Metabase Network - A Scalable Blockchain For Building Dapps

Metabase features are:

Scalability

A scalable and extensible blockchain platform that helps you build decentralized applications with high throughput demands.

Security

A secure and robust blockchain platform that helps you leverage security libraries to build reliable applications.

Usability

An easy to use and customizable blockchain platform that empowers developers with customizable platform-level libraries and intuitive developer tools.

Governance

A comprehensive governance mechanism built into the protocol fostering a commonwealth network that can adapt to evolving business, social, and technical needs.

Metacoin - Store Of Value

Metacoin is the store of value currency of Metabase. It is the primary token of Metabase and will be issued in ICOs and traded on exchanges. Metacoin can’t be used as a medium of exchange currency on the blockchain. To pay transaction fees on the blockchain, one first needs to convert Metacoin to Metabit tokens and then pay the appropriate fees denominated in Metabit tokens.

Metacoin tokens issued via mining will have a deterministic reducing/deflationary supply - similar to Bitcoin but with different generation parameters. Generation parameters of Metacoin tokens are hard-coded into the protocol and can’t be modified by Governance Mechanics.

Metabit - Medium Of Exchange

Metabit is the Medium of Exchange currency of Metabase. It is the transactional token of Metabase and will be used to denominate transaction fees. Metabit as a currency is inflationary in supply with a degree of demurrage associated which can be governed by the governance framework.

Based on supply of Metabit and Metacoin, there is a rate of exchange derived between both tokens. All transactions of Metabase have a static transaction cost in terms of Metabit, but when the rate of exchange is applied, the overall transaction cost is reducing in nature with respect to Metacoin.

Metabase will address scalability issues by introducing concepts of Split Chains, Priority Pools and Ray Networks. By utilizing these mechanisms, the mining operation is parallelized, transaction capacity per block is increased and instant transfers become possible.

Metabase blockchain will split itself automatically if transaction capacity is heavily used. To start with, the blockchain would follow a PoW based consensus mechanism - similar to Bitcoin - where repetitive hashing is required to meet a difficulty target. Difficulty retargeting would be done based on averages of block generation times across all chains. The entire block reward would be alloted to the PoW mechanism.

Eventually, the protocol would be shifted to a DPoS + PoW based mechanism, and block reward would be split in 1:1 ratio between the two methods. The DPoS mechanism - similar to the one used by Bitshares - would enable stakers to delegate their mining roots to miners who can then sign the Merkle Root. Upon completion of DPoS based mining, the Merkle Root then goes through a PoW based mining process where a difficulty target is to be met.

On top of on-chain scaling mechanisms, Metabase will introduce a native, off-chain scaling solution to enable instant transfers between peers.

Roadmap

Apr 2019 – Sep 2019

Ray and Spectrum networks

The ray and spectrum networks enable instant P2P transaction using off-chain mechanics. Ray networks are used to transfer value while Spectrum networks are utilized to enable P2P off-chain transactions for smart contracts. The following are our requirements

1. Ray network must enable P2P off-chain transaction but not be limited to one channel. each user must be able to create multiple channels for off chain transactions, with the base limits for each off-chain transaction to communicate with the main chain after a defined number of transaction. These transaction limits will be defined by the protocol's governance mechanism

2. The Ray network must be dynamic, where in each transaction is self sustained with limits defined and agreed by the system.

3. Each Individual ray network must start from its anchor point in main chain, and resolve with main chain after a defined number of transactions, specified by the network

Sep 2019 – Dec 2019

Identity Subsystem

Identity Systems are crucial for the next generation of blockchain. this is a crucial area to develop. Most public blockchains, identity systems are an externality. We intend to create an identity system which is internal to the system.

1. incorporating the protocol's base structure, the VM and our proposed governance system will be used to develop and enable an inclusive identity sub-system

2. The identity subsystem is non enforcing in nature, but will be developed to be a default feature

Jun 2019 – Dec 2019

Tools design and development

During this phase the tools are designed which ensure that normal user can also interface with the metabase. The tools must have following characteristics:

1. All tools wil be easy to use and designed for beginners in blockchain development

2. Tools will include native cryptocurrency wallets, mobile wallets and interface libraries to interact and develop applications

3. Our tools will be designed to enable users to create compilers which is easy to use and operate for applications on our protocol

4. The toolset will be developed for the Metabase. Our tools will not be limited to the developer community, but will extend to the miners on the network.

Jun 2019 – Dec 2019

Mining ecosystem development

1. Develop mining software for pooled mining

2. Developing mining software for GPU

3. Setting up and helping community set up mining nodes

Token Allocation

50%: Miners/Miner Block rewards

25%: Main sale contributors/Genesis allocation, 45 days to 60 days usage restriction

15%: Company/Genesis allocation, 90 days usage restriction

5%: Pre-sale contributors/Genesis allocation, 0 to 30 days usage restriction

5%: Reserves/Genesis allocation, 90 days usage restriction