BitMax hosted an AMA with Gleb
11th of August BitMax hosted an AMA, where George Cao, Co-founder & CEO of BitMax.io, and Gleb Nikitin, Co-founder & Tech Lead of #MetaHash, answered the questions from the community. Here are highlights for those who want to refresh it or missed the event.
Introduction by Gleb
#MetaHash is a classical PoS blockchain from it’s structure, but we introduced a couple of new things.
1. We have MultiPoS consensus where multiple nodes must vote for a block for it to be accepted.
2. We have concentrated on making cross-continental network synchronization faster by introducing special roles that speed up network sync.
More transactions capacity means we can make individual transactions cheaper while still being lucrative to Node Operators.
Cheaper transactions both financial and data transactions are very important for many businesses and Apps. And faster transaction times make it possible to use #MetaHash for micropayments.
Q. As a PoS blockchain, how is it secure? Recently there was some attacks to other PoS blockchains.
A. Both PoS and PoW decentralized blockchains are vulnerable to attacks.
It’s a question of how much such an attack would cost.
An attack on PoS blockchains is usually more expensive in % of it’s capitalization than PoW blockchains. As for #MetaHash we have introduced multiple node voting and observers verification on the way of the block to the end user. Simple owning the coins in #MetaHash is also not enough, later on when TrustRank would be activated you will need about 6 month to prepare each of the nodes for an attack and if it doesn’t sync well an attack would fail even if you have enough coins at stake. As with a failed manipulation attempt the TrustScore falls.
Q. What is the current roadmap of #MetaHash? Are you reaching the stablishes milestones?
А. The development of the chain is now finished and we are concentrated on switching to full decentralization. After that we will start adding new features like programmable tokens and non-programmable tokens.
Q. Can you give a simple definition to programmable and non programmable tokens?
A. Non-programmable tokens are the ones that are issued by the network code and their metrics are specified upon creation so people that are not familiar with programming can understand how they work.Programmable tokens are smart-contract generated tokens.
Q. What are the use-cases of that programmable tokens?
A. So we are planning to launch tokens that would be very easy to create by anybody without the need to know how to code a smart-contract.
Q. What are the advantages and disadvantages for both programmable and non-programmable tokens?
A. Programmable tokens have more capabilities but their users often suffer from bugs and loose funds and many can’t understand the code and how they work.
Non-Programmable are more limited in how they work but they are more secure and understandable.
Q. Gleb, can you say by when decentralization will be completed?
A. Till the end of this year.
Q. As we’ve heard, you’re also working on the mobile apps — what’s the status here?
A. Mobile Apps are ready. We are in the process of publishing them now.
Q. There will be any mechanism for making the token deflationary?
A. Now it is inflationary, but we do have plans to add such mechanics in additional services like #MetaHash domain name registration.
Q. Can an existing exchange be able to run on #MetaHash network in order to increase the quality of service of a specific exchange whether centralized or decentralized?
A. I think that using tokens that are tied to existing ones like MetaBTC could speed up and make transfers from one exchange to the other cheaper and faster.
Q. So we can have like a platform/exchange that runs on #MetaHash that enables a feature to exchange BTC into MetaBTC to speed that process of exchanging existing currencies. Is that right?
A. I see it as Lightning for BTC, but easier for people to use.
Q. Some blockchain companies are already making a deal with governments around the world to utilize blockchain tech in their systems, especially in most parts of Asia. Does #MetaHash aim to do so in the very near future?
A.If we ever work with any, we can only provide free support to use the public network.
However, it’s not our goal. We are more targeted towards non-governmental organizations.
Q. How many confirmations are required for ensure the tx?
A. 1 as multiple nodes vote for the block in one sequence on the way of block sync.
Q. When #MetaHash browser?
A. MetaGate is actually a working browser.
We turned off resolving of common http names not to confuse people now as it will need more functions to be used as a normal browser for metagate/internet/tor addresses.
Q. How #MetaHash differ with other coin in transaction speed…?
А. #MetaHash currently takes only 3 seconds from the moment a transaction is sent until the receiver gets it.
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We are expanding the pool of partners: now exchanges could list our token themselves. Here is a link to the guide — https://metahash.org/for_exchanges