the network, and rewards are distributed daily at 12 am Universal Time. However, rewards are capped based on the miner type. For example, Archive Nodes can only earn up to 150 MTC per day, and the total rewards in the miner pool are 75,000 MTC. 

The reward pool for Full Nodes is 50,000 MTC, from which they can earn a maximum of 100 MTC. Similarly, Light Nodes can earn up to 50 MTC from a reward pool of 25,000 MTC. The miner pool is updated hourly, and nodes can track their share of the reward from the miner pool, but it can only be transferred to their wallet during the reward period of midnight.

MicroMiners

MicroMiners are the last group of miners, and they are validators who use MPoSW to secure the network. These validators check every transaction to ensure they are accepted or rejected on time.

Every MicroMiner operates as a node within the network and performs data processing via a mobile device. Additionally, individuals with expertise and familiarity with the MetaChain who actively contribute to the projects are advised to uphold transparent communication channels. This is to ensure that all MicroMiners can communicate effectively with each other.

The MicroMiner system has assumed the responsibility of enabling user management within the Metatime ecosystem while introducing novel prospects for social interaction. In addition, the voting decisions of MicroMiners will determine the allocation of updates to various ecosystem components.

My Opinion on the technology

The consensus algorithm offers multiple methods for users to validate the network (via mobile devices, staking, or desktop apps), so it's easier for newcomers to set up a node and start mining. However, I want to see more resources for potential validators that break down the process in a non-technical manner. 

Simplified resources in a "quick start" fashion, coupled with a more technical explanation, will help the average user to understand how to engage with the ecosystem.

Conclusion

Metatime is a blockchain protocol that serves as a blockchain development platform, allowing for deploying DApps and the execution of smart contracts. This protocol employs a mixture of three separate consensus techniques called Proof-of-Meta (PoM), enabled by the MetaAnthill technology. 

Designing MetaAnthill after the way ants divide food and water makes it better at keeping network nodes in sync with their hosts' devices. To further ensure that individuals with more powerful devices give more resources to the network, the protocol analyzes a user's device to assess how much it can contribute to the network. 

However, the power distribution technique of MetaAnthill might lead to centralization since more powerful devices would have greater sway over the network.

All nodes in the network share in miner rewards from a pool of other nodes in the network, and the protocol distinguishes between three categories of miners on the network based on the mining gear they employ. While Metatime's take on blockchain technology is intriguing and novel, it does come with a few caveats.