MetaPay.pdf


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MetaPay:
Secure Decentralised Generalised Peer-to-Peer Scalable Off-Chain
Electronic Instant Cash System and Transaction Ledger Consensus
Algorithm
MetaPay : One single token to disrupt the merchandising payment. Instant. No Fee.
Available on all existing blockchains.

Abstract
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one
party to another without going through a financial institution. Digital signatures provide part of the solution,
but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a
solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions
by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed
without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events
witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is
controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and
outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis,
and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what
happened while they were gone.
While several consensus algorithms exist for the Byzantine Generals Problem, specifically as it pertains to
distributed payment systems, many suffer from high latency induced by the requirement that all nodes within
the network communicate synchronously. In this work, we present a novel consensus algorithm that
circumvents this requirement by utilizing collectively-trusted subnetworks within the larger network. We
show that the "trust" required of these subnetworks is in fact minimal and can be further reduced with
principled choice of the member nodes. In addition, we show that minimal connectivity is required to maintain
agreement throughout the whole network. The result is a low-latency consensus algorithm which still
maintains robustness in the face of Byzantine failures. We present this algorithm in its embodiment in the
MetaPay Protocol.
The intent of MetaPay is to create an alternative protocol for building decentralized applications, providing a
different set of tradeoffs that we believe will be very useful for a large class of decentralized applications, with
particular emphasis on situations where rapid development time, security for small and rarely used
applications, and the ability of different applications to very efficiently interact, are important. MetaPay does
this by building what is essentially the ultimate abstract foundational layer: a blockchain with a built-in
Turing-complete programming language, allowing anyone to write smart contracts and decentralized

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