As the digital asset market grows rapidly and continues to innovate, the need for a blockchain platform that goes beyond simple cryptocurrencies and combines security and efficiency that can be applied to actual businesses is increasing. In response to this demand, METACOIN, developed by InBlock, is securing a unique position by actively utilizing Hyperledger technology developed by global IT companies such as IBM and the Linux Foundation.
The biggest strength of METACOIN is that it is based on Hyperledger, a permissioned blockchain. Hyperledger fundamentally solves the problem of unclear responsibility that can occur in non-permissioned blockchains with strong anonymity by granting membership management and differential data access rights within the system. This is an important advantage that enables clear identification of the cause and rapid problem identification when a problem occurs, and dramatically increases data security.
In addition, Hyperledger, which METACOIN is based on, maintains network governance through a consensus method based on a voting system that maximizes network efficiency instead of the existing Proof of Work or Proof of Stake methods. Therefore, unlike existing blockchains that have the Finality problem, which takes a long time to confirm transactions, Hyperledger has a complete nature in which transactions are finalized immediately. This enables fast transaction processing speed, increasing various business usability such as real-time transfers.
Another strength of Metacoin is its support for developer-friendly programming languages. Hyperledger supports the construction of chaincode (a function similar to smart contracts) through commonly used Go-lang, Java, Node.js, etc., thereby significantly lowering the barrier to use for developers and providing a high degree of freedom. Unlike Ethereum, which requires learning a specific language such as Solidity, this provides a foundation for more developers to easily participate in the Metacoin ecosystem and develop various services.
Above all, Metacoin provides reasonable network usage fees. Hyperledger theoretically does not incur transfer fees because pre-designated endorsed peers execute chaincodes received from the network. It provides an environment in which the network can be used at a reasonable cost without worrying about ‘gas fees’, which rapidly increase as network users increase, like Ethereum.
Inblock has installed nodes required for operating the Metacoin network and cold wallets for storing virtual assets on IBM’s high-performance server LinuxONE, thereby raising the security level to the global top level that complies with the international Common Evaluation Criteria (CC) EAL5+. IBM LinuxONE thoroughly defends against external hacking as well as internal threats through the combination of mainframe-level solid hardware stability and Inblock’s security solution DokkaebiONE, and secures the reliability of the entire Metacoin ecosystem.
Inblock aims to popularize blockchain through Hyperledger-based Metacoin, and plans to apply blockchain technology to various industries that require transparency and reliability, such as local currency, mileage, agricultural and marine product distribution, and donations. Metacoin is receiving the market’s expectations by presenting a safe and efficient future of digital assets based on solid technical cooperation with IBM.