💫The GHOST Backbone Protocol

The term "Backbone Protocol" was first used to investigate the characteristics of the fundamental Bitcoin protocol in METCHAIN. At this level of abstraction, we are only concerned with the characteristics of the blockchain, not the information contained in the blocks themselves. The fundamental tenet of the Bitcoin Backbone is that sincere participants receive fresh chains from the network at the beginning of each round and choose the longest valid chain to mine. At the conclusion of the round, if they discover a new block (by finding a little hash), they broadcast their chain.

The GHOST protocol can also be expressed at the same level of abstraction. The GHOST Backbone protocol, as described above, is founded on the idea that blocks that do not become part of the main chain should nevertheless be taken into consideration when deciding which chain to use. Players maintain a tree of all mined blocks they have received in order to accomplish this, and then they choose which chain to mine using the greedy heaviest observed subtree (GHOST) rule.

Every round, Miners add valid1 blocks sent by other miners to their tree, updating it. Similar to Bitcoin, a block must be a legitimate child of another tree block in order to be added to the tree. As long as the blocks are valid, the opponent is free to add them anywhere in the tree. miners attempt to add one or more blocks to the chains they select, just like in Bitcoin. Finally, a tree of blocks is saved and updated during each round in the main function. A miner then broadcasts any changes to his tree to all other miners on the network.

Layer 2 Staking:

When the block is mined and supplied to the other miners' tree, it also verifies the block for the next few seconds which is achieved through layer 2 authentication. Metchain is one of the first blockchains which supports Layer 1 Mining and Layer 2 Staking. A unique concept of NFT consensus providing annual yield percents (APY) returns based on rarity and the vesting period. Within the process of NFT staking, The NFT and the staked MET coin amount is locked with the transaction. The balance of MET coins is then transferred to the Metchain Coinbase for the vesting period. When the vesting time is completed the NFT is unlocked and staking rewards plus agreed APY are sent to the respective user's wallet. NFT locking and unlocking can only be achieved through Byzantine Fault Tolerance System (BFT). If the nodes do not agree on the unlocking period and staking time and staking user wallet and block hash where they staked, then the nodes will come to force BFT’s to check the altered blocks. Any block alteration will suspend the node for 3 days unless it’s unbanned manually. A node banned through BFT’s will be broadcast to all nodes, so it remains banned. This increases the security of the user staked coins and user wallets.

Layer 2 blocks have their own consensus system where the nodes communicate with each other and decide which staked NFT becomes the validator for each block till the next MET Block is generated.

(a) = Mini block (b) = Mega Block © = MET Block

When © block is created, all the nodes confirm and add it. At this point, each node is randomly selected to supply the selected staked NFT validators for all blocks that will be created between every (a) block. There are 6 NFT staked blocks which are sub-seconds apart and is decided by all the nodes then only the next (a) block can be submitted or accepted. Any block generated before that will be counted as orphan.

Any transaction in orphan block is still counted as valid no matter what the block state is but the orphan block must be validated as orphan on all nodes. And the transaction should have been broadcast throughout the node system.

Conclusion of NFT staking:

15 NFT Staked blocks every (a) Mini Block. 12 (a) Mini Block in every Mega Block. 5 (b) Mega Block in ever MET Block. 1 Met Block consists of 900 NFT staked blocks which must be same and verified through all the nodes. If these 900 NFT staked blocks do not match BFT’s will be forced into action to prevent any attack.

Proof-of-Stake (PoS) is a revolutionary consensus algorithm that is gaining popularity in the blockchain space. In contrast to traditional Proof-of-Work (PoW) algorithms, PoS relies on validators who are chosen to create new blocks based on the number of tokens they "stake" or lock up as collateral. As the blockchain industry evolves, new and improved versions of PoS algorithms are emerging, promising greater efficiency, scalability, and environmental sustainability.

