What are the technical specifications of the MetFi (METFI) coin blockchain?

MetFi's secure and efficient blockchain employs Proof-of-Work consensus, 5-minute block time, and a maximum block size of 1 MB, enabling rapid transactions (approx. 2 seconds) processed via the robust SHA-256 hashing algorithm.

Jan 05, 2025 at 07:45 am

Key Points:

• Consensus Mechanism: Proof-of-Work (PoW)
• Block Time: Approximately 5 minutes
• Block Size: 1 MB
• Transaction Speed: Approximately 2 seconds
• Security: SHA-256 hashing algorithm
• Supply: Finite supply of 21 million METFI coins
• Reward Halving: Every four years, the block reward is halved
• Decentralization: Distributed network of nodes

Technical Specifications:

1. Consensus Mechanism - Proof-of-Work (PoW)

MetFi utilizes the PoW consensus mechanism to secure its network and validate transactions. Miners compete to solve complex mathematical problems, and the first miner to find a solution broadcasts the block to the network for verification and inclusion in the blockchain. This process ensures the immutability and security of the blockchain.

2. Block Time - Approximately 5 Minutes

The average time interval between consecutive blocks on the MetFi blockchain is approximately 5 minutes. This block time facilitates a balance between transaction speed and network security, ensuring efficient transaction processing while safeguarding the blockchain from potential threats.

3. Block Size - 1 MB

Each block on the MetFi blockchain has a maximum size of 1 MB. This limit helps prevent network congestion and optimizes transaction throughput, contributing to the overall stability and efficiency of the system.

4. Transaction Speed - Approximately 2 Seconds

Transactions on the MetFi network typically process within approximately 2 seconds. This rapid transaction speed enhances the user experience and facilitates real-time transactions, catering to the demands of a dynamic cryptocurrency ecosystem.

5. Security - SHA-256 Hashing Algorithm

MetFi employs the SHA-256 hashing algorithm to secure its blockchain. This cryptographic function creates a unique and virtually unalterable fingerprint for each block, ensuring the integrity and validity of transaction data. The SHA-256 algorithm is widely recognized for its robustness and resistance to tampering.

6. Supply - Finite Supply of 21 Million METFI Coins

The total supply of METFI coins is capped at 21 million, similar to the finite supply of Bitcoin. This limited supply contributes to the intrinsic value and potential appreciation of METFI coins over time, making it a scarce and valuable asset within the cryptocurrency market.

7. Reward Halving - Every Four Years

The MetFi blockchain incorporates a reward halving mechanism that occurs every four years. This process reduces the block reward for miners by half, controlling the inflation rate and ensuring the longevity and sustainability of the network.