Meter is a blockchain infrastructure that allows smart contracts to scale and travel seamlessly through heterogeneous blockchain networks. Meter leverages PoW, creating metastable MTR for fees and payments.
Additionally, Meter uses HotStuff-based PoS consensus with MTRG (Meter Governance Token). MTRG validates transactions and secures the blockchain.
Meter also currently functions as an EVM-compatible layer 2 sidechain.
What are MTRG and MTR?
In a multi-chain and hybrid mechanism future, Meter is the high-performance infrastructure that scales and links the financial internet.
There are primary services that Meter provides, enabling smart contracts to scale and flow seamlessly across heterogenous blockchain networks. This is;
- Scalability- It is a Layer1/2 chain compatible with Ethereum, built on the state-of-the-art HotStuff consensus algorithm similar to Facebook Libra.
- Uncesorable money- A built-in Metastable gas token MTR mined with SHA256-PoW using 10 kWh of electricity.
Proof of Work produces the fully decentralized, low-volatility token MTR for fees and payments. On the other hand, HotStuff-based PoS validates transactions with the MTRG governance coin.
The hybrid consensus technique makes it fast as it allows for the execution of thousands of transactions per second and reaches finality practically instantaneously.
Why Meter Blockchain?
Xiao Hanzhu is the co-founder and CEO of Meter.
The developers’ main aim was to create an Ethereum emulation mode for Meter to accommodate existing Ethereum dApp developers.
Besides, nodes can read the Ethereum transaction format and implement the standard Ethereum RPC interface. As such, developers can interact with Meter using their favorite Ethereum programming tools, such as Remix, ethers.js, and web3.js.
What Makes MTRG Unique?
With the creation, the Ethereum emulation option helps Ethereum developers. Let us imagine the functionality of an Apple M1 running x86 software. Meter’s nodes simulate the Ethereum transaction and smart contract runtime environment. Additionally, the Ethereum RPC interface is also supported by the nodes.
Consequently, the Meter network will be treated as one of the Ethereum testnets by Ethereum toolchains, applications, and wallets. Almost every Ethereum application could run Meter with only minor changes. PoW creates the Meter’s built-in metastable gas token, supported by the global competitive electricity pricing.
Unlike other cryptocurrencies, the Meter protocol separates the economic consensus from the record-keeping consensus.
As such, MTR represents the economic consensus in the Meter system, while MTRG represents the record-keeping consensus.