The coin that uses a hyper ledger fabric for its Mainnet is called Meta coin. The Metacon team promotes services that can be operated and support Meta Token ICOs of possible business concepts.
Meta coin (MTC): What Is It?
The first blockchain and cryptocurrency asset is based on Hyperledger, according to Metacoin (MTC).
According to the whitepaper, Hyperledger is a blockchain solution developed by international IT corporations and investment banks that, unlike public blockchains, uses a management system to restrict users and govern authority.
By providing remedies and addressing problems that other blockchains are unable to use, the asset seeks to practically grow the ecosystem.
Using the mainnet (fully established blockchain protocol), Metacoin wants to construct the Hyperledger ecosystem similar to the one built by Ethereum.
The network wants to create an ecosystem that gives users access to a variety of services that can be used using Metacoin. The goal of Metacoin is to foster an atmosphere where high-potential projects from different industries may work together to support economic progress.
In addition to using proof of stake, the Hyperledger technology of the network maintains its governance via a procedure based on a voting system.
This technique allows permissioned transactions and boosts the asset’s efficiency.
Similar to smart contracts, Hyperledger enables development participation by enabling the creation of chain code using a development language.
Users can read and edit information on the blockchain ledger using chain code, sometimes referred to as smart contracts, which is software.
The network also supports multi-blockchain and provides its users with reasonable network costs and fast transactions.
The present consensus algorithms, PoS and PoW, offer the advantage that everyone can participate in the consensus process at first, but there are problems with high resource fees and uses, according to Metacoin.
By resolving the minimal-resource problems, RAFT, the consensus algorithm of Hyperledger Fabric used in this network, responds to these problematic blockchain changes and enables a stable blockchain network without wasting resources.
In addition, the platform states that it enables users to develop DApps and blockchain networks based on Hyperledger (decentralized applications).
The asset functions as a currency, serving as a widely accepted medium of exchange and value storage.
History of Meta coin
In April 2018, Metacoin’s development and planning were finished. In August 2018, the platform launched its pre-sale and crowd sale after releasing its private issue in June 2018. James Chae is the originator of Metacoin.
In addition, he is the creator and CEO of INBLOCK, a platform for digital asset services used by banks, businesses, and insurance firms.
CODLBANK, a platform featuring security technologies for custody services, was recently developed by Chae.
How to buy a Meta Coin?
Cryptocurrencies that can be used on the Binance platform are constantly being reviewed and added by Binance. The detailed instructions are below if you want to purchase Meta Coin, which is not currently available on Binance. It will demonstrate how to purchase Meta Coin by linking your digital wallet to a decentralized exchange (DEX) and purchasing base currency with your Binance account.It appears that META might not be available for purchase on a US exchange. By using a decentralized exchange (DEX), you can still buy META. Users can trade any asset directly amongst one another using decentralized exchanges, which are web applications that operate on blockchains like Ethereum.
Step 1: Get the Metamask Wallet.
The Ethereum network offers a variety of crypto wallets, with Metamask appearing to be the most integrated. Wallet Chrome extension and Google Chrome can both be downloaded if you’re using a desktop computer. If the wallet is accessible, you can download it from the Google Play or iOS App Store and use it on your phone if you wish. Just be sure to visit the Metamask website and download the official Chrome extension and mobile app.
Set up Metamask Register using the wallet’s Chrome extension or the mobile app you downloaded in Step 1. And configure the cryptocurrency wallet. For further information, consult the wallet’s help page. Keep your seed phrase secure, and write down the address of your wallet. Later, in Steps 4 and 6, you will employ it.
Step 3: Purchase Ethereum as your primary money.
After setting up your wallet, you may log in to your Binance account and go to the Buy & Sell Crypto page to purchase Ethereum. For information on signing up and purchasing your first cryptocurrency on Binance if you are not already a customer, see our How to Buy Ethereum guide.
Step 4: Ethereum can be transmitted from Binance to your crypto wallet.
Go to your Binance wallet section after purchasing Ethereum and search for Ethereum there. Fill out the necessary information and click on withdraw. Select Ethereum as the network, then enter your wallet address and the desired transfer amount. Wait for your Ethereum to show up in your Metamask after clicking the withdraw button.
Step 5: Decide on a decentralized exchange (DEX)
There are several DEXs available. You only need to confirm that the exchange supports the wallet you choose in Step 2. For instance, you can go to 1inch to complete the transaction if you utilize the Metamask wallet.
Step 6: Set up your Wallet
Using your wallet address from Step 2, link your Metamask wallet to the DEX you wish to utilize.
Step 7: Exchange your Ethereum for the desired cryptocurrency.
Choose the Meta Coin as the coin you want to buy and Ethereum as the payment method.
Step 8: Find Meta Coin’s Smart Contract if it doesn’t appear
You can use etherscan.io to find the smart contract address. Also if the coin you desire is not listed on the DEX. Afterward, you can copy it and paste it into 1inch. Be on the lookout for fraud and confirm that you have the correct contract address.
Step 9: Use the Swap
When you are finish with the preceding procedures, select the Swap button.
Some frequently asked questions relate to Metacoin:
What exactly is Metacoin?
The term “meta coins” simply refers to alternative cryptocurrencies that are issue on the ledger of another cryptocurrency platform. Examples of standalone blockchains/legers where you can issue new coins that transact on top of that network are Ripple, Mastercoin, Ethereum, and NXT.
What is the value of Metacoin?
The price per MTC is currently $0.110786.
Does any Meta coin exist?
The popular meta coin systems are Ripple, Peercoin, Primecoin, Dash, Peercoin, Ethereum, and Peercoin.