What Is Metacoin (MTC)?

Metacoin (MTC) claims to be the first blockchain and crypto asset based on Hyperledger. As per the whitepaper, Hyperledger is a blockchain solution created by investment banks and global IT companies that uses a management system to limit users and control authority, unlike public blockchains. The asset aims to practically expand the ecosystem by offering solutions and improving issues that other blockchains cannot use. Using the mainnet (fully developed blockchain protocol), Metacoin seeks to implement the Hyperledger ecosystem similar to the one built by Ethereum. The network intends to develop an ecosystem that offers various services to be used in Metacoin and delivers its value to the users.

Metacoin aims to create an environment in which projects with high potential in various industries can support economic growth together. Besides using proof of stake, the network’s Hyperledger technology maintains its governance through a method based on a voting system. This method helps improve the efficiency of this asset and enables permissioned transactions. Similar to smart contracts, Hyperledger can create a chaincode by using a development language, minimizing the barrier to development participation. Chaincode, also known as smart contracts, is software that users can use to update and read data on the blockchain ledger. In addition, the network offers its users reasonable network fees and high-performance transactions while supporting multi-blockchain. 

Metacoin observed that the existing consensus algorithms, PoS and PoW, have the benefit that anyone can engage in the consensus process at the beginning, but there are issues with excessive resource fees and uses. RAFT, the consensus algorithm of Hyperledger Fabric used in this network, responds to these problematic blockchain changes by overcoming minimal-resource issues, allowing a stable blockchain network without wasting resources. Besides this, the platform claims to allow users to create Hyperledger-based blockchain networks and DApps (decentralized applications). The asset acts like a currency that performs as a commonly known means of exchanging and storing value. 

MTC is the utility and governance token of Metacoin and is based on Hyperledger. This token is a digital payment coin that can be used as a payment mode for trading products. The platform helps users conveniently issue MTC-based tokens.

History of Metacoin (MTC)

The planning and development of Metacoin were completed in April 2018. The platform released its private issue in June 2018 and pre-sale and crowd sale in August 2018. James Chae is the founder of Metacoin. He is also the founder and CEO of INBLOCK, a digital asset service platform for banks, corporations, and insurance companies. Chae has recently created CODLBANK, a platform with security technologies for custody services. 

How Are New Metacoin (MTC) Tokens Created & Earned?

The total issuance of MTC tokens is 2 billion, and Metacoin has created few changes in its token distribution since the initial issuance of tokens in 2018. Approximately 611 million Metacoin (MTC) are currently distributed for sales and other compensation purposes. Approximately 31% of the total volume is in circulation, and 69% of the share is managed as per future released plans and lock-up. As per the issuance plan, Metacoins (MTC) are issued annually and are locked up in INBLOCK Ltd. Unlocked MTCs aim to be used for ecosystem operation through partners and node rewards. Node rewards account for 10% of the total issuance, and partner rewards account for 5% of the overall issuance. Metacoin has five core operating nodes, and the total node reward distribution amount is 200 million MTC coins. Each node receives 8 million MTC coin rewards each year. The current token is allocated 15% to operations, 30% to technical and DApp developers, 15% to marketing, 10% to management, 20% to partners, and 10% reserved for securing liquidity of Metacoin transactions and exchanges.