We’re excited to announce that the new meta-stable coin “MTR” will be issued on the Elrond blockchain, to be used for payments and DeFi scenarios. Meter is an innovative blockchain solution that pegs its value token MTR to the electricity cost of producing it via PoW, resulting in a coin whose value is more stable over time than fiat.
Elrond and Meter will initially collaborate on issuing the MTR meta-stable coin on the Elrond mainnet. Thanks to our innovative Elrond Standard Digital Token (ESDT) model, MTR coins will be transferable on our mainnet at high speed and negligible fees. The two partners will explore interoperability options between the two blockchains, to further expand on the potential of this collaboration.
“The pursuit of purchasing power stability, which is happening outside of the traditional fiat pegging solutions, is a novel way of thinking that we’re curious to explore. The Meter team is on a good path and we are happy to support them. ” said Beniamin Mincu, Elrond CEO.
The Meter blockchain uses a mix of Proof of Work & Proof of Stake consensus mechanism in a novel way. Proof of Work is used to create MTR - the metastable coin that is the equivalent to 10kWh of electricity, and Proof of Stake is used to validate transactions and govern the network.
“Circulating the MTR coin on Elrond will be only the beginning of our collaboration. Elrond has a lot of very interesting technology that we are looking forward to working with.” said Xiaohan Zhu, Meter founder.
The collaboration brings a new stable coin to Elrond, providing additional options for DeFi & payments scenarios, especially to those looking for stability beyond what pegging to traditional fiat currencies can provide.
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Meter is a fully-decentralized, permissionless, stable cryptocurrency that eliminates counterparty, regulatory, and oracle risks typically found with crypto- and fiat-backed coins. The system uses Proof of Work to create the MTR stablecoin (making it as decentralized as Bitcoin) and HotStuff Style Proof of Stake with the MTRG governance coin to validate transactions. This unique hybrid consensus mechanism makes Meter uncensorable, secure, and stable.