The core technology and Token of Meter.io
Meter.io stands out for its Ethereum-compatible architecture, designed specifically for high-performance decentralized applications with low transaction costs. It utilizes the HotStuff consensus protocol to achieve fast transaction finality and security. The platform's dual token system includes MTR, a stablecoin pegged to electricity costs, and MTRG, a governance token for network staking and governance.
The core features of Meter.io
Meter.io is known for its high performance capabilities and compatibility with the Ethereum Virtual Machine (EVM), making it a powerful platform for developers to build decentralized applications. EVM compatibility allows existing Ethereum applications to be seamlessly ported to Meter, greatly reducing the entry barriers for developers familiar with the Ethereum architecture and Solidity programming language.
The platform is designed to handle high transaction throughput while ensuring low transaction costs, which is crucial for the scalability of blockchain applications. Meter's architecture supports multiple virtual machines, including EVM, allowing for diverse application development and ensuring efficient processing of a wide range of blockchain operations.
In addition, Meter's consensus mechanism enhances its performance, enabling it to process transactions quickly and securely, which is crucial for meeting the high-speed requirements of modern decentralized applications.
Decentralization
Meter.io emphasizes highly decentralized network infrastructure. Its design incorporates a large number of validators and powerful consensus mechanisms, aiming to prevent centralization failure points and enhance network security and resilience.
Scalability
Meter.io's scalability is achieved through its innovative HotStuff-2 consensus protocol, which supports the high-speed Ethereum Virtual Machine (EVM). This technology allows Meter to execute transactions quickly and ensures that the system can handle a large number of transactions without compromising speed or security by supporting parallel chains and multi-VM horizontal scalability.
Defend against economic attacks
Meter.io has built a unique economic model designed to resist various forms of economic attacks. Its dual-token system (MTR and MTRG), along with the native stablecoin MTR minted with proof of work (PoW) pegged to electricity prices, provides intrinsic value and stabilizes the token's value. This design mitigates the risk of price volatility and ensures economic stability.
Meter's native Token: MTR and MTRG
MTR
Meter Stablecoin (MTR) is an essential part of the Meter network, serving as a decentralized, low-volatility cryptocurrency that acts as a unit of account and medium of exchange within the Meter ecosystem. Unlike traditional stablecoins, MTR is not pegged to a fiat currency, but rather anchored to a more stable and historically consistent metric: global electricity prices.
Create and Stable Mechanism
MTR is created using a SHA256 Proof of Work (PoW) method similar to Bitcoin. This method links the production of MTR to the cost of electricity, using the profitability of miners to maintain a stable equilibrium price. The innovative stability mechanism of MTR lies in its dynamic response to market demand and supply. When the demand for MTR increases, miners are incentivized to produce more MTR; conversely, when the demand decreases, an internal auction process using MTRG (Meter's governance token) gradually reduces the circulation of MTR to stabilize its value.
The Use of MTR
Within the Meter network, MTR is used to pay for transaction fees, Gas, and storage costs, which are paid to the PoS validators who maintain and secure the network. Externally, MTR can be used like any other currency for daily payments and as a store of value. In addition, MTR can be bid to convert to MTRG, a process that not only governs dynamics but also maintains the stability of the currency by adjusting supply based on current economic conditions.
Comparison with other stablecoins
MTR differs from typical fiat-backed or cryptocurrency-backed stablecoins by its decentralized and permissionless nature. Unlike fiat-backed stablecoins such as USDT or USDC, which are centralized and regulated, and cryptocurrency-backed stablecoins such as DAI, which are limited by collateral capacity and rely on potentially unreliable oracles, MTR's design naturally avoids these vulnerabilities. It relies on global electricity prices as a stable reference point, mitigating typical risks associated with oracles and centralization, with the aim of achieving long-term stable value without being controlled by any single entity.
MTRG
MTRG is the governance token in the Meter blockchain ecosystem and plays a crucial role in network security and administrative governance.
As a validator, you can stake or delegate
MTRG holders can stake their tokens to become Proof of Stake (PoS) validators, or delegate their staking rights to other validators. This process is crucial for maintaining the integrity and security of the Meter network. Validators and their delegates earn MTR as rewards for processing transactions and securing the network.
Earn fees
MTRG holders can benefit from various fees collected from the network. These fees come from multiple channels, including on-chain auctions and transaction fees for on-chain and cross-chain activities. This mechanism encourages holders to actively participate in network governance and validation processes.
Participate in governance
MTRG enables holders to participate in the governance of the Meter ecosystem. Governance activities include voting on key decisions such as changes to monetary policy, MTR production parameters, as well as new features or update proposals within the network.
