METABASE - A Blockchain Toolbox for Industry

The Fever about cryptocurrency is increasing, people have heard about it, and more and more people want to find more about it, and find a way to be a part of it. When blockchain technology came, so many things changed, for better, we say. So many businesses have improved, so many companies have started using crypto currencies in their work. The new ideas are coming every day. People want to invest in the new projects. We have the biggest tool in the world, and it is called the Internet. The internet is an enormous base of information where we can do anything. Internet has connected the entire world.
Because of the access to the internet we are able to get information about one of the most incredible crypto-project which is known as Metabase

The company behind Metabase, Intrepid Ventures, is a Hong Kong-based blockchain venture studio with a strong team that is building blockchain startups since 2013.

Metabase aims to create the necessary APIs and development tools that can be used to interact with Metabase. Unlike current solutions that involve third-party SDKs and centralized architecture, Metabase will provide frameworks that can connect to the blockchain directly. The functionality will be implemented in the form of a library for mobile platforms and as a browser extension on browser platforms.

As said earlier, Metabase is a high-performance blockchain and smart opcodes platform for building decentralized applications and next-generation businesses. It features an advanced virtual machine at its core, expanded blockchain programming capabilities and it is designed with security and usability.

First-generation blockchains like Bitcoin and Ethereum have revolutionized philosophical notions of economic trust, political power, and social control. They have laid the foundations for how networked systems, web services and digital communities of the future are to be designed and built. However, as the ecosystem evolves and hits the next level of adoption with more use-cases being envisioned - these blockchains are hitting their technological and design limits, but Metabase will overcome limitations of first-generation blockchains and enable programmers and entrepreneurs to build their blockchain based solutions on a rich, scalable, secure, easy-to-use and evolving platform. Metabase will feature an upgraded Ethereum style virtual machine. This virtual machine will feature an augmented OpCode space which will unleash a more vibrant ecosystem of programming on the blockchain. Additionally, Metabase will incorporate identity constructs into the Metabase virtual machine, therefore, making identity a first-class citizen on the blockchain.

THE MISSION

"Metabase aims to provide light client implementations both on mobile and browser platforms to create seamless integration for blockchain-based applications."

The mission is to create a blockchain infrastructure designed to empower developers, entrepreneurs and industry, to easily create advanced distributed applications and scale them into the market-leading businesses of the future.

THE GOAL

Metabase’s goal is to create a blockchain platform to build, scale, and monetize next-generation businesses. The platform offers an innovative consensus protocol, a dynamic proposition for scaling public blockchain protocols, well-designed crypto economic equilibriums, as well as a design focus on usability, which allows the system to be tailored to a broad range of use cases.

PROBLEMS

They have identified that first generation blockchains have hit challenges across the following dimensions, constraining real-world adoption:

Scalability

Platforms and cryptocurrencies have hit adoption limits because of scalability issues. In the case of Bitcoin this has given rise to significant transaction fees, clogged mempools and long drawn debates resulting in forks and community splits. Two major problems are:

Transaction fees are typically a function of the currency. If the value of the currency rises (with respect to USD), then so do the transaction fees.

More adoption means more transactions competing for the same block, hence jacking up transaction fees in BTC terms.

Limited programming ecosystem

As a first-generation, blockchains have established a base programming ecosystem. But with increasing evolution and adoption, this ecosystem appears to be constrained by limited built-in primitives and requires many developers to learn new coding languages, leaving large amounts of talent still out of the space.

Security and Usability

Very few instances of the Bitcoin or the Ethereum protocol being vulnerable have been reported, however, application layer security has been inadequate — because of which multiple incidents happened, like the Parity Multi-Sig Wallet issue (which led to 500,000 Ether being stuck) to the infamous DAO attack, which led the fork of the Ethereum Network.

Existing developer tools are basic and often require hacky third-party tools or centralized platforms to fill the gaps. Also, light client implementations targeting mobile platforms are needed to enable massive deployments.

Governance mechanisms

First-generation blockchains — being the first-generation — didn’t foresee governance challenges that a decentralized system, with no central party calling the shots, will face.

SOLUTION OFFERED

The experienced Metabase team has studied and experienced the current problems most protocols are facing and aims to tackle all these problems by building a robust, but usable platform. By addressing the mentioned problems in the following ways:

Scalability

Metabase is a scalable and extensible blockchain platform that helps companies to build decentralized applications with high throughput demands. The team aims to address the scalability problem at two levels:

By creating an innovative next-generation blockchain protocol that scales with adoption.

A Monetary Policy with two cryptocurrencies inspired by real-world economies.

Security

The team is building a secure and robust blockchain platform that helps users to leverage security libraries to build reliable applications. With a goal to improve application layer security, the team is building Metabase from the ground-up to provide a secure platform for application layer programmers that can leverage security libraries to build reliable applications. Light client implementations on mobile and browser platforms help to create seamless integration for blockchain-based applications.

Limited programming ecosystem

At the core of Metabase will be the Virtual Machine 2.0 with an augmented OpCode Space — unleashing a rich programming ecosystem which enables programming on high and low level programming languages for end users and organizations with integrated identity systems within the core blockchain.

Usability

Metabase is an easy to use and customizable blockchain platform that empowers developers with customisable platform-level libraries and intuitive developer tools. Light client implementations on mobile and browser platforms help to create seamless integration for blockchain-based applications.

