What is Metachain Coin (What does “chain” mean in the world of cryptocurrency)?

What is Metachain Coin? What is the concept of “public cloud” in blockchain? How can it be used? Are there any ways to achieve this, such as decentralized wallets and lending protocols? These can all be based on the “private cloud” of blockchain, but it may also just be a concept.

The so-called private “public cloud” refers to a system that stores data on a server at a specific time point (or a certain interval) to ensure information security and privacy. Running your own node from other users requires maintaining your own hardware or providing services to third parties. This also means that if you want to use a public cloud platform, you must adhere to your own technical standards and legal norms in order to operate. Then, how can we establish an efficient and transparent trust relationship between enterprises and individuals through this mechanism? The simplest way is to create a virtual currency system belonging to the enterprise’s own business system-Metachain. This technology solution is called the metaverse, which is mainly used to solve problems on the Internet network: slow network expansion speed, high and difficult handling of a large number of transactions. In addition, due to the unique consensus algorithm of Metachain, the digital assets have the function of circulation across application scenarios. Metachain coins can also meet different payment functions.

What does “chain” mean in the world of cryptocurrency?

Blockchain, in English, means “Blockchain”. It can be used as a digital ledger for cryptocurrencies and is a way to implement a distributed ledger through a certain technology.

When a coin is placed on another chain, this network will generate value and transactions. If a specific asset (such as Bitcoin, Ethereum) is considered a security and can be used as a medium of exchange with this technology, then this mechanism will exist and be applied. However, most cryptocurrencies currently rely on centralized exchanges. For example, decentralized networks like Bitcoin are controlled by entities that have their own accounting nodes.

Therefore, we call it a “chain” or a “network” because it is a system or platform created based on blockchain technology. Blockchain is a distributed database structure, and each participant has their own independent data source and corresponding permissions. However, because no single institution is responsible for maintaining the data, everyone in the entire system can freely calculate.