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META 1 Coin Reports

META 1 Coin Report: Understanding the Satoshi-Based Blockchain

Twelve years ago, on the eve of Halloween October 31, 2008, Satoshi Nakamoto published a white paper that would change the world forever. He outlined the concept of an exclusively peer-to-peer digital version of cash that could be sent from one person to another without involving a financial institution. He called this new digital currency and system: Bitcoin.

Satoshi is believed to be a fictional name created by the author to protect his identity. Shortly after he launched Bitcoin, he withdrew from public interaction and is rumored to be worth billions today. The system he launched continues to grow significantly and features a publicly viewable chain of peer-validated transactions known as the blockchain. Numerous other cryptocurrencies have launched since then, and all have based their technology in some way on the work of Satoshi.

Various other forms of blockchains have also emerged over the years, with varying functionality. The Satoshi-based blockchain is also known as a public blockchain, since it is a non-restrictive, permission-less distributed ledger system that is accessible by all, and used by Bitcoin, Ethereum and other cryptocurrencies. There is also a private blockchain system, which only operates in closed networks with strict permissions, as is used by Hyperledger and R3 Corda. Hybrid blockchains also exist which support more data privacy, such as Dragonchain. Consortium blockchains are semi-private, have a controlled pre-approved user group and operate across different organizations, like Quorum.

To better understand how the Satoshi-based blockchain works, here is a brief overview. At its core, it is a distributed digital ledger that records all transactions in a system at the point of occurrence. This ledger or blockchain is present and accessible publicly on the devices of numerous users of the system. When a user performs a transaction, the blockchain on the device of that user changes accordingly. The blockchain of all other users compares that chain with their own chain to validate the new transaction. If more than 50% of chains verify the transaction, then the transaction becomes a permanent part of the blockchain.

There is no central authority like a bank, involved in the validation process. The transaction is verified by a large number of active users which makes this technology very secure as there is no single point of failure. All cryptocurrencies have their blockchain, but the Satoshi-based blockchain is known as the best performing technology.

The Satoshi-based blockchain is the base protocol of META 1 Coin, as it has numerous benefits as compared to other blockchains. It is the most secure and robust in functionality. The Satoshi-based blockchain has the largest and the most active software developer community. Therefore, if there is ever any tech issue with the consensus protocol, it has the highest probability of quick recovery. It has been endorsed by some of the world’s largest financial software vendors including IBM, Microsoft, Deloitte, ConsenSys, and others.

It is the only production-ready blockchain that supports Smart Contracts. The Satoshi-based blockchain brings META 1 Coin to the next level of freedom thanks to its extensive features and security, enabling abundance for Humanity.

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