Metatime, an ambitious new blockchain project that’s building an entire ecosystem of decentralized applications for Web3, is making good progress on securing the funding it needs to fulfill its dreams. It has just announced closing on $11 million in private funding, which comes amid the launch of its initial public token sale.
The proceeds from the two private rounds will be used to support the growth of Metatime’s nascent Web3 ecosystem, which includes an exchange, NFT marketplace, wallet and more.
Lead investors in the Turkish startup include Yıldız Tekno GSYO A.Ş., Halkbank, Kalyon Holding, Yıldız Technical University and Türk Telekom. They were joined by more than 10 private angel investors that participated in Metatime’s two-part seed funding round.
MetaChain Is An Ant-Inspired Blockchain
As mentioned, Metatime is an extremely ambitious project that’s building a Layer-1 protocol known as MetaChain. The blockchain has an unusual, bio-inspired design based on the hive mind of ants. It’s powered by MetaAnthill technology that relies on a novel “Proof-of-Meta” consensus mechanism and can process transactions at blazing-fast speeds of just 0.1 seconds. It’s all the more impressive considering that its mining network is built on thousands of low-powered mobile devices and PCs.
Metatime’s MetaAnthill infrastructure borrows from the way ants look to maximize production and expand their colonies by carefully allocating resources to achieve optimal efficiency. Just as ants divvy up tasks such as caring for their young, collecting food and defending their colony, Metatime’s Proof-of-Meta algorithm reaches consensus by designating different roles for its moving parts. The system makes use of MetaMiners that stake MetaCoin (MTC) to validate transactions and monitor network traffic; MacroMiners that ensure MetaChain’s hardware is analyzed and the necessary software installations are performed; and MicroMiners that use a Proof-of-Social work algorithm to direct synchronization and integration of transactions across the wider network.
It’s a complex architecture that enables transactions to be processed rapidly despite MetaChain being hosted on low cost hardware, and Metatime believes this efficiency will enable it to grow an entire ecosystem of Web3 products and services, while letting anyone participate in network validation and earn MTC rewards.
A Promising Ecosystem
Already, Metatime is working on a number of projects, including the MetaExchange platform that’s designed for beginner and experienced traders alike. One notable feature of MetaExchange is its complete order book transparency, allowing users to check that all trades were placed correctly with no manipulation going on. Another is that it will charge no fees on trades that close at a loss, giving novice traders some leeway to learn the ropes of crypto trading. It also has a copy trading feature, so anyone can pay a small fee to copy the trades of experts and share in their success.
Other projects in the works include the MetaNFT Marketplace, MetaExplorer blockchain explorer, the MetaWallet, MetaLaunchpad for third-party projects building on MetaChain, MetaCoin and MetaStablecoin. Those projects are all fairly standard for blockchain ecosystems, but Metatime has some more original ideas up its sleeve too, with plans for tokenized real estate and NFT-funded movies also on the horizon.
“We’re proud to support Metatime’s goals to introduce blockchain technology to everyone from 7 to 70, and wish the team every success in their endeavors,” Yıldız Tekno GSYO A.Ş said in a statement.
Ongoing Public Token Sale
The good news is that it’s not too late to get in on the Metatime project early. The Metatime public sale commenced on March 3 and is still ongoing, despite strong demand for MTC thus far. MTC tokens are available at favorable rates via a tiered pricing system, and the sale will conclude on March 23. Upon conclusion of the sale, 10% of MTC tokens will be made available immediately, with the remainder subject to a 225 day vesting period following its official launch on November 11, 2023.
Metatime co-founder and CEO Yusuf Sevim thanked the company’s seed investors for their support, adding that their commitments will lead to a major breakthrough in blockchain technology. “We are continuing our investment process with Private Sale 1, which has already started, and we expect the campaign to maintain this momentum and help realize our goals of creating an interconnected web3 ecosystem,” he added.
