[ANN][ICO]⚡ Metahash - cryptocurrency for decentralized apps⚡

[Chimsley]

If a trusted masternode decides to block TX from antes specific address, the peers detect it?

yes, if a valid tx doesn’t go through, peers will vote to lower masters trust and master will become a common peer from there a master can slowly gain trust again over time.

And if a trusted masternode decides to stop processing transactions or behave bad, how long does it take to the network to recover to normal throughoutput?

no time, slaves will take masters place
slaves are there to change roles with masters on the fly slaves are really masters that are put on hold and verify masters work

soo, there is no downtime, right?

[1715551314]

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[1715551314]

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[MetaHash]

If a trusted masternode decides to block TX from antes specific address, the peers detect it?

yes, if a valid tx doesn’t go through, peers will vote to lower masters trust and master will become a common peer from there a master can slowly gain trust again over time.

And if a trusted masternode decides to stop processing transactions or behave bad, how long does it take to the network to recover to normal throughoutput?

no time, slaves will take masters place
slaves are there to change roles with masters on the fly slaves are really masters that are put on hold and verify masters work

soo, there is no downtime, right?

a couple of seconds that corrupt masters will slow the network before they are voted out by peers. the point is that lots of peers that are common cheap nodes like 40$ a month virtual machines vote who becomes masters and verification nodes
peers are slow and can handle only part of tx but are good at protecting the network
in our tests low cost peers work at 10 000 second while expensive servers reach 500+k tx
Also it’s important that our consensus is protected by #MetaHash Coins
To become a master you need 100 000 coin votes. To get those you have to be trusted by community or invest 80eth at the price of ico. If you loose trust you loose a couple month worth of commissions and forging pool share

[247mining]

We have an idea we want to discuss with you.

Please tell what you think.

Idea against theft of crypto assets.


Idea abstract example:
Smart contract or special wallet with a second signature that can cancel a transaction within a certain period specified by a data-transaction in the network.

Simple example.
An exchange creates a wallet where it keeps its assets.
It sets 24 hours to cancel any outgoing transaction by an additional password.
The second password is stored securely and is not needed until a successful hacker attack happens.

Negative:
- you have to wait for 24 hours (or whatever time is specified)
- if you lose the second password your assets could be blocked by an attacker, but you keep the password securely stored for emergency and don't have to use it online until it happens

Positive:
even if you lose both passwords hacker can't use the funds, it will be a cat and mouse game that will discourage stealing


There can be multiple variations.
The same password can make transactions and cancel.
MultiPasswords for cancelation are needed.
And other. It's cool.

The main disadvantage is that no TX is really committed until X hours passed. For daily traders, this might not be something positive.
This mitigates the impact of the hacked exchange risk.
The hacking best strategy, in this case, would be to retire small amounts trying to minimize the chance that the exchange realizes it.
Other systems use some kind of blacklist to make the hacked assets unusable, but that requires some degree of centralization.

[JavierGr]

I have tested all the points of your project and all is really very useful.

[ShiftyTripster]

We have an idea we want to discuss with you.

Please tell what you think.

Idea against theft of crypto assets.


Idea abstract example:
Smart contract or special wallet with a second signature that can cancel a transaction within a certain period specified by a data-transaction in the network.

Simple example.
An exchange creates a wallet where it keeps its assets.
It sets 24 hours to cancel any outgoing transaction by an additional password.
The second password is stored securely and is not needed until a successful hacker attack happens.

Negative:
- you have to wait for 24 hours (or whatever time is specified)
- if you lose the second password your assets could be blocked by an attacker, but you keep the password securely stored for emergency and don't have to use it online until it happens

Positive:
even if you lose both passwords hacker can't use the funds, it will be a cat and mouse game that will discourage stealing


There can be multiple variations.
The same password can make transactions and cancel.
MultiPasswords for cancelation are needed.
And other. It's cool.

