The following is a summary of the AMA held on Sunday April 11th with founder Xiaohan Zhu and Ape Cage host GOAT.

Xiaohan: @Theonlygoatever2 thank you for inviting me for the AMA today. Sorry about the schedule change from the other day

GOAT: no worries, Welcome to the Ape Cage! Can you give us an introduction on who you are, your experience in crypto and your role in Meter.

Xiaohan: My great pleasure to share with everyone today about meter.io

I have a mixed engineering and finance background. The first 15 years of my career were in R&D and engineering. Afterwards I got my MBA from Wharton and started doing strategy and investments. Back in 2016 I formed a VC fund called ZMT Capital. In 2017 many of our portfolio started launching tokens include Brave (BAT) and Aion. We started investing in cryptos as well. In 2018 I finished the first fund and decided that I enjoyed BUIDL more. That is when I started working on Meter. At Meter, I am doing everything from product, marketing, customer service, to devops.

GOAT: Interesting, how big is the Meter team and is everyone non-anonymous?

Xiaohan: We have 5 full time devs and several part time contributors on marketing, community and etc. We have been using our real names since starting the project back in 2018. My cofounders are my ex-colleagues in Silicon Valley High tech companies. They were seasoned architects in distributed systems, cryptography, and finance with companies like Google, Huawei, Cisco, and more. We also have professors in computer science, electrical engineering and finance from Stanford, UIUC and George Washington Univ sitting on our advisory board.

GOAT: https://meter.io/team

here is the team for the viewers. Looks very solid.

GOAT: ok so What is meter all about . What are you guys trying to accomplish and bring to crypto

Xiaohan: Meter is the most decentralized and fastest Ethereum sidechain network with a native metastable gas currency. We aimed to achieve 3 things: 1. complete Satoshi’s original vision of a good purchasing power stable digital currency beyond the fiat system 2. solving the scalability problem for Ethereum for financial applications as a layer 2 solution 3. Interconnecting different crypto silos and enable dApps to interact across chains

GOAT: I’d like to elaborate much more on these 3 ambitious points.

On point number 1 , does Meter have mining and how are we mining it?

Xiaohan: Meter has a unique hybrid consensus protocol that separates currency creation from record keeping. It uses Proof of Work to create the $MTR low volatility coin for gas and payment and HotStuff based PoS consensus with $MTRG governance coin to manage the ledger. The $MTR gas token can be mined with BTC miners. Every time you used around 10kwh of electricity in mainstream BTC miners, you will be able to create a $MTR. The opportunity cost for $MTR production is around $3.2 can be found on https://scan.meter.io/pow miners will start producing the coin when $MTR is trading above this number and provide an elastic supply to the system. $MTRG is however the investment coin for staking and maintaining the ledgers. We also have periodic onchain auctions for MTR holders to compete for the newly created $MTRG. The proceed of the auction goes to MTRG stakers and validators as block rewards.

In addition to the two coins, we have an wrapped MTRG called $eMTRG for trading on Ethereum Dexes like Uniswap.

Please be aware $MTRG/$eMTRG is the investment coin. You should not chase $MTR pumps when its price is well above the cost as it will go back to equilibrium

GOAT: So the main token that people would buy to hodl would be MTRG?

Xiaohan: Correct

GOAT: For those who wanna make gains!

You guys have a pretty huge ecosystem.

Xiaohan: ya, a lot of development and educations to be made. The good news is that we have already launched the full featured mainnet earlier this month. Now the focus is building on the application and ecosystem layer

The market cap is only $21M, while it is a better quality network than many projects with billion dollar market cap. So there is a lot of growth in front of us

GOAT: I know how complex explaining meter would be so Im trying to keep this basic and people who become interested will go dig deeper for research. Ill try to keep the topics more broad

How are you planning to fix the scalability issues that ethereum is currently faced with ?

Xiaohan: There are multiple layer 2 solutions currently on the market including Optimistic Rollup, zk Rollups, state channel and side chains. Zk based techniques are incompatible with existing smart contracts. Optimistic Rollup is promising but it is definitely over hyped. All the rollups solutions today require a centralized sequencer to put transactions in order. It essentially is “the house” for all the transactions on the rollup. Not only it has the power to censor and front run transactions, it also easily triggers regulatory issues. Think about a BitMex running on the rollup. It is very obvious who the regulators should go after.
Meter takes a side chain type of approach, similar to xDai, BSC, Matic, Skale. They are either Proof of Authority based (meaning you will have to trust all the validators in the network) or modified on top of Tendermint (Cosmos). Meter uses the most advanced deterministic consensus protocol called HotStuff. Facebook’s Libra is a variant of this consensus protocol. It is several times more performant and doesn’t require the entire network to be highly synchronized (which allows a highly decentralized network) compared to Tendermint. In Meter’s implementation, with the same amount of network traffic as the current 100 nodes Cosmos network, Meter could support 10k nodes. This consensus protocol is comparable in sophistication if not more to ETH2.0.

