Project review - #Micro Bitcoin 🚀

in bitcoin •  2 months ago

💥Good friends, I greet everyone on my blog! Today I will tell you about a very interesting ICO project. We will discuss how Micro Bitcoin is implementing blockchain technologies in the decentralized industry, and we will also talk in detail about the details of the ICO.
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🚀MicroBitcoin is a digital currency forked from Bitcoin that enables micro-payments to anyone, anywhere in the world. MicroBitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. MicroBitcoin is the name of open source software which enables the use of this currency. The current application for microbitcoin is already in process and will be introduced to the wider community to become the first application in cryptocurrency at this time

  • Micro Bitcoin (MBC) is a decentralized peer-to-peer (P2P) payment platform for the micro-economy. It is intended to be a means-of-payment coin, created (forked) from the Bitcoin (BTC) blockchain, and is designed to be used as a fast, flexible and acceptable method of payment which can be used between peers and between traditional businesses and their customers. Satoshi Nakamoto’s original plan for creating Bitcoin was to provide a decentralized system of payments which was not under the control of any centralized fiat-rendering organization. However, Bitcoin has found limited application for micro-payments because of the problems of scalability, slow transaction times and high transaction costs. An effective blockchain-based payment solution has to be cheap to use and provide near-instant settlement of transactions for value to be delivered. This is where Micro Bitcoin comes in. The vision of the team behind Micro Bitcoin is to fulfill Nakamoto’s original vision of creating a true Peer-to-Peer electronic-cash system for the micro-economy.
  • Team Microbitcoin aims to encourage micro-payments for Bitcoin holders by providing a secure and sustainable open source community and ecosystem of users, developers and miners by means of a hardfork of the Bitcoin blockchain, and is designed to be used as a fast, flexible and acceptable method of payment which can be used between peers and between traditional businesses and their customers.
  • The forking process allows it to retain usage of a distributed ledger, while still providing the flexibility that is required to perform transactions at the micro-level without the hurdles of expensive fees and slow confirmations. Micro Bitcoin would be a beneficial complement to the Bitcoin blockchain and thus the cryptocurrency realm. It is not designed to replace Bitcoin, but to create a variation that can complement Bitcoin and rely on its strong foundation to support a specific purpose in the cryptocurrency community.

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💥Microbitcoin Spesifications

Total Supply

  • The supply of Bitcoins is presently pegged at 21 million coins, out of which 80% have already been mined. Any crypto coin to be used as a supplement to transactions in the micro-economy must be able to guarantee a vastly increased supply of these coins. An increased total supply would lower the value of integers, also known as "Satoshi," as well as the cost of transaction fees. Micro Bitcoin, to be known as MBC, would see the creation and deployment of 210,000,000,000 coins, or 10,000 times the number of BTC that can ever be mined. Increasing the total supply of MBC by a ratio of 1:10,000 to that of Bitcoin will lead to transactions of lower values attracting lower fees. This is in keeping with the intended idea for lowering transaction costs of micropayments made using the platform.
    Proof Of Work
  • Issues regarding the current Bitcoin proof-of-work algorithm have been raised after significant improvements were made to mining equipment. These new mining equipment, commonly known as “ASIC Miners” (Application-Specific Integrated Circuits), became the latest generation of mining equipment and have supplanted the CPUs and GPUs that preceded them. Their incredible processing speeds and lower power consumption have made them the mainstay of the mining market, but their emergence has slowly led to a "centralized" mining structure. Due to the inequality of access to these ASIC miners, only those who could afford them and had the infrastructure to support their use could have access to these equipment. If you lived in a resource-deprived country where power cuts are the norm and not the exception, then the guys with the ASIC miners were already in an advantageous position. Mining has to be kept decentralized so that it does not become skewed to suit those who had the muscle to afford ASIC mining equipment. This is why the “ASIC-resistant” mining equipment have been developed. Micro Bitcoin will implement the “ASIC-resistant” proof-of-work algorithm known as “Grøstl” that was developed by the team at Groestlcoin. Full specifications related to mining will be listed on the official Micro Bitcoin Github repository.
    Segregated Witness
  • Segwit is a protocol upgrade that has been designed to make Bitcoin more scalable without increasing the size of blocks. All Bitcoin input transactions require the sender to use the private keys to digitally sign off on the transaction. By segregating thesignature block (which takes up the chunk of data size of each transaction), up to 60% reduction of the data size is achieved, reducing the transaction time and cutting transaction costs. Micro Bitcoin will fully implement SegWit.
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    SegWit has proven to be a success in increasing the speed of transactions and Micro Bitcoin should continue with this advancement of the tech to provide the necessary transaction speeds for everyday usage and maximum speed of adoption in the micro-economy.
    Block Size and Interval
  • To increase the number of transactions per second or "TPS," an increase in block size would supplement the many transactions happening on the network. Adoption of the SegWit protocol as mentioned previously will lead to a block size gain of four megabytes per block. More transactions can then be handled per block, at lower costs. Furthermore, the interval between the creation of new blocks will be lowered to one minute to facilitate near-instant transaction confirmations for micropayments. So you can expect to walk into a pizza shop and pay for your pizza with MBC within the same time frame it would take to run your credit card on a PoS machine.

Block Reward

  • The ratio of the increase in total MBC supply in relation to existing BTC supply will

be applied to block rewards. With Bitcoin transactions currently being done at 12.5 BTC per block (at an interval of ten minutes per block) we can formulate that:

(12.5 x 10,000) / 10 = 12,500 MBC per block

(BTC Reward x Ratio) / Block interval ratio = Micro Bitcoins per block

So miners would get more rewards of MBC in relation to BTC for each block mining cycle.

Replay Protection

  • Replay Protection is the generalized term used in describing techniques for prevention of replay attacks. Replay attacks are defined as fraudulent or malicious duplication or delay of validly transmitted data within the blockchain. If you have a main chain and a forked chain, it exposes the data transmitted on one chain to fraudulent duplication on the other chain. But replay protection makes such transactions only valid on the chain that the sender intended and renders invalid any malicious duplication of such data on another chain. In other words, data validly sent on chain X will not be valid on chain Y and vice versa. As this is an essential security measure, it’s a necessary implementation going forward.

Currently, you can download this wallet for different versions of the Linux system and for Windows.

💥Check out this project in more detail, by watching this video:

💥Why is it worth supporting this project:

  • The Micro Bitcoin team, absolutely all its employees work for the benefit of the company and are always ready to help in any matter. They are always in touch and do not lose sight of. Indeed, at the current moment, when we are talking about projects, this fact is very important.
  • All the prototypes made by the Micro Bitcoin development team are publicly available, now you can familiarize yourself with and try out this system.
  • The leaders of this project have tremendous experience in conducting the business of this kind and Micro Bitcoin, surely waiting for success.
  • Micro Bitcoin participates in every possible crypto, blockchain forums, conclude serious contracts.
  • After reading this blog, you probably will have questions. Be sure to ask them in official Micro Bitcoin sources:

Website
Discord
Telegram
Twitter
Github
Bitcointalk
Whitepaper
WebWallet
Android Wallet
iOS Wallet - Coming Soon

My username bitcointalk: DemonBit
My profile bitcointalk: https://bitcointalk.org/index.php?action=profile;u=1294359
My Micro Bitcoin wallet address:Bjfdgs9dBqTxDCKN37oLJGBY5uK4q6KQTQ

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