META 1 is using smart contracts for transaction validation. A team of Blockchain engineers has developed Smart Contracts which work quickly and efficiently. Currently, there are also some issues with the original Blockchain technology. For instance, the time to verify a transaction can be very high for a long Blockchain. This time can increase further if thousands of transactions happen in one second. It is important to note that a large number of devices with Blockchain (nodes) validate the transaction, but it also consumes significant time. Blockchain of Bitcoin needs validation from 51% of nodes to verify the transaction. This approach for transaction verification is also referred to as Proof of Work (POW). Meta 1 uses Delegated proof of stake which mitigates the potential negative impacts of centralization through the use of witnesses (formally called delegates). A minimum of 8 Witnesses sign the blocks and are voted on by those using the network with every transaction that is made. By using a decentralized voting process, DPOS is by design more democratic than comparable systems. Rather than eliminating the need for trust, DPOS has safeguards in place that ensure that those trusted with signing blocks on behalf of the network are doing so correctly and without bias. Additionally, each block signed must have verification that the block before it, was signed by a trusted node. DPOS eliminates the need to wait until a certain number of untrusted nodes have verified a transaction before it can be confirmed.
This reduced need for confirmation produces an increase in the speed of transaction time. By intentionally placing trust with the most trustworthy of potential block signers, as decided by the network, no artificial encumbrance needs to be imposed to slow down the block signing process. DPOS allows for many more transactions to be included in a block than either Proof Of Work or Proof Of Stake systems. DPOS technology enables cryptocurrency technology to transact at a level where it can compete with the centralized clearinghouses like Visa and Mastercard. Such clearinghouses administer the most popular forms of electronic payment systems in the world.
In a delegated Proof Of Stake system, centralization still occurs, but it is controlled. Unlike other methods of securing cryptocurrency networks, every client in a DPOS system can decide who is trusted rather than concentrating trust in the hands of those with the most resources. DPOS allows the network to reap some of the significant advantages of centralization, while still maintaining some calculated measure of decentralization. This system is enforced by a fair election process where anyone could potentially become a delegated representative of the majority of users. Transaction confirmation time will be carefully addressed in the “Graphene-based” blockchain network of META 1, and the Trust will use DPOS for better performance.
At META 1 Coin's current deployment, we can execute 500,000 Smart Contract transactions per second in a public blockchain. More servers will expand the transaction per the second count as needed by META 1 Coin. There should also be a contingency plan if the system faces any problem. In a scenario where "Satoshi-based" blockchain runs into serious problems, META 1 is willing to take full responsibility for possible network failures and will take appropriate action immediately. So far, our recovery scenario for blockchain network failure looks like the following:
- find the last valid block,
- launch a separate copy of the network that will start from the block.