We have the above table comparing Meter with other ETH scaling solutions.

GOAT: Is meter going to have a dex?

Xiaohan: yes. We already have a dex running on Meter https://swap.meter.io Currently it is for trading MTR and MTRG. Later in April we will bring up a decentralized general purpose ERC20 bridge for deposit and withdraw. At that time we will have a big liquidity mining program and add more trading pairs to the swap.

GOAT: very nice sir. Now to elaborate on point ( 3. Interconnecting different crypto silos and enable dApps to interact across chains)

What are crypto silos and what chains are you planning to make meter dapps work with? All the big ones eventually including DOT?

Xiaohan: If you look at the history of internet development you will find the following similarities: Ethereum = Ethernet, Cosmos/Polkadot/Matic = ATM Network(Homogeneous proprietary network protocol), while at the end the Internet wins because it connects the heterogeneous networks. Meter is trying to enable that high speed internet for blockchains. We are launching a router type of bridge connecting multiple blockchains. Initially Ethereum, Meter, BSC and we will soon add more like Polkadot, Solana, BTC and etc. Not only assets could flow through the router, dApps could pass information among the blockchains in a decentralized fashion

GOAT: Darn, this is the most high-tech AMA I’ve had so far.

So a lot of people are currently mining btc. Is your goal to have them shift over to Meter mining? How would you get them to?

Xiaohan: 😂 ya, hope i did not confuse people

Not really. The economics of MTR mining is different from BTC mining. BTC has a fixed block reward while MTR has an elastic supply and will only be created when the system needs more of it. Miners’ profit chasing behavior actually acts as monetary policy in the system. Since MTR has a fixed value tight to it, it is more like creating more M1 when the economy needs more. The main difference from fiat is that MTR can not be freely printed based on bubbled assets on the balance sheet like what the central banks do.
We have done a calculation, in order to support the US economy, the annual cost for mining is similar to the annual budget of US mint and US Engrave and Print. It can be as efficient as fiat currencies.

We use mining in a much greener way than BTC and doesn’t need a lot of BTC miners

GOAT: So Im a big user of USDC and USDT when i fear the market will crash.. what makes Meter’s stable coin a better option?

Xiaohan: At least initially, Meter is not trying to compete with USDT and USDC. Their focus is to maintain the tightest peg to USD. Based on financial theory such peg could only be achieved at scale with 100% USD reserve. That is why majority of DAI’s reserve is USDC instead of ETH now. Meter’s goal is to propose a way to create a new currency independent of the fiat system and long term purchasing power stable. We found that global competitive electricity price has that property and is an uncheable link between the physical world and crypto world. We collected the following data:

the brown line was the electricity price measured by $, and the blue line is after adjusting for inflations. Purchasing power wise it is more stable than any fiat currencies in the world.

GOAT: So you are showing electricity prices globally have been pretty stable and that if the USD collapses we are safe with meter.

Xiaohan: it takes some time to build that consensus and liquidity, but the financial and game theory support it

GOAT: pretty innovative.

I feel like theres so much to ask about meter to fit in a 1 hour AMA . Lets move forward to tokenomics and marketcap.

Meter has been out for awhile now, why do you think it hasn’t achieved the hundred million marketcaps yet like some competitors? Is it because you are doing the build before marketing approach ?

honestly i think anything with innovative tech ,low marketcap with a great team is an instant buy. They take off eventually, they always do.

Xiaohan: that is a good question. I think we definitely have a lot to improve on the marketing side. The other things was we did not launch the full mainnet for people to understand the nuts and bolts of the system until two weeks ago. It is difficult for people to image how it works in an abstract way. As we complete the mainnet development, we will shift the focus to application layer where people can easily see things and the iteration speed will be much faster as well. On the other side, it creates a tremendous opportunity for people who come in now. It is much lower valuation than many of the newly issued air coins right now. However it comes with a solid mainnet and many upcoming dApps

Since MTRG is the investment coin. We just published a blog post summarizing what you could do with MTRG/eMTRG https://www.meter.io/post/what-can-you-do-with-your-meter-tokens

GOAT: yea projects like these can seem a bit overwhelming for newer people in crypto. Hell it’s still a bit overwhelming for me.

