Technical Architecture
Meter.io adopts a unique hybrid consensus mechanism called Proof of Value (PoV), which combines Proof of Work (PoW) for creating its stablecoin MTR and Proof of Stake (PoS) for governance with the MTRG token. It uses the HotStuff consensus protocol to enhance security, speed, and flexibility, enabling it to handle high transaction volumes. Additionally, Meter Passport enables seamless cross-chain asset transfers and communication, ensuring interoperability between different blockchain networks, making Meter.io a versatile and interconnected platform.
The hybrid consensus of Proof of Work and Proof of Stake
Meter.io uses a unique consensus mechanism called Proof of Value (PoV), which is a combination of Proof of Work (PoW) and Proof of Stake (PoS). This dual-layer approach enables Meter to leverage the advantages of both mechanisms:
Proof of Work (PoW)
This layer is responsible for creating Meter's stablecoin MTR, designed to have low volatility and mined in a similar way to Bitcoin. The mining process anchors its value to global electricity costs, helping maintain the token's economic stability and making it less volatile compared to traditional cryptocurrencies.
Proof of Stake (PoS)
The PoS layer involves the MTRG token, which validators use to govern the network and validate transactions. This layer adopts a Byzantine Fault Tolerant (BFT) style consensus, particularly the HotStuff consensus protocol, to enhance the security and efficiency of the network by achieving fast transaction finality.
HotStuff consensus protocol
The HotStuff consensus protocol offers multiple advantages, making it suitable for high-performance blockchain networks like Meter:
Efficiency and speed
HotStuff can quickly complete transactions, significantly reducing the latency compared to the old BFT consensus mechanism. This is achieved through a simplified leader selection process and the use of pipeline technology to handle multiple blocks simultaneously.
Powerful security
By requiring a combination of PoW and PoS for network consensus, Meter enhances its security. To attack the network, an attacker would need to simultaneously defeat the PoW and PoS layers, making it more difficult to breach than a network using only a single consensus mechanism.
Flexible network conditions
HotStuff is designed to operate effectively under various network conditions, assuming only partial synchrony. This flexibility ensures that the network can continue to operate and remain secure even in the presence of delays and partitions.
Blockchain Interoperability
Meter.io uses Meter Passport to enhance its interoperability between various blockchain platforms. This innovative tool acts as a multi-chain router, achieving seamless asset and data transfer across different blockchain networks.
Asset transfer:Meter Passport supports the transfer of native tokens and other token standards, such as ERC20, ERC721, and ERC1155. This enables various assets to move between blockchains, facilitating activities in a multi-chain ecosystem.
Cross-chain Communication:In addition to asset transfer, Meter Passport also supports cross-chain communication for smart contracts. This functionality is crucial for maintaining the continuity and functionality of decentralized applications (dApps) running in multiple blockchain environments.
Security and ReliabilityThe architecture of Meter Passport includes a robust security protocol involving multiple relayers. These relayers are responsible for verifying and transmitting cross-chain transaction data, ensuring the integrity and security of transfers.
User experiencePassport simplifies the process of cross-chain interaction, making it easier to use. Users can easily transfer their assets through a simple interface, which supports multiple blockchain networks, enhancing the accessibility of cross-chain functionality.
Therefore, Meter Passport plays a key role in bridging the operational gap between different blockchain systems, making Meter a versatile and interoperable blockchain platform. This functionality is crucial for the wider adoption and practicality of the Meter ecosystem in an environment of continuous development of decentralized technology.
Technical Architecture
Meter.io adopts a unique hybrid consensus mechanism called Proof of Value (PoV), which combines Proof of Work (PoW) for creating its stablecoin MTR and Proof of Stake (PoS) for governance with the MTRG token. It uses the HotStuff consensus protocol to enhance security, speed, and flexibility, enabling it to handle high transaction volumes. Additionally, Meter Passport enables seamless cross-chain asset transfers and communication, ensuring interoperability between different blockchain networks, making Meter.io a versatile and interconnected platform.
The hybrid consensus of Proof of Work and Proof of Stake
Meter.io uses a unique consensus mechanism called Proof of Value (PoV), which is a combination of Proof of Work (PoW) and Proof of Stake (PoS). This dual-layer approach enables Meter to leverage the advantages of both mechanisms:
Proof of Work (PoW)
This layer is responsible for creating Meter's stablecoin MTR, designed to have low volatility and mined in a similar way to Bitcoin. The mining process anchors its value to global electricity costs, helping maintain the token's economic stability and making it less volatile compared to traditional cryptocurrencies.
Proof of Stake (PoS)
The PoS layer involves the MTRG token, which validators use to govern the network and validate transactions. This layer adopts a Byzantine Fault Tolerant (BFT) style consensus, particularly the HotStuff consensus protocol, to enhance the security and efficiency of the network by achieving fast transaction finality.
HotStuff consensus protocol
The HotStuff consensus protocol offers multiple advantages, making it suitable for high-performance blockchain networks like Meter:
Efficiency and speed
HotStuff can quickly complete transactions, significantly reducing the latency compared to the old BFT consensus mechanism. This is achieved through a simplified leader selection process and the use of pipeline technology to handle multiple blocks simultaneously.
Powerful security
By requiring a combination of PoW and PoS for network consensus, Meter enhances its security. To attack the network, an attacker would need to simultaneously defeat the PoW and PoS layers, making it more difficult to breach than a network using only a single consensus mechanism.
Flexible network conditions
HotStuff is designed to operate effectively under various network conditions, assuming only partial synchrony. This flexibility ensures that the network can continue to operate and remain secure even in the presence of delays and partitions.
Blockchain Interoperability
Meter.io uses Meter Passport to enhance its interoperability between various blockchain platforms. This innovative tool acts as a multi-chain router, achieving seamless asset and data transfer across different blockchain networks.
Asset transfer:Meter Passport supports the transfer of native tokens and other token standards, such as ERC20, ERC721, and ERC1155. This enables various assets to move between blockchains, facilitating activities in a multi-chain ecosystem.
Cross-chain Communication:In addition to asset transfer, Meter Passport also supports cross-chain communication for smart contracts. This functionality is crucial for maintaining the continuity and functionality of decentralized applications (dApps) running in multiple blockchain environments.
Security and ReliabilityThe architecture of Meter Passport includes a robust security protocol involving multiple relayers. These relayers are responsible for verifying and transmitting cross-chain transaction data, ensuring the integrity and security of transfers.
User experiencePassport simplifies the process of cross-chain interaction, making it easier to use. Users can easily transfer their assets through a simple interface, which supports multiple blockchain networks, enhancing the accessibility of cross-chain functionality.
Therefore, Meter Passport plays a key role in bridging the operational gap between different blockchain systems, making Meter a versatile and interoperable blockchain platform. This functionality is crucial for the wider adoption and practicality of the Meter ecosystem in an environment of continuous development of decentralized technology.