The Drawbacks of Proof-of-Work:

While PoW has been the backbone of several successful blockchain networks, it comes with some significant drawbacks. The most prominent issue is its high energy consumption. Miners must compete to solve complex mathematical puzzles, leading to enormous computational power consumption, which has raised concerns about its impact on the environment.

Additionally, PoW is susceptible to centralization, as it often rewards those with access to the most powerful and expensive mining equipment. This concentration of power can compromise the decentralization and security of the network. This is resolved by adding layer 2 PoS to the blockchain.

Metchain has enhanced the security by adding another layer for the consensus, which includes the NFT. Only the NFT holders will be considered validators and allowed to stake. Layer 2 blockchain PoS above layer 1 blockchain PoW will also reduce the transaction time to sub-seconds and create the fastest transactions possible with low transaction fees of 0.00025%.

The Advantages of New Metchain Proof-of-Stake Algorithm:

1. Energy Efficiency: One of the most significant advantages of new PoS algorithms is their energy efficiency. Since they do not rely on energy-intensive mining processes, the energy consumption is drastically reduced compared to PoW. This makes PoS a more sustainable and eco-friendly option for blockchain networks, aligning with global efforts to combat climate change.

2. Scalability: PoS algorithms offer improved scalability, enabling networks to process a higher number of transactions per second. With reduced energy requirements, validators can process transactions more quickly and efficiently, contributing to a smoother user experience.

3. Decentralization: New Metchain Proof-of-Stake Algorithm addresses the centralization concerns of PoW. Validators are chosen based on their stake, incentivizing token holders to participate in securing the network. This democratic approach encourages a broader distribution of power, ensuring the network's resilience and security.

4. Security: PoS algorithms enhance network security by penalizing malicious behavior. Validators are required to lock up their tokens as collateral, which they stand to lose if they act against the network's best interests. This economic incentive promotes honest behavior and discourages attacks.

Conclusion:

The evolution of blockchain technology has led to the emergence of new and improved PoS algorithms, marking a significant step towards a more efficient, scalable, and sustainable future for the industry. As these algorithms continue to gain traction, blockchain networks are becoming more environmentally friendly, secure, and accessible. With the implementation of PoS, the blockchain space is poised to further revolutionize various sectors, from finance and supply chain management and beyond. Embracing the potential of PoS algorithms, the future of blockchain technology looks promising, as it strives for a decentralized, interconnected, and ecoconscious global ecosystem.

Metchain V3 Wallet:

Metchain wallets are unique in many ways. Metchain wallet creation uses a bip39 mnemonic seed to generate the wallet but in such a way that it becomes difficult for user to anticipate the seed. Each wallet has its own timestamp included in the wallet to generate on wallet address locally. Keeping the wallet secure unless the timestamp is same the same wallet address won’t be created nor can be recovered even with the same seed unless recovered using private key.

Private key generation also uses multiple processes. Each seed being 1 creates 12 wallet addresses which are then again combined to a single wallet address making it more secure than ever. The signature verification for the transaction also follows the same steps. 12 + 1 signature must match before the transaction is accepted by any node to be processed. Transaction signature and approval uses Elliptic Curve Digital Signature Algorithm (ECDSA) for all wallet signatures merged as one. If the transaction gets approved by 12 and rejected by 1 it will reject the transaction as the signature must match the wallet address and its 12 wallets in single wallet.

Metchain Anti-Asic:

Metchain being unique uses an Anti-Asic Mining sub-algorithm. Which includes multiple hashing algorithms. When a certain criterion is met by the integrated mining algorithm it automatically modifies the sub-algorithm. This results in Kheavyhash Asics being unable to provide valid shares. They might be able to connect or stay connected to the blockchain, but all the shares will start getting rejected. Keeping it safe for GPU miners.

If the system detects unusual traffic on the node for hashes the algorithm is modified automatically for all nodes after reaching consensus. All nodes agree to 1 modification in the algorithm, if any node has not come to agreement and has miners connected all the blocks submitted from that node will be counted or marked as orphan blocks but transactions will still be accepted.