MTRG has 2.8m / 40m circulating supply . Do you have a token release schedule or something

Xiaohan: yes. In fact the total supply is really only 25M since the other 15M was set aside for providing liquidity for future products. You could see the update tokenomics in the following blog post https://www.meter.io/post/update-on-mtrg-tokenomics-2021

GOAT: very nice. So if we want meter but dont wanna use exchanges to get it , we can buy EMTRG on uni?

Xiaohan: yes, Uniswap has decent liquidity for eMTRG https://info.uniswap.org/pair/0x837f68d11cd15e8ab10dd5f3f210516f2cf2bcfb Just make sure checking the MTRG price on gate.io before you trade large order to avoid creating arbitrage opportunities. MTRG and eMTRG should be 1:1

GOAT: great. I’m pretty comfortable holding this in my long term portfolio. Wish we had a little more time cause we can talk all day about the project. I encourage people here to look into Meter on their own to fully understand it. I’m giving it my seal of approval as a good long term investment.

Xiaohan do you want to see if anyone from the chat has any questions?

Xiaohan: Really appreciate your support. Yes, I am open to any questions from the community

  • ***** CHAT UNMUTED TO RECEIVE PUBLIC QUESTIONS********

Q1: what the challenges are you facing now and the plan to make $MTRG strong and popular in crypto world in the next 1 year ?? and what factors have made MTRG success in the present time?

Xiaohan: I think the main challenges for us is really limited resources especially on the marketing and the community side. We have received tremendous help from the community volunteers in the past few months, which really impressed us. We are fortunate to have a strong community. I think when the community paired with our top notch development team, Meter will achieve its goals.

Q2: Where can we see meter’s partners

Xiaohan:

Q3: What is meter doing for the NFT scene?

Xiaohan: We are actively looking at NFT scene and will have a developer program for NFT related projects

Q4: Are partnerships being worked on in the background? When can we expect news there?

Xiaohan: yes, there is a lot of work being done in the background. Many of the partners prefer only announcing when the work is about to launched. You should start seeing them from late April and May

Q5: Where do you see meter in 5 years or even 10 years?

Xiaohan: The ultimate goal for Meter is to provide an open one stop destination connecting both decentralized and traditional finance world. Providing the needed financial tools for the unbanked, degens and everyone who needs them

Q6: Thanks @xiaohanzhu and @Theonlygoatever2 great ama! How will Meter keep up with future competitors trying to also be the fastest eth sidechain? How will meter stay ahead?

Xiaohan: I think the main advantage for us is we have a solid 3 years working on improving meter and it is based the latest technology available. Our dev team will continously improve on the tech side. One interesting factor is that the current bottleneck of the system is not the base layer protocol but the EVM itself. Since EVM was designed to run on a single core CPU only, its performance saturates at around 1500 tps. We already support multiple chains to scale horizontally. If there are any improvements on the EVM itslef, we could easily integrate it.

Q7: So if I get these straight , we can become validators for the network and earn meter ? What are the requirements

Xiaohan: yes, to be validator on the network. Currently you need 2k MTRG, a PC or virtual server with two core CPU, 4GB memory and 200GB of harddrive for future data growth

Q8: the price difference between emtrg and mtrg how do you plan to solve it?

Xiaohan: I think we need to improve the liquidity for both MTRG and eMTRG. We are working on multiple fronts. For example with the upcoming MeterSwap liquidity mining, the MTRG liquidity should be improved. Many other things are being investigated and worked on including working with market makers, new exchanges and etc

Q9: If you could pick one project to partner with Meter, what would it be and why?

Chainlink is a great partner for us and we are working with them to provide data feed on Meter. I think it will be an important pilar for building future defi apps on Meter

Q10: Who would you say is meters biggest competition and what edge do you have over them?

Xiaohan: We really do not see a direct competition for what Meter does. I posted a table earlier comparing Meter with other layer 2 solutions, but none of them comes with our package of tools and capbilities

  • *** END OF OPEN QUESTION PERIOD *****

GOAT: Thank you for that @xiaohanzhu the ape cage community really appreciates you and the project. Thanks for your time and we will keep in touch ! Have a great day

Xiaohan: Thank you for hosting the AMA. Really appreciate everyone’s time today.

Additional notes: Xiaohan is a machine answering questions left and right with informative responses.

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