The main disadvantage is that no TX is really committed until X hours passed. For daily traders, this might not be something positive.
This mitigates the impact of the hacked exchange risk.
The hacking best strategy, in this case, would be to retire small amounts trying to minimize the chance that the exchange realizes it.
Other systems use some kind of blacklist to make the hacked assets unusable, but that requires some degree of centralization.

But the concept of two signatures has some disadvantages... For the fact that I can cancel a transaction looks good, but on the other side it looks risky too, especially for buying and selling purpose

[MetaHash]

But the concept of two signatures has some disadvantages... For the fact that I can cancel a transaction looks good, but on the other side it looks risky too, especially for buying and selling purpose

Yes, so we thought to limit the possible receiving address to own wallet only.

[researcher194]

TAKE CARE WITH THIS ICO!

It´s launched by MetaHash AG (= Corp.) in Zug/Switzerland founded on April 17,2018 by the Russian national Kirill Ganin. There is no management staff.
Ganin is the only business executive and solely authorized to sign. He is also the only business executive at Close Belmont Finance SA, Geneva/Switzerland, which - inter alia - launches and promotes ICOs, recently Bank4YOU ICO (with BFY ("BEEFY") token). This ICO has already finished at the end of March, but till now buyers didn´t receive their token, and there is no trade.

Here the promotion action on bitcointalk:

https://bitcointalk.org/index.php?action=profile;u=1353906

Here the posts of this user: https://bitcointalk.org/index.php?action=profile;u=1353906;sa=showPosts

VERY DUBIOUS!

[MetaHash]

I have tested all the points of your project and all is really very useful.

thanks for your support, I hope you've already tested our wallet too
we'd appreciate any question or feedback of yours

[ShiftyTripster]

We have an idea we want to discuss with you.

Please tell what you think.

Idea against theft of crypto assets.


Idea abstract example:
Smart contract or special wallet with a second signature that can cancel a transaction within a certain period specified by a data-transaction in the network.

Simple example.
An exchange creates a wallet where it keeps its assets.
It sets 24 hours to cancel any outgoing transaction by an additional password.
The second password is stored securely and is not needed until a successful hacker attack happens.

Negative:
- you have to wait for 24 hours (or whatever time is specified)
- if you lose the second password your assets could be blocked by an attacker, but you keep the password securely stored for emergency and don't have to use it online until it happens

Positive:
even if you lose both passwords hacker can't use the funds, it will be a cat and mouse game that will discourage stealing


There can be multiple variations.
The same password can make transactions and cancel.
MultiPasswords for cancelation are needed.
And other. It's cool.

The main disadvantage is that no TX is really committed until X hours passed. For daily traders, this might not be something positive.
This mitigates the impact of the hacked exchange risk.
The hacking best strategy, in this case, would be to retire small amounts trying to minimize the chance that the exchange realizes it.
Other systems use some kind of blacklist to make the hacked assets unusable, but that requires some degree of centralization.

But the concept of two signatures has some disadvantages... For the fact that I can cancel a transaction looks good, but on the other side it looks risky too, especially for buying and selling purpose

Of course it will go a long way to prevent theft, but it has its own down side which may discourage others who may love your technology

[MetaHash]

TAKE CARE WITH THIS ICO!

VERY DUBIOUS!

As per Swiss Law the director of of a local company must be local resident. Founders listed on MetaHash website are also the founders of MetaHash AG and they used to work with Mr. Ganin on various projects in the swiss banking industry. Mr. Ganin has a long experience in banking and truly believes that crypto industry will be powerfully supported by private and institutional investments. Thus he accepted an offer to lead Metahash project in Switzerland and became the local director for Metahash AG, Zug. In the coming weeks the company will start to grow in staff and representation in Switzerland and will include several reputed local professionals from the crypto industry. Meanwhile Clos Belmont Finance is a 14 year old multi family office directed by the same person since 2009. Its main area of activity is external asset management and in this regard crypto industry is becoming one of investment focuses for a vast number of clients wishing to diversify their portfolios from pure vanilla banking products or private equity. There is no connection between ICO of bank4u and mr Kirill Ganin apart from the fact that he knows the UBO of the bank. He was no way connected to this ICO.

