The consensus algorithms are an essential part in the blockchain of any cryptocurrency, these algorithms are responsible for ensuring that the protocols or rules of the blockchain are met. Among the most known algorithms we can find the POW (Proof of work) or the POS (Proof of stake), #Metahash uses an algorithm called MultiPos.
In traditional algorithms, a block is created through a single node, in the MultiPos instead, all the nodes of the network are responsible for voting and creating the blocks, thus reducing the time of the verification process.
Also during the process each participant contributes a different role and the reward obtained is shared among all those who have participated in it, each participant receiving a reward based on the contribution made.
This technique, called Forging, has advantages over other algorithms, such as:
- To forge #Metahash a powerful and expensive equipment is not required.
- The energy used for the process is therefore lower, which reduces the energy cost.
- By using less energy, the polluting component is also better.
How to make MultiPoS with #Metahash? O How to forge #metahash?
After several months of testing, the forge of #Metahash began on February 12, as they announced from the blog in medium of the platform. From this article we can read:
Forging is the evolutionary form of mining and a new concept of protecting the network consensus based on proof of stake rather than proof of work. Featuring such indisputable advantages as scalability, speed, considerably lower hardware requirements and expenses, and attractively higher and more fair rewards, Forging is now considered as the most effective approach capable to push blockchains for massive adoption
The #Metahash software can be downloaded from https://metagate.metahash.org/, and is available for both Windows 32 and 64 bit versions, as well as for OS X, Linux, Android, (it will soon be available for download on iOS) and contains the applications of #Metawallet, #Metanews, #MetaDev and different Apps.
Once installed, the installation process is simple:
Step 1 – Run the downloaded software, choose the desired location and proceed with the installation.
Step 2 – Upon entering the installed program, #Metagate will request the acceptance of different terms. To continue with the installation we must read the terms of service or otherwise slide the sidebar to the bottom.
Step 3 – At this point you will proceed to the creation of the account, after entering an e-mail address and a password, an e-mail message will be sent to verify the account (this step is optional). If you do not want to create an account you can access by clicking on “Continue without login”.
Step 4 – Once the installation is finished, we will access #MetaWallet to create our wallet, when entering we will see different options, #Metahash, #TestMetahash, Bitcoin, Ethereum. To create our wallet we will click on the first option (#Metahash).
Step 5 – Depending on whether we want to create a new wallet or restore a previously created one, we will choose the desired option, which in our case will be the creation of a new one.
Step 6 – In this step a name is requested for the wallet and a password (as always we advise you to keep this data in a safe place), once this data is entered, the wallet will be created and ready to be used.
Step 7 – To start forging you need to have a wallet in #Metagate with at least 100 MHC (fixed) for the regular wallet forge or 1000 MHC (fixed) for the active wallet forge and be online for at least 4 hours, once we have this amount we can start to forge, for this we must click on the option #Metaforging and then #MegateForging.
Step 8 – We will choose the wallet with which we wish to forge #Metahash.
Step 9 – Start forging.
Step 10 – This step will require entering the password of the previously created wallet and will begin the countdown of 4 hours prior to the forging.
Step 11 – Rewards received will be shown on the right side of the “Last Rewards List” and will depend on the amount of Metahash available on the wallet.
The distribution of forging rewards is done in the following way: 50% goes to the owners of MHC, 40% to the owners of the nodes and with the remaining 10% they reward the users of #MetaGate and #MetaWallet
OBTAIN MHC by Delegation
In this process what is done is to delegate your MHC to a server, which will give you a daily reward based on the MHC contributed.
Step 1 – To carry out this process, where before choosing #Meta Wallet Forging, we will select #Coin Delegation Forging (step 8 of the forging process).
Step 2 – Choose the server to which you wish to delegate your coins, once chosen press the Delegate MHC button, choose the amount you wish to delegate, enter your password and press Sing & Send. The minimum amount to delegate is 512 MHC.
The delegated MHC will be frozen for the duration of this process, if you want to make a move you must cancel the delegation.
Another way to win #Metahash #MHC
Forging is not the only way to earn #Metahash, in addition users can be rewarded with #MHC for the resources used by their computer – CPU, data transmission, data space used -, the way to get it is by donating these resources to the #Metahash applications available in #MetaGate.