Proposal Summary
Meter Network is a HotStuff consensus based, Ethereum compatible, open source decentralized blockchain platform with its Mainnet launched in July 2020. This proposal seeks to integrate Meter mainnet. It seeks to add support for the native and ERC20 tokens on Meter mainnet inside Trust Wallet. This integration will enable users to interact with Meter’s thriving ecosystem and to;
- Store, send and receive their mainnet gas token MTR in Trust Wallet
- Store, send and receive their mainnet governance token MTRG in Trust Wallet
- Store, send and receive other ERC20 tokens on the Meter mainnet in Trust Wallet
What is Meter Network
Meter is a high performance blockchain infrastructure that aims to scale and connect the financial internet.
- Powered by its HotStuff PoS consensus engine, Meter is one of the most decentralized and fastest Ethereum RPC compatible chains. Meter currently has 284 consensus validators (scalable to tens of thousands) and can process 1000s of transactions per second while ensuring, frontrunning resistance, instant finality and stable, low gas cost. Meter SDK provides an interoperable Ethereum scaling framework to build application specific sidechain/parallel chain networks.
- Meter’s metastable gas token MTR aims to complete Satoshi’s original vision by linking MTR’s cost of production to 10kWh of electricity used in PoW mining on mainstream BTC miners. It creates a purchasing power stable crypto native unit of account independent of the fiat and ensures transaction cost on Meter is low and stable.
Tokenomics
As mentioned before, Meter Network is a dual token economy.
Governance MTRG Token
The token serves 2 key purposes;
- Secure the Meter Network: As a Proof-of-Stake blockchain, MTRG functions as the staking token to secure the ledger and running the consensus on the network
- Governance on the Protocol: MTRG provides governance rights of the protocol to the token holders and the ability to take critical decisions on functions such as changes to protocol parameters, forming new partnerships, ecosystem development through grants and bounties.
Metastable Gas MTR Token
MTR - The first uncensorable money that is fast and stable in value. It aims to complete Bitcoin’s original vision and create a metastable sound money independent of the fiat system. It is also the gas token for the Meter Network.
MTR is;
- Decentralized & Permissionless (each MTR is mined by consumption of 10 KWH electricity using SHA256 PoW)
- Metastable (Cost of Production and the PoW miners’ arbitraging behavior maintain equilibrium price)
- Inflation Resistant (MTR is anchored to price of electricity which is more stable adjusted for inflation than any fiat currency)
- Elastic in Supply (designed to automatically expand or contracts with changes to the underlying economy)
There is no cap on the supply of MTR.
Benefit to Trust Wallet
Meter shares the same vision to Trust Wallet to make crypto more accessible by creating a cryptonative metastable coin and allowing transactions to be fast, secure and low cost. Many Meter users are Trust Wallet users as well. The integration will enhance their user experience and loyalty to Trust Wallet. It also paves the way to decentralized applications that allow every Trust Wallet user to access the DeFi, NFT, games and other dApps running on Meter network.
Additional Resources
Understanding Meter:
Blockchain Explorer: https://scan.meter.io/
Whitepaper: DocSend
Tokenomics Paper: DocSend
Documentation: https://docs.meter.io/
Website: https://meter.io/
GitHub: Meter.io · GitHub