[researcher194]

The list of MetaHash´s consultants and advisors is overwhelming - but, sorry, I find it rather "overstretched". It´s one of the most extensive I´ve ever seen in an ICO:

AdSniper, AdNow and Agranowsky IT are doubtlessly renowned marketing consulting companies, and the other advisors and consultants are also first class. I think there is needed much money for paying them. But in view of the massive oncoming marketing campaign I´ve no doubt in a successful ICO.

[ShiftyTripster]

We have an idea we want to discuss with you.


But the concept of two signatures has some disadvantages... For the fact that I can cancel a transaction looks good, but on the other side it looks risky too, especially for buying and selling purpose

Of course it will go a long way to prevent theft, but it has its own down side which may discourage others who may love your technology

So, practically you just lock some of your coins and you'll need some time to unlock them
The idea is to be able to lock some of the coins you own in a separate wallet so you can sleep well knowing that the second password can lock them back if somebody gets the 1st one.

OK.. Got it... Not locking the entire funds right?

[MetaHash]

We have an idea we want to discuss with you.


But the concept of two signatures has some disadvantages... For the fact that I can cancel a transaction looks good, but on the other side it looks risky too, especially for buying and selling purpose

Of course it will go a long way to prevent theft, but it has its own down side which may discourage others who may love your technology

So, practically you just lock some of your coins and you'll need some time to unlock them
The idea is to be able to lock some of the coins you own in a separate wallet so you can sleep well knowing that the second password can lock them back if somebody gets the 1st one.

OK.. Got it... Not locking the entire funds right?

You create Wallet A and B on your device.
And you create Wallet C that can only transfer to Wallet A or B and needs 24h to make the transaction.
Wallet C has 2 passwords.
You store B and 1 C password offline.
And A and 1 C password online
If you send some coins to Wallet C - they get locked and can only be sent to A and B. So if you lose passwords of A and 1 password to C to hacker you can still move your funds to B
A lot of problems appear with Exchange wallets getting hacked etc
So we think of an Idea of a safe storage for some of the coins

[CryptoCause]

Just read the white paper, how do we actually vote? Do we put our MHC at the certain node for certain period of time? We get additional MHC if our node gets rewards and lost our MHC if otherwise?

[MetaHash]

Just read the white paper, how do we actually vote? Do we put our MHC at the certain node for certain period of time? We get additional MHC if our node gets rewards and lost our MHC if otherwise?

There will be an interface to delegate coins to a certain address of the node. Just like sending a tx, but without sending coins
If a node loses trust, delegation is canceled and you have to delegate again
So you don’t lose coins, but you do lose some rewards until your coins gain trust on another node
To gain 100% trust takes 6 months. So after 6 months, you start getting maximum possible rewards.

[DJCanh]

any minimum amount of MHC to delegate?

[MetaHash]

any minimum amount of MHC to delegate?

No minimum.
The idea is you set up a node and ask people to trust you and delegate to you. Once you gain votes you take good care to protect your node.
If you re-delegate your coins from one fair node to another - you don ‘t loose trust
The system is meant that you never risk your coins but risk several month of rewards so you pick delegates carefully

[Limotine]

Looking for something above amusing here! Pretty good website, thoughtful results!  Good luck guys!

[uberua]

Curious how many nodes in total can there be is there a cap on let's say the core nodes?

[MetaHash]

Curious how many nodes in total can there be is there a cap on let's say the core nodes?

Cap on cores is 256. But this pool is always reselected
Cap on total ammount of nodes is somewhere in thousends
Cap's and stakes are there to limit hardware costs to reasonable ammounts, but keeping a high decentrilization grade.