MeterIO is a blockchain infrastructure that:
«Scales and connects the financial Internet».
Meter allows the smart contracts to scale and travel seamlessly through heterogeneous blockchain networks through its core offerings.
It allows any project to add a chain and connect with MeterIO.
By enabling other projects to build parallel chains with Meter SDK, it further connects to other hetergeneous blockchains through the Meter Passport.
It basically allows crosschain-Interoperability with Meter Passport (passport.meter.io) is the official bridge.
Meter is an Ethereum compatible Layer-1/2 chain based on HotStuff PoS consensus (similar to Facebook Libra).
It scales horiztontally by supporting parallel chains and multiple VMs.
The Meter system consists of two tokens:
1. MTR, the low-volatility meta-stable token created by PoW miners.
2. MTRG, the governance token used by PoS validators in a HotStuff BFT style consensus to validate transactions.
Unique features: ✨
A built-in Metastable gas token MTR mined by consumption of 10 KWH electricity using SHA256-PoW. Electricity is proven to be more stable adjusted for inflation than any fiat currency.
MTR is designed to bed pegged to 10 KWH electricity price – «proven to be more stable adjusted for inflation than any fiat currency over the last 60 years»
Meter is «the only Ethereum chain that is front-running resistant», making it perfect for DEXs.
Meter SDK is also the only Ethereum scaling framework for building your own decentralized and high-performance Ethereum side chain with cross-chain support.
Meter currently supports around 1500tps per EVM chain. This limitation is from EVM itself instead of consensus.
MTRG token:
🌟 Total Circulation: 16,533,723
🌟 Number Of Transactions: 8,660,803
🌟 Total Nodes: 285
🌟 Address Count: 8004
🌟 Staking Ratio: 47.01%
🌟 Blockchain: 2.4 seconds finalization time.
Proof-of-Value.⚡️
The Meter network employs an innovative Proof of Value (PoV) consensus mechanism, a hybrid of Proof of Work (PoW) and Proof of Stake (PoS).
Unlike traditional cryptocurrencies, the Meter protocol separates the economic consensus from the record-keeping consesuses.
The economic consensus determines how much new value will be added to the economy whereas the record-keeping consesus prevents double spending.
In the Meter system MTR represents the economic consesus while MTRG represents the record-keeping consensus.
«This seperation/division of work mirrors the physical world where miners extract gold or silver from the Earth while bankers maintain the financial system.
Miners and validators collaborate to make the Meter system more stable, secure, and scalable.»
@Meter_IO is a pretty cool project to keep an eye on. Doing some unique things no one else have done!
Blooom
@0xBlooom
| Web3 threadorr 🧵 | Researcher ⛓ | Content writer ✍️ | Learn DeFi & Web3 🧩 Building @Blooomlabs