Comparison with other Blockchain systems: part 1. #MetaHash vs Bitcoin
Hello, friends! If you have studied the information about our project, you understand how much the ideology and the technical approach of the #MetaHash team differ from the others. Increased speed of working, low cost of transactions, absolute security and, most importantly, availability of the platform #MetaHash are the reasons why we believe in our product and its demand on the current market. To make the situation clear, we made a comparative analysis between our project and leading systems based on blockchain. Get ready, we start!
First of all, let’s make a comparison with, without a doubt, the strongest and most popular participant of the cryptocurrency market- with Bitcoin. The reliability of this network is built on the PoW protocol — a proven, but very expensive protection system. Bitcoin has 4 large pools that fully control the network and have a total of 60% of its capacity. These 4 pools form the longest chain, which is considered to be correct in case of collisions. But if an error occurs, the system will be defenseless. Due to constantly changing and confirming Master nodes, the #MetaHash network prevents such a threat.
The synchronization process in Blockchain is associated with the problem of slow nodes. A lot of Bitcoin nodes have very small bandwidth and increasing the block from 1 to 4 megabytes will cut off a significant part of the network. Transaction confirmation speed is up to 10 minutes, and no more than 12 operations are processed per second! Given the colossal amount of information needed to be processed, everyone will understand that is more than a serious problem. For comparison, the #MetaHash network requires up to 3 seconds to confirm the transaction and is capable of holding them from 50,000 to millions in one second! In addition, a significant part of Bitcoin network capacity is physically located in places with cheap electricity, but slow internet (most often 3G).
The most acute problem of Bitcoin is that the main resources of the network are concentrated in the hands of people who are not usually shareholders. Miners are interested in maximizing personal income and exchanging coins for fiat money to cover the costs of electricity and equipment maintenance. Thus, PoW’s miners always play against the Blockchain network itself, at any moment every miner can leave the game and withdraw his productivity. The #MetaHash also offers a brand new mining system (forging) that does not require huge resources. As well as the ability to freely operate #MetaHashCoins not only within the network, but also easily transfer them to the digital assets of other networks.
As for Bitcoin forks, they have better bandwidth due to block size increasing. This fact facilitates the current operation of the network, but does not solve the complex problem of system overflow. Bitcoin forks have enough capacity to store transactions, but they are not enough to run applications, quickly respond to attacks and instantly connect new users to the network.
As you can see, the difference is obvious. Progress does not stop and today our project offers solutions that will make your life easier tomorrow. The choice is up to you:)
Join the discussion of our project:
Our website
Telegram
Twitter
