With Meter, decentralized currencies are created with proof of work, while records are kept with proof of stake.
In almost all existing cryptocurrencies, the activities for currency creation and record keeping are entwined. When Bitcoin miners join mining pools to share processing power, miners give up their record keeping rights in exchange for a steady stream of income.
A separation of responsibilities allows for increased efficiency and security. Proof of work generates currency, creates the randomness and notion of time required in a healthy decentralized system. Proof of stake provides high performance and instant finality, which are needed for processing transactions. Meter’s system is able to combine the benefits of both, while also avoiding the problems in each.
A currency should perform three main functions, namely, serve as a: 1. unit of account, 2. medium of exchange, and 3. store of value. We’re creating the first global decentralized scalable stable currency.
When an oracle-based altcoin receives a malicious data feed, the results maybe catastrophic. Picture an altcoin issued using Ethereum as collateral. False oracle data for the price of Ethereum could trigger an unwinding of all the underlying collateral, causing a permanent breakdown of the entire system. Such risk may be tolerable for a software platform, but is too dangerous for a universal store of value.
Existing cryptocurriencies often compare themselves as the new digital gold. An examination of gold-based (or silver-based) financial systems reveals that those systems collapsed when the underlying economy rapidly expanded and gold could not scale with it. Both gold and Bitcoin will naturally tend to increase in value due to their limited supply but it is also the same reason why neither are suitable for powering an economy. A deflationary currency ultimately discourages production and fundamentally damages an economy.
Meter employs a highly decentralized proof of value consensus to solve the most difficult trust problem that plagued fiat currencies. Each Meter requires the same amount of energy in performing uncheatable computations to be created. Therefore, Meter users avoid bearing counterparty risk from the currency issuer and are not required to trust a third party for the Meter blockchain to operate.
Meter is not pegged to any fiat currencies, such as the U.S. dollar, it can still offer the free flow of capital and operate an independent monetary policy without violating the Impossible Trinity.
1 Meter = 10 kWh, is the goal of the system based on the most energy efficient and publicly available mining hardware. The process is driven autonomously by Meter’s internal feedback algorithm instead of external oracles.
Meter greener, 300x faster than a traditional proof of work blockchain
ETH, BTC, LTC, USD, EURO
Feb 20, 2019 (11:00AM GMT)
Feb 8, 2019 (9:00AM GMT)
If Avg USD $0.135 per KWh, a universal of $1.35 is established
1 ETH/ 1 BTC/ 1 LTC/ 1 MTR/ 1 USD/ 1 EURO
We’ve made great progress with the help of our teams, contributors and investors. These are the milestones we are looking forward to achieve and some we’ve already conquered.
Core Technology Research
Pre-Funding Construction Process
Wallet Release Ecosystem Testing
Start of Invites
Governance Token Launch
Get a FREE meter wallet to and start generating value. Meter wallets can help you earn and know the value of almost any good or service.
Meter Green Wallet allows for value estimation, invite acceptance and new exclusive value opportunities.
Use Meter Green Wallet as the future of protecting your assets.
Below we’ve provided a bit more information on commonly asked questions
Energy is universal and scalable. Everything is made up of some form of energy, this allows us to have a standard point of value.
Meter greener, hundreds time faster than traditional proof of work based blockchains. It also does not suffer the typical problems in proof of stake blockchains like “nothing at stake”, “long range attacks”, and “weak subjectivity”.
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he goal of Meter is to create a fully decentralized currency that is native to the crypto land and long term stable in purchasing power to foster a sustainable decentralized financial system.
Meter is not pegged to the U.S. dollar at all. We believe that cryptocurrencies which are pegged to USD (or other fiat currencies) always have a much better alternative, which is USD itself.
A currency should perform three main functions, namely, serve as a: 1. unit of account, 2. medium of exchange, and 3. store of value. As an example, Bitcoin is often compared to gold due to their limited supply and similarly high perceived value. Yet, an examination of gold-based (or silver-based) financial systems reveals that those systems collapsed when the underlying economy rapidly expanded and gold could not scale with it. Both gold and Bitcoin will naturally tend to increase in value due to their limited supply but it is also the same reason why neither are suitable for powering an economy.
If the price of Meter was to rise above the production cost, miners would deploy more computing power into mining, increasing the production and driving down the price of Meter. When the price of Meter drops, mining becomes less profitable, and miners stop mining Meter in favor of using their computing power for other purpose including mining other cryptocurrencies.