Last updated on July 5, 2022
The Ethereum vs META 1 Coin Debate is in full swing with traders eager to participate in both of these projects. Both networks offer smart contract programmability and support for top DeFi features. However, these networks have vastly different purposes.
Understanding the differences between Ethereum vs META 1 Coin can help you to become a more informed trader. It’s also important to understand that these networks are diverse enough to coexist in the market with great success. Here is some valuable insight into the Ethereum vs META 1 Coin debate.
Credit Where It’s Due
When comparing projects like Ethereum or Bitcoin, it’s vital to understand that these networks have had a strong following for many years. They are the original cryptocurrencies that inspired the market, As such, it helps to look at the network’s positioning.
When Ethereum launched in 2013, it changed the crypto market forever. Ethereum was the first blockchain to simplify and support Dapp development on a large scale. It brought the concept of smart contracts to the public. Smart contracts revolutionized the crypto market. These protocols automated features and eliminated the need for personnel.
Before its creation, cryptocurrencies simply served the roles of electronic cash systems and stores of value. As such, Ethereum is regarded as the first second-generation cryptocurrency. It inspired a wave of other networks. Today, it’s uncommon for a blockchain to launch without some form of smart contract programmability interwoven.
Still Dominating
Impressively, Ethereum remains the world’s largest Dapp ecosystem even in the face of rising competition. There are now fourth-generation blockchains, such as META that provide more scalability, programmability, and features. Still, Ethereum set the standard for the market on numerous occasions. Here’s an in-depth look at Ethereum vs META1.
The Networks
Ethereum is a distributed public blockchain that specializes in enabling the creation of Dapps. Notably, Ethereum is not a cryptocurrency rather, it’s the blockchain that enables advanced EVM (Ethereum Virtual Machine) computations.
Ether (ETH), the native token of the platform is used to compensate miners for performing these EVM computations. Every transaction or smart contract execution has an associated fee that is in the form of gas fees. Currently, Ethereum has been in the news a lot due to its record high gas fees. These fees are at peak levels due to the structure of the network.
Ethereum was built to increase fees as the network congestion increases. This strategy was meant to eliminate spam and in the past, it worked. However, the network has congestion today from the explosion in Defi protocols. As such, this structure is not conducive to growth. Consequently, Ethereum intends to convert its internal systems to PoS.
The META1 Coin ecosystem includes a vast array of services and features from day one. The platform incorporates a next-gen self-appreciating stablecoin, a P2P DEX, and a compliment of DeFi services to provide a full spectrum crypto experience for users.
META1 Coin operates as the main stable and utility token for the network. The META 1 coin is unlike its predecessors in the stablecoin family. It provides multi-asset-backed protection alongside self-appreciation characteristics. The coin derives value from a basket of gold-related assets.
Additionally, the developers have integrated a variety of value-preserving smart contracts to prevent whale manipulation and pump and dumps. The network integrates off-chain sensors called oracles that constantly monitor the asset value of the token versus current trades to ensure all trades are above asset value.
Purpose
Ethereum’s purpose was to demonstrate and provide smart contract scripting functionality to decentralized networks. The network’s developer Vitalik Buterin was intent on creating a more robust blockchain experience via the network’s unique functions. He wanted to simplify Dapp creation and make it easier for businesses and people to join the blockchain revolution.
The concept was a great success as Ethereum ranks as the second most popular cryptocurrency based on market cap. Today, the Ethereum Dapp ecosystem encompasses billion in value locked. Additionally, the popularity of the network has meant that most new blockchains employ some form of EVM compatibility.
META1 entered the market with a more divine purpose. The developers behind this all-inclusive network believe everyone must stand up in the face of financial oppression. As such, META1 was built to provide a viable alternative the slavery that is known as the traditional financial system.
The project was born out of a desire to eliminate the failures of the old financial system and introduce new decentralized methods that benefit investors more than banks. The project’s founder, Robert P. Dunlap, researched the pain points that prevented people from achieving financial freedom. He used this data to decide what features to include in the METANOMICs DeFi ecosystem.
Scalability
Ethereum’s scalability remains a contested talking point in the market. The Ethereum network is set up to handle around 15 transactions per second. While this TPS rate is more than Bitcoin, it still pales behind global payment processors such as PayPal and VISA.
Notably, the Ethereum 2.0 update, which is currently underway, will drastically improve transaction throughput. Developers have stated the network could see 100,000 transactions per second when the upgrade is complete. Skeptics have voiced concerns as to whether it’s still too early to make predictions on performance.
As a fourth-gen blockchain, META1’s developers had the advantage of knowing that scalability needed to be a main concern. Consequently, they built the network with high performance in mind. The META blockchain is capable of a transaction throughput hundreds of times faster than Bitcoin. The blockchain extends this responsiveness to all features.
For example, the DEX provides near-instant transfers and can handle more tps than the NASDAQ. This high performance helps to improve the user experience for EMTA DEX (decentralized exchange) users. META 1 users can send value internationally in a frictionless manner in seconds.