Governance Role
The governance function of MTRG is crucial, giving token holders the ability to shape the development and strategic direction of the Meter ecosystem. Holders can vote on significant updates and changes that may fundamentally alter the network's operation and evolution. The design of MTRG aims to coordinate the interests of key stakeholders within the Meter ecosystem, ensuring that those who contribute tokens and efforts to the network have a voice. This decentralized, democratic governance model is essential for the network's long-term resilience and adaptability.
On-chain Auction
Meter's on-chain auction system plays a crucial role in its dynamic economic model, providing an ingenious mechanism for distributing governance token MTRG and regulating the supply of operation token MTR. This process is essential for maintaining network security and promoting participant governance.
Auction occurs once every 24 epochs, approximately every 24 hours, making it a daily event for economic activities within the Meter ecosystem. Participants use MTR to bid for MTRG, which is crucial for governance and also serves as validators in the Proof-of-Stake consensus mechanism of the network.
Bidding Dynamics and Auction Interface
Bidding does not have a fixed price; instead, participants input the amount of MTR they are willing to exchange for MTRG. The Meter wallet enhances this process by displaying the current amount of MTR received and the amount of MTRG available in the auction, providing transparency and helping participants make informed decisions.
Settlement and Pricing
The MTRG acquisition cost of the era is determined at the end of each auction cycle. The settlement price of the auction is calculated based on the total MTR bids divided by the available MTRG total. This setting ensures that all participants in the same auction cycle obtain MTRG at the same rate, which is determined by the collective participation activity, thereby enhancing the decentralized nature of the auction process.
Strategic Reserve and Redistribution
Most of the MTR collected from these auctions is allocated to the Meter reserve pool to support the long-term stability and development of the network. The remaining MTR is distributed as block rewards to validators, aligning their compensation with the success of the network and incentivizing continued participation and security maintenance.
Governance and Flexibility
The on-chain auction mechanism has built-in flexibility and can be adjusted based on historical data and governance decisions. The supply of MTRG in each auction is influenced by past auction prices, creating a responsive, dynamic supply mechanism. In addition, the system initially sets a reserve price to prevent MTRG from being undervalued and provides space for community-led parameter adjustments.
This auction mechanism is a model of decentralized fiscal policy tools and the core of Meter's hybrid consensus and economic model. It embodies the complex strategies of token distribution and value stability in the blockchain field, aiming to cultivate a strong and flexible economic ecosystem.
The core technology and Token of Meter.io
Meter.io stands out for its Ethereum-compatible architecture, designed specifically for high-performance decentralized applications with low transaction costs. It utilizes the HotStuff consensus protocol to achieve fast transaction finality and security. The platform's dual token system includes MTR, a stablecoin pegged to electricity costs, and MTRG, a governance token for network staking and governance.
The core features of Meter.io
Meter.io is known for its high performance capabilities and compatibility with the Ethereum Virtual Machine (EVM), making it a powerful platform for developers to build decentralized applications. EVM compatibility allows existing Ethereum applications to be seamlessly ported to Meter, greatly reducing the entry barriers for developers familiar with the Ethereum architecture and Solidity programming language.
The platform is designed to handle high transaction throughput while ensuring low transaction costs, which is crucial for the scalability of blockchain applications. Meter's architecture supports multiple virtual machines, including EVM, allowing for diverse application development and ensuring efficient processing of a wide range of blockchain operations.
In addition, Meter's consensus mechanism enhances its performance, enabling it to process transactions quickly and securely, which is crucial for meeting the high-speed requirements of modern decentralized applications.
Decentralization
Meter.io emphasizes highly decentralized network infrastructure. Its design incorporates a large number of validators and powerful consensus mechanisms, aiming to prevent centralization failure points and enhance network security and resilience.
Scalability
Meter.io's scalability is achieved through its innovative HotStuff-2 consensus protocol, which supports the high-speed Ethereum Virtual Machine (EVM). This technology allows Meter to execute transactions quickly and ensures that the system can handle a large number of transactions without compromising speed or security by supporting parallel chains and multi-VM horizontal scalability.
Defend against economic attacks
Meter.io has built a unique economic model designed to resist various forms of economic attacks. Its dual-token system (MTR and MTRG), along with the native stablecoin MTR minted with proof of work (PoW) pegged to electricity prices, provides intrinsic value and stabilizes the token's value. This design mitigates the risk of price volatility and ensures economic stability.
Meter's native Token: MTR and MTRG
MTR
Meter Stablecoin (MTR) is an essential part of the Meter network, serving as a decentralized, low-volatility cryptocurrency that acts as a unit of account and medium of exchange within the Meter ecosystem. Unlike traditional stablecoins, MTR is not pegged to a fiat currency, but rather anchored to a more stable and historically consistent metric: global electricity prices.
