MIRA — Cryptocurrencies have never been so easy
Mira is an easy and convenient way to buy store and send cryptocurrency. That’s the scene basically of their entire vision we want to make this process so simple that even the most inexperienced user start using it in a few minutes. Now a little bit about this and the reason why they’re there is such a need for this in this crypto industry in the revolution of bitcoin? Is because it’s so comprehensive a way of making exchanges when you start getting into bitcoin and blockchain and all the different things in the technical and things are wrapping itself around how to get a bitcoin and how to store that bitcoin and how to exchange that bitcoin and how to trade that bitcoin. All the different things that come into play can be very overwhelming at first and it takes awhile to really get your footing and get your head together figure out exactly what’s going on. Now the younger the user of the easier that’s going to be but there’s 2 typical age groups in bitcoin there are the techies that are in their twenties and thirties and then there are the people like in their fifties and people even in the sixties that are looking for investments to retire with and it’s just a lot of information that you have to comprehend that understanding get all together and know how it all works to be able to make it very simple easy transaction. MIRA’s coming in saying we’re gonna do this a little differently. We’re gonna bring a lot of things to the table with this program and so the first thing is they are allowing you to move bitcoin of the blockchain. Now let me explain something here to readers some of you already know.
So whenever you buy a bitcoin or ethereum or any crypto currency including the ERC 20 tokens like Mira. Those tokens those coins never leave the blockchain. Ever. They stay on the blockchain 24/7. The only thing that you’re getting in your possession is what’s called pair keys and this is a public key and a private key. Now the public key is what allows them the blockchain to be able to locate where all the coins are. So right now currently over 16000000 bitcoins out there on the blockchain. They never come off the blockchain. Okay it’s just that in in so the public key allows the blockchain or anyone looking at the blockchain ledger to see where these different bits and pieces of the block or the bitcoins are located so this is the transparency part of it. they can see where certain amounts of bitcoin or any other ICO stored on any blockchain ledger. But they cannot see who owns them. So you have a private key that allows you the owner to sign transactions send bitcoin other crypto currencies to add another address and to authenticate that process that transaction with the use of both the part of the private key and your public key. That’s how this works. But it gets really complicated and complex and it can get bottlenecked. You know when there’s a lot of traffic on the bitcoin and ethereum, a chain blockchain either one the blockchain gets bottlenecked and your transactions can sometimes take up to 24 hours or so.
Mira is taking the bitcoin transaction of the blockchain in a very interesting concept. So what I mean by that is unlikely to think about this as if it were a safety deposit box. Let’s say that we go to Fort Knox and we go into a place where there’s 200000000 safety deposit boxes and each one has 2 keys a private key and a public key. Now we’re gonna call those like house so you have 2 keys and let’s say that you say okay I’m going to buy half of bitcoin and it’s going to be in safety deposit box 1012. Okay. Than you have both keys to that block, to that the safety deposit box 1012 and you’re going to say to me Donnie I want to buy something from you and I say okay it’s gonna cost a half a bitcoin and you say well I’ve got that in Box 1012. I’m going to send you half a bitcoin but I’m not gonna do it on the ethereum blockchain. I’m going to send that as a zip file giving you both keys. Because whoever has both keys controls that bitcoin. So you sent me in a zip file instantly I have my money and I’ve been sent to you whatever it is that you just bought from me and then I turn around and now I have a zip file the public and the private key to box 1012 of the boxes that are in Fort Knox. Than I turn around I find someone else’s Hey I’ve got this product or get the service, do you idea like it? yeah I really like it, well how much is it? It’s a half of bitcoin well okay well here’s what I’m gonna do I’m gonna take that zip file and I’m gonna send it with the keys I’m gonna send it to the to the person that I’m buying something from and in encrypted of file and they’re going to receive it with instantly and then assuming my product. This can go on and on.So what we’re doing though is re moving that the keys. Not the bitcoin. Therefore we were slowing the track down on the blockchain. I don’t have to wait for 24 hours to get my bitcoin, you sent me both the private and the public key, the key pairs you sent to me and now I send it forward it on to somebody else and they can do that on on goes but the bitcoin on the blockchain never leaves the blockchain. It’s just the keys that were passing around. We can put conditions on these boxes and this is what’s interesting.
Sources
Website: https://miralab.io
Whitepaper: https://miralab.io/Mira_WhitePaper_EN.pdf
Telegram: https://t.me/mirachat
Twitter: https://twitter.com/OfficialMiraLab
Authored by: donniedarko
Bitcointalk url: https://bitcointalk.org/index.php?action=profile;u=1371110
Eth Address: 0x6e453d404669fA4b1064C898cea3105f662C85e5