MEHH
PROJECT

Blockchain solutions

Details

MEHH version 2.0
now runs on POA

What is Proof of Authority (POA)?

Proof of Authority (PoA) is a reputation-based consensus algorithm that provides a practical and efficient solution for blockchains (especially private ones). The term was coined by Ethereum co-founder and former technical specialist Gavin Wood in 2017.

The Proof of Authority model is based on a limited number of block validators, which makes it a scalable system. Blocks and transactions are checked by pre-approved participants who act as moderators of the system. Consequently, PoA blockchains are protected by validation nodes that are considered to be trustworthy.

Adjustment made to our fork of Ethereum

Proof-of-Authority consensus:

MEHH Coin project replaced the Proof-of-Work (PoW) consensus mechanism used in Ethereum with a Proof-of-Authority (PoA) consensus mechanism. With PoA, the MEHH Coin project has the ability to increase network capacity by 30x compared to Ethereum. Proof-of-Authority Consensus improved functionality and increased technical capability for regulatory oversight while maintaining network trust and security The key criteria for a consensus mechanism compatible with the technology sector are: a) high capacity, b) security, c) resource efficiency, d) regulatability, and e) fidelity.

We are using a Proof-of-Authority 2 consensus mechanism for the MEHH Coin, in which a pool of known and trusted computers—called validator nodes—are responsible for validating transactions and creating blocks. This approach offers certain security, regulatory transparency,and considerable capacity benefits, though it does sacrifice a small but not insignificant level of decentralisation. By limiting the ability to create blocks to a known pool of validators, we can achieve the following benefits without sacrificing the integrity of the chain:

Proof-of-Authority
Consensus Mechanism Benefits

Reduced transaction costs

The reduced computing and energy requirements, in turn, reduce the operating cost for validators. In combination with the increased throughput, this makes transaction costs lower and more predictable than those on Ethereum.

Minimal network latency

Validator nodes on MEHH blockchain are typically running on dedicated hardware, on a professional server environments with high-speed internet connections.

Simplified ecosystem upgrades

Limiting validator status to known and legally registered entities simplifies the process for rolling out upgrades to the core protocol (coordinating a vetted group of validators with aligned incentives is easier than a dynamic group of anonymous miners).

Improved Efficiency

Improve the efficiency of smart contracts while also forging a more equitable consensus model.

Improved resource efficiency and lower energy consumption

The combination of limiting validator status to a defined number of nodes who have passed a vetting process and establishing economic and reputational incentives (validators have something at stake) introduces an inherent level of trust between the participants. Since there is no competition among validators to race each other to create blocks, transaction throughput can be increased (faster block time) while energy consumption and computational complexity are drastically reduced (compared to Proof-of-Work).

We are aware, as well, of the limitations and risks of adopting a Proof-of-Authority consensus and are adopting the following mitigation strategies. While these are our current hypotheses, MEHH Coin project will continue to test and develop new solutions over the next year.

MEHH Project's
Technology

From MEHH Coin’s inception, we chose to derive our tailored-to-the-sector blockchain technology from an existing one (i.e., Ethereum), rather than developing our blockchain technology from scratch. That allows us to avoid spending resources reinventing the wheel, and instead focus our software development efforts on functionalities that address the specific pain points of application developers in the technology sector.

Pain Point of POW (Ethereum)

Due to the way blocks are created, transaction demand often exceeds available computational supply (i.e., there are too many transactions to fit in a given block), resulting in high transaction costs, delayed settlement, and limited scalability for mass-market applications.

Integration with NFT

We have also constructed NFT bridges with BSC (Binance smart chain) and Cardano, making it easy to move NFT collections between blockchains with ease which provides multiple advantages and use-cases for our users.

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