Consensus
Ethereum was created using a Proof-of-Work (PoW) consensus protocol. PoW systems are the earliest form of consensus used by cryptocurrencies. It’s very secure in that hackers must successfully breach 51% of the network nodes to alter the blockchain.
However, it’s very slow and requires massive amounts of energy to use. Ethereum doesn’t use the same SHA-256 PoW system as Bitcoin. Buterin improved on the system when he introduced the uses Ethash algorithm. The goal behind the change was to reduce mining centralization.
Ethash accomplished this task at first because it reduces the advantage of specialized ASIC mining rigs. Currently, Ethereum miners receive a reward of 2 ETH for their participation in validating blocks of transactions. This reward rate is set to decrease incrementally over time.
PoS Upgrade
Ethereum will become a Proof-of-Stake network in the coming months. This update will improve the network’s capabilities across the board and provide a more democratic consensus system to the platform. The upgrade will reduce energy consumption and enable users to become Validators to earn passive rewards.
Notably, the bar is set high to become an Ethereum Validator. Currently, you need to stake 32 ETH to become a validator. The majority of regular users will need to leverage a mining pool and share the rewards to participate.
Consensus
The META blockchain leverage the latest Delegated Proof-of-Stake consensus mechanism to remain valid. DPoS systems take advantage of PoS systems and add more features. These protocols are very energy efficient when compared to PoW networks because they eliminate miners from the equation. The META blockchain carbon footprint is much smaller than Ethereum.
The META blockchain relies on special nodes called Witnesses to validate blocks of transactions. Witnesses are voted in by the community via the META1 community governance mechanisms. This strategy makes network participation more accessible and falls in line with META1‘s strategy to provide more wealth generation options to users.
PoS systems are seen by many as the natural evolution of the crypto market. These systems eliminate the need for miners and high-priced mining rigs. In a PoS system, regular users stake their tokens in smart contracts to validate the network.
This approach is more democratic and inclusive because it eliminates the technical and financial boundaries to blockchain validation participation. Users don’t need to purchase expensive mining rigs to participate. However, networks do have preset staking amounts.
Additionally, with the average cost of an ASIC mining rig at around +$3000.00, it’s far cheaper to stake your tokens versus mining. Best of all, you receive rewards for staking your tokens. Unlike trading, you know exactly what your rewards will be and when you will receive them in your wallet. As such, it takes the guesswork out of profiting.
Tokens
Ether (ETH) is the second most popular cryptocurrency in terms of market cap. This token continues to be a popular option for traders and service providers in the market. Since ETH was built to power EVM instances, there is no total amount set up for the project.
ETH has seen success as a cryptocurrency as well. The token is one of the most widely accepted in the market. You can use ETH to invest in crowdfunding, trade, or pay for goods and services. The token has proven to be both secure and profitable for long-term HODLers.
The META1 Coin operates as the world’s first self appreciating gold-backed stable coin. Unlike ETH, META1 is backed by a variety of gold and related assets. The coin introduces a smart contract that prevents market dumps via a value sales mechanism.
Interestingly, the developers have set up precautions to ensure that only individuals can purchase META1 coins. This strategy helps to reduce whale manipulation for the META1 ecosystem.
ICOs
Ethereum successfully hosted one of the largest ICOs of its day. The network secured $18 million in funding from over 11,000 international investors suring its ICO. This funding went to the creation of a network of ETH miners and shareholders. A few years later, it would be Ethereum that would spark the ICO revolution via the introduction of its ERC-20 token standard.
META 1 launched during a competitive environment but was still able to secure $9 million to expand its network. The protocol launched a plethora of services at this time including a Trust designed to help drive innovation and adoption of the META1 coin project.
Programmability
Ethereum provides a high level of programmability to the market. The network supports the use of multiple programming languages including C++, Java, JavaScript, Python, Ruby, and more. This flexibility helped to make the transition to the network for developers from all backgrounds.
The META Blockchain provides developers with advanced programmability and users with low-risk passive returns. The blockchain supports all the latest and most popular DeFi features. Additionally, its unique design reduces the cost of executing smart contracts. In turn, this enables developers to create more complex and robust Dapps to service the community.
Ethereum vs META1 Coin – What’s the Best Option
To answer this question, you must evaluate what you want from your cryptocurrency. Ethereum has a proven track record and a massive ecosystem to support users and developers. However, it’s far outmatched in terms of technical characteristics compared to newer networks like META1. META1 provides a complete DeFi experience to users with a focus on bridging the gap between traditional and blockchain financial services.
Despite their different purposes, both of these projects have a bright future. It will be vital for Ethereum to complete its ETH 2.0 upgrade if it seeks to remain a dominant force in the market. If done correctly, the platform should remain a top contender for the foreseeable future.
The META1 project demonstrates the advancements and overall shift in focus that has occurred since 2013. Users now want to earn more and avoid technical and financial barriers. META1 accomplishes these tasks and more via its strategy. As such, you can expect this project to continue to see growing adoption as more investors take note of its benefits.