Forging vs Mining. Part 1
Many people interested in our project may have questions related to mining in our network. And it is logical because mining is one of the most effective tools to increase the cryptocurrency capital on the other platforms. However, the #MetaHash team believes that mining technology is not as effective and rational as forging. We are going to explain why.
Mining amounts to the solution of a math problem with the possibility of further verification by any other member of the network. #MetaHash changes this principle. Forging on our platform means forming the block together with all network members and simultaneous dividing commissions between all users (depending on how many transactions a particular user processed). Almost all blockchain projects are based on the Proof-of-Stake principle picked up from famous EOS company, but since we were able to provide the fastest synchronization, we decided to implement our version, the multi-Proof-of-Stake. Our approach can’t afford another mistake, because all network participants vote for each transaction in the same time and actually form a new block jointly.
How is the process of rewards distribution organized? Everything is quite simple and transparent: the reward is formed from a special pool and commissions for transactions. The calculation takes place every 6 hours while passing the procedure of forming the block (the frequency of calculation can vary according to technical requirements at the discretion of the #MetaHash team). The shares are following: 50% goes to owners of #MetaHashCoins, 40% goes to owners of network servers, 10% are distributed among the owners of active wallets.
Also a great advantage of our approach is that the servers for forging #MetaHashCoins do not become obsolete and their effectiveness stays the same as they are limited by the coin rate. Only the core of the system needs quality improvement in the case of scaling, but commissions at this stage will completely pay off such an upgrade.
As you can see, #MetaHash offers new solutions for all aspects of platform interaction. We work every day to optimize technologies to make your work in the blockchain convenient, fast and productive. Join us and see for yourself!