Meter: Changing the Way the World Uses Money
PALO ALTO, Calif., June 24, 2019 /PRNewswire/ -- Meter enables decentralized finance through its stable cryptocurrency, wallet and platform, is launching a truly decentralized, censorship-resistant, high-speed consensus design. By dividing power for blockchain currency creators and record keepers, Meter has created a revolutionary "proof-of-value" blockchain validation system. This advancement fulfills the original decentralized vision started by Bitcoin, while adding needed stability and security. Meter's testnet is active, and their cryptocurrency wallet is easy to use, allowing for quick on-boarding with no crypto knowledge needed.
Meter was co-founded by Xiaohan Zhu, Young Yu, and Jun Xu. They all believed in the original vision of a decentralized, blockchain-focused system of currency; all envisioned a revolution in the stablecoin ecosystems that consistently fall prey to attacks. As part of the DeFi movement, Meter's platform offers a badly needed application interface for the crypto world.
Meter has created a unique hybrid consenus model, called "proof-of-value". All consensus protocols create an irrefutable system of agreement between various devices across a distributed, decentralized network. Meter has taken inspiration from previous proof-of-work and proof-of-stake systems to create a powerful hybrid that functions better than the originals.
"The pure proof-of-stake, it cannot exist because it's too fragile, so we developed hybrid proof-of-stake," said Young Yu, a former Cisco tech leader and Brocade principal engineer. "Pretty much my whole life, i've been working on routing protocols... the problem [with other decentralized projects] is the scalability, and wider availability. This is what we're here to solve."
"The approach we take in Meter is very different from the existing cryptocurrency projects, which are typically either by developers, academics, or cryptographers," said Xiaohan Zhu, a Wharton Finance MBA, co-founder and CEO of Decentralized Finance Labs. "For Meter, we're making a basic infrastructure, and we want to build on top of it, because this is just the base layer of unit of account settlement. There are a lot of financial system related things we can build on top."
Meter has created the start of a financial ecosystem where we need not answer to central authorities to be approved for loans, manage our money, establish savings accounts or provide merchant services. Instead, a network of our peers will act to enforce and verify a decentralized, safe, efficient network of financial agreements that allow anyone with an internet connection to bank with confidence.
What is Proof of Value Consensus?
Telegram Discussion Group: https://t.me/Meter_IO
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