Governance

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

THE FEATURES

Metabase Mobile Light Client

This is a type of blockchain client that does not need to download the entire blockchain to work. Metabase users will start using official mobile wallets right away instead of relying on third-party software. Metabase Light Client will be able to store and process necessary KYC and identity information securely.

Metabase Browser Extension

Metabase browser extension will enable users to interact with the next generation of products and services safely and securely right from their browser without downloading the entire blockchain.

Metabase Developer SDK and Integrated Development Environment

Developers will be able to create and deploy new products to Metabase blockchain directly by using the browser plugin and IDE. Metabase IDE will not be limited to compiling and deploying smart contracts but will play a critical role during development and guide developers to use best security practices at every step. By using Metabase SDK, custom applications may connect to Metabase full nodes and interact with their smart contracts without the need for a proxy service. Metabase developers will be equipped with rich APIs on KYC/identification, wallet operations, and blockchain query services which will provide a solid foundation for the next generation of blockchain applications.

THE BLOCKCHAIN TECHNOLOGY OF METABASE

Metabase blockchain is run and maintained by nodes running a Metabase client over the Internet. Each node within the network will have a Node ID. With a Node ID, a Metabase node identifies itself to the network and signs messages to the network. The Node ID is also used to determine which chain on the multi-chain Metabase blockchain the node can mine on. Metabase blockchain will split itself automatically if transaction capacity is heavily used. The blockchain would follow a PoW based consensus mechanism - similar to Bitcoin - where repetitive hashing is required to meet a difficulty target. Difficulty re-targeting would be done based on averages of block generation times across all chains. The entire block reward would be alloted to the PoW mechanism.

Blockchain Layer

Blocks

In a linked list style blockchain, each block is identified by the Block Number. In Metabase, each block has a Block Number, Epoch Number, and Chain Number.

Epoch Number

Starts at 0. Increments every time a chain splitting event happens. If a block has Epoch Number E, then it exists at the epoch level where the blockchain has 2E chains.

Chain Number

If a block has Epoch Number E, then it exists at the epoch level where the blockchain has 2E chains, so that it will have a Chain Number (between 0 and 2E-1) identifying its chain.

Block Number

Genesis block starts at 0 and increments as 1,2,3...N. Unlike traditional blockchains, block number doesn’t uniquely identify a block. If a block number N is at Epoch Level with Epoch Number E, then there are 2E chains at this Level, and hence 2^E blocks will share the same lock number N.

Monetary Policy

The monetary policy was inspired by real-world economies where people need a ‘store of value’ (eg. a deflationary currency/asset like Gold) and a ‘medium of exchange’ (usually an inflationary currency like the USD). Therefore, the Metabase protocol has incorporated two currencies into the Metabase economy — Metacore and Metabit.

Metacore — Store of Value

Metacore is the primary token of Metabase. It will be issued in the ICO and traded on exchanges.

To pay transaction fees on the blockchain, a Metabase node converts Metacore to Metabit tokens using the prevailing exchange rate and then pays the appropriate fees.

Metacore tokens issued via mining will have a deterministic reducing/deflationary supply — similar to Bitcoin but with different generation parameters.

Generation parameters of Metacore tokens are hard-coded into the protocol and can’t be modified by Governance Mechanics (will be determined after pre-ICO)

Metabit — Medium of Exchange

Will be used to denominate transaction fees.

The currency is inflationary in supply, therefore creating a decreasing exchange rate with Metacore over time.

The inflation rate of Metabit is dynamic and governed by the governance framework of Metabase.

TOKEN DETAILS

Token Name: Metabase Token

Token Symbol: META

Token Value: $0.02

The total ICO hard cap is $41,840,000 USD

Main Sale 2 Start: October 19, 2018

Main Sale 2 End: November 2, 2018

Total Token Supply : 8,000,000,000 ( 8 Billion Tokens)

Main Sale 2 offers a 5% bonus, which will be the last round of bonus sales for the ICO. To allow more users to buy into the sale, the minimum contribution is 5 USD and the buying process has been simplified to 5 minutes.

TOKEN DISTRIBUTION

USE OF PROCEEDS

Technology 30%

Community 20%

Talent 15%

Operations 15%

Security 10%

Legal 10%

WHY METABASE STANDS OUT?

Unlike other Crypto/Blockchain platforms, the conventional blockchain is a linear linked list of blocks. Attempts to increase transaction throughput have focused on parametric changes to this design , hitting roadblocks in the process Metabase is so unique in what they are trying to do in the crypto market the difference is that scalability is one element metabase is trying to solve by helping companies to build decentralized applications with high defined demands. This will be done by adopting a multifaceted approach, thus; creating an innovative next generation blockchain protocol that scales with adoption and also A monetary policy with two cryptocurrencies inspired by real world economies. This set it aparts from existing rival projects and potential ones in the blockchain market.

In Conclusion

Well, in a nutshell, it is evident that this project is quite innovative in the sense that the Metabase platform is proffering solution by developing a decentralized platform which will empower the world’s most underused resource entrepreneurs. A platform that enables a broad and diverse group of entrepreneurs and innovators to build blockchain powered decentralized applications and scale next-generation businesses that can impact global society.

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