Create and Stable Mechanism
MTR is created using a SHA256 Proof of Work (PoW) method similar to Bitcoin. This method links the production of MTR to the cost of electricity, using the profitability of miners to maintain a stable equilibrium price. The innovative stability mechanism of MTR lies in its dynamic response to market demand and supply. When the demand for MTR increases, miners are incentivized to produce more MTR; conversely, when the demand decreases, an internal auction process using MTRG (Meter's governance token) gradually reduces the circulation of MTR to stabilize its value.
The Use of MTR
Within the Meter network, MTR is used to pay for transaction fees, Gas, and storage costs, which are paid to the PoS validators who maintain and secure the network. Externally, MTR can be used like any other currency for daily payments and as a store of value. In addition, MTR can be bid to convert to MTRG, a process that not only governs dynamics but also maintains the stability of the currency by adjusting supply based on current economic conditions.
Comparison with other stablecoins
MTR differs from typical fiat-backed or cryptocurrency-backed stablecoins by its decentralized and permissionless nature. Unlike fiat-backed stablecoins such as USDT or USDC, which are centralized and regulated, and cryptocurrency-backed stablecoins such as DAI, which are limited by collateral capacity and rely on potentially unreliable oracles, MTR's design naturally avoids these vulnerabilities. It relies on global electricity prices as a stable reference point, mitigating typical risks associated with oracles and centralization, with the aim of achieving long-term stable value without being controlled by any single entity.
MTRG
MTRG is the governance token in the Meter blockchain ecosystem and plays a crucial role in network security and administrative governance.
As a validator, you can stake or delegate
MTRG holders can stake their tokens to become Proof of Stake (PoS) validators, or delegate their staking rights to other validators. This process is crucial for maintaining the integrity and security of the Meter network. Validators and their delegates earn MTR as rewards for processing transactions and securing the network.
Earn fees
MTRG holders can benefit from various fees collected from the network. These fees come from multiple channels, including on-chain auctions and transaction fees for on-chain and cross-chain activities. This mechanism encourages holders to actively participate in network governance and validation processes.
Participate in governance
MTRG enables holders to participate in the governance of the Meter ecosystem. Governance activities include voting on key decisions such as changes to monetary policy, MTR production parameters, as well as new features or update proposals within the network.
Governance Role
The governance function of MTRG is crucial, giving token holders the ability to shape the development and strategic direction of the Meter ecosystem. Holders can vote on significant updates and changes that may fundamentally alter the network's operation and evolution. The design of MTRG aims to coordinate the interests of key stakeholders within the Meter ecosystem, ensuring that those who contribute tokens and efforts to the network have a voice. This decentralized, democratic governance model is essential for the network's long-term resilience and adaptability.
On-chain Auction
Meter's on-chain auction system plays a crucial role in its dynamic economic model, providing an ingenious mechanism for distributing governance token MTRG and regulating the supply of operation token MTR. This process is essential for maintaining network security and promoting participant governance.
Auction occurs once every 24 epochs, approximately every 24 hours, making it a daily event for economic activities within the Meter ecosystem. Participants use MTR to bid for MTRG, which is crucial for governance and also serves as validators in the Proof-of-Stake consensus mechanism of the network.
Bidding Dynamics and Auction Interface
Bidding does not have a fixed price; instead, participants input the amount of MTR they are willing to exchange for MTRG. The Meter wallet enhances this process by displaying the current amount of MTR received and the amount of MTRG available in the auction, providing transparency and helping participants make informed decisions.
Settlement and Pricing
The MTRG acquisition cost of the era is determined at the end of each auction cycle. The settlement price of the auction is calculated based on the total MTR bids divided by the available MTRG total. This setting ensures that all participants in the same auction cycle obtain MTRG at the same rate, which is determined by the collective participation activity, thereby enhancing the decentralized nature of the auction process.
Strategic Reserve and Redistribution
Most of the MTR collected from these auctions is allocated to the Meter reserve pool to support the long-term stability and development of the network. The remaining MTR is distributed as block rewards to validators, aligning their compensation with the success of the network and incentivizing continued participation and security maintenance.
Governance and Flexibility
The on-chain auction mechanism has built-in flexibility and can be adjusted based on historical data and governance decisions. The supply of MTRG in each auction is influenced by past auction prices, creating a responsive, dynamic supply mechanism. In addition, the system initially sets a reserve price to prevent MTRG from being undervalued and provides space for community-led parameter adjustments.
This auction mechanism is a model of decentralized fiscal policy tools and the core of Meter's hybrid consensus and economic model. It embodies the complex strategies of token distribution and value stability in the blockchain field, aiming to cultivate a strong and flexible economic ecosystem.