The big hurdle that the blockchain technology faces today is its limited ability to cater millions of users at the same time. The networks in their current state can handle a limited number of transactions, maximum of two million transactions per day. But if blockchain is really to make a difference outside of the crypto ecosystem as well, there must be a more business-ready facility that allows many more transactions. And people out there are working on it too.
Various platforms are approaching this in different contexts, but industry watchers believe the need of the hour is a more capable blockchain for Decentralized Applications (DApps). DApps are expected to hit the market in big numbers by the end of this year, but hosting them on the current blockchain networks would probably result in a big failure. UK-based startup, Radix is working on a speedy, and scalable alternative to blockchain. But there looms a fear that such alternatives may ultimately compromise with decentralization, the sole objective of blockchain technology. Now #MetaHash, a Switzerland based company, is trying to tackle this use case.
After trialling the testnet of their TraceChain blockchain solution for several months, #MetaHash claim to have achieved speeds of maximum 3 seconds to verify any transaction. TraceChain can carry-out over 50,000 transactions in a minute, and billions of transactions per day. This is really a promising result, and should be enough to encourage developers to builtd DApps on TraceChain.
Not just a faster network, #MetaHash is also creating an ecosystem of tools for DApp developers. The set of tools are designed to address the needs of their users while developing the apps. Furthermore, a separate browser linked to the rest of the ecosystem allows users to actually get paid while they browse.
Aside from this testnet, #MetaHash has launched their own MainNet as well. Coin sales are already underway on their site, where buyers can get the #MetaHashCoins (MHC) at a price of $0.0391 per token. Currency accepted at the moment are Ethereum (ETH) and Bitcoin (BTC). The currency will be converted into MHC at the exchange rate at the time of purchase.
The Initial Coin Offering (ICO) by #MetaHash sees 920,000,000 MHC being distributed during Round A. Orders under 50 ETH are filled from general pool, which renews every 4 hours, on first come first serve basis. Orders over 50 ETH are filled from a separate reserved pool instantly.