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Introducing Metaera Coin: A High-Speed, Low-Cost Alternative to Ethereum’s Congestion

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Introducing Metaera Coin: A High-Speed, Low-Cost Alternative to Ethereum’s Congestion

January 23
21:21 2023
• Metaera Coin is a layer-1 blockchain aiming to provide an alternative to the high costs and low speeds about which users of Ethereum often complain.

• Metaera Coin runs on a directed acyclic graph blockchain, similar to Hedera Hashgraph.

Use an Ethereum protocol on a particularly congested day and you’ll surely balk at the fees, which can easily surpass the value of your trade if you are, say, swapping crypto worth no more than the change in your pocket. Help is at hand in the form of alternative layer-1 blockchains like Solana, Avalanche, and the subject of today’s lecture: Metaera Coin.

Metaera Coin is a smart contract-supporting blockchain, powered by its native MEC token.

How does Metaera Coin work?

The Metaera Coin blockchain partly achieves its speed through a directed acyclic graph (DAG), where blockchain transaction histories are displayed as a “hashgraph” — a graph of blockchain hashes. It’s similar to the technology that powers Hedera Hashgraph.

Another innovation is Metaera Coin’s “leaderless” consensus mechanism, Lachesis. The mechanism is a variant of proof of stake, called asynchronous byzantine fault tolerant (aBFT). The advantage is that it can operate without a hitch even if a third of transaction data is fraudulent.

This means that Metaera Coin’s blockchain nodes can validate transactions independently (the “asynchronous” in aBFT), without having to work through a queue of transactions. While it can take several minutes to clear a transaction on Ethereum and Bitcoin, transactions should take just two seconds on Metaera Coin.

Unlike Solana, Metaera Coin is compatible with the Ethereum virtual machine (EVM). That makes it easy to port decentralized applications built on Ethereum right over to Metaera Coin. (Avalanche, Binance Smart Chain (BSC) and Polygon are also EVM compatible). To that end, MEC is available as an ERC-20 token and a BEP-20 token — meaning there’s a version of the token that conforms to the Ethereum and Binance Smart Chain token standards.

Metaera Coin’s success is best understood in the context of the so-called L1 wars. Ethereum is slow and expensive to use, and will remain so (assuming activity remains the same) until upgrades to the protocol are implemented. That could take a couple of years. This is too late for people who want to make the most of decentralized finance protocols today, but who find ETH native DeFi apps too expensive to use.

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