Metchain Algorithm

Metchain introduces a new blockchain protocol, PHANTOM Metchain, designed to address scalability challenges inherent in Satoshi Nakamoto's original Bitcoin protocol. Recognizing the limitations of the longest-chain rule, PHANTOM Metchain employs an innovative Directed Acyclic Graph (DAG) structure, allowing blocks to reference multiple predecessors. This architecture, outlined in the GHOSTDAG algorithm, offers a total ordering over blocks and transactions, enhancing security while mitigating the scalability issues seen in traditional blockchains. PHANTOM Metchain further incorporates a unique split hashrate algorithm, categorizing blocks into Mini Metblocks, Mega Metblocks, and MET Metblocks with varying time intervals. This hierarchical structure not only optimizes block propagation but also fortifies the protocol against 51% attacks.

Moreover, Metchain goes beyond conventional Proof-of-Work (PoW) consensus mechanisms by introducing a Proof-of-Stake (PoS) layer, adding an extra layer of security and efficiency. The NFT staking system, integrated into the Layer 2 blockchain, involves validators selected based on the staked MET coins, creating an additional level of decentralization. This dual-layer consensus approach significantly reduces transaction times to sub-seconds while maintaining a low transaction fee of 0.025%. The Metchain V3 Wallet, employing advanced security measures like timestamp-based address generation and a multi-step private key process, adds an extra layer of protection. Additionally, the algorithm's AntiASIC Mining sub-algorithm dynamically adjusts hashing algorithms to thwart ASIC mining attempts, ensuring a fair and secure environment for GPU miners. In summary, METCHAIN presents a comprehensive blockchain solution with PHANTOM METCHAIN, incorporating DAG, PoS, and innovative security measures to redefine scalability, security, and sustainability in the blockchain ecosystem.

3.1 Transactions:

Metchain strategically addresses the requirements of a growing user base, propelling the platform into the domain of nearly instantaneous transaction processing. Leveraging an impressive throughput of 25,000 transactions per second (TPS) and an exceptional 250,000 transactions per block (TPB). This approach not only enables real-time interactions but also establishes the viability of micro-transactions within the Metchain network. The implementation of micro-transactions within the metaverse will be vital for the ecosystem in circumstances such as “in game purchases”. Moreover, due to the anticipated high total value locked in layer 2, micro transactions provide a solution for the metaverse to continue unencumbered by the effects of locked liquidity. The overarching goal is to cultivate an ecosystem where transactions are characterized by efficiency, cost-effectiveness, and the capability to support diverse realtime user interactions.

3.2 Scalability:

To address blockchain scalability, Metchain implements layer 2 POS consensus mechanism utilizing the Genesis NFT collection as validator nodes within the blockchain. Whilst layer 1’s POW is extremely efficient at processing transactions, the POS compliments scalability, ultimately reducing the anticipated workload from general transaction and the metaverse’s micro-transactions. This becomes ever more important with the notion of micro-transactions outlined in the transactions section, whereby one Metcoin can be fractionated into over one billion units which provides high adaptability for the ecosystem to scale regardless of TVL and the overall valuation of MET in the future. Scalability within the Metchain Layer 3 metaverse is achieved by enabling developers from other blockchains to integrate their assets into Metchain ecosystem. This feature positions Metchain at the forefront of blockchain usability and scaling the layer 3 metaverse. Ensuring developers can efficiently leverage their existing tools and expertise across various chains within the Metchain ecosystem, broadening the asset scope for users and developers to create diverse and scalable ecosystems.

3.3 Accessibility:

Acknowledging the intricacies of blockchain interactions, Metchain places a paramount focus on user experience and understands there is an inherent variation of end user knowledge within the industry. The platform incorporates intuitive interfaces, extensive guides, and tutorials, meticulously designed to ensure the accessibility of blockchain features. Metchain's Layer 3 network plays a pivotal role in enhancing accessibility by enabling the smooth migration of DApp development tools across chains, fostering a user-friendly environment that encourages widespread participation and engagement. Metchain aims to increase accessibility to the native MET coin by building a reputable profile within the global centralized exchanges within the early stages. Furthermore, Metchain aims to provide as many viable trading pairs as possible across this centralized exchange profile. The development of layer 3 decentralized exchange aims to further ecosystem accessibility enabling the direct exchange of assets within the metaverse.

3.4 Metchain Security:

Security is foundational to Metchain's design philosophy. The platform upholds stringent standards by conducting third-party audits of all blockchain aspects including smart contracts and blockchain implementations, ensuring the utmost integrity of the entire ecosystem.

Metchain incorporates security features inherent in Proof of Work (PoW), leveraging its robustness to enhance the overall resilience of the network. The use of Metchain’s Phantom block architecture works to authenticate block validation by creating high throughput blocks that can be referenced from multiple miners ultimately ensuring the continuation of the true and valid chain. To further this security measure the MET mining pool operates an advanced monitoring algorithm that moderates high fluctuations in hash rate. The Met mining pool promptly adjusts the network difficulty on a per block basis to reduce this impact. Moreover, the mining pool utilizes IP bans to control bad actors within the mining pool looking to hijack the blockchain such as found in 51% attacks.

The Web wallet utilizes on-chain encryption and block validation in the creation and storage of user assets. This mechanism ensures that only true validated wallets are up-kept and ensures that once validated by the chain, users' assets are securely held on-chain encrypted and only accessible by the associated wallet and seed phrase of the wallet. Blockchain validators are utilized in the forms of staked Gensis NFT’s along with the implementation of local nodes creating a low latency blockchain architecture that facilitates validity of the chain continuously referencing the highest true chain and rejecting potential formation of invalid side chains that may be used to attack the blockchain. The Metchain Technical paper covers the above in greater detail.

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