Summary of Mochimo Whitepaper:
- Mochimo [$MCM] is a cryptocurrency and transaction network architected from the ground up to avoid known issues and deficiencies in existing blockchain systems.
1 Key innovations:
- ChainCrimch™ Technology
- Proprietary technology that reduces the total size of the blockchain ensuring its ability to scale and process large number of transactions (scaling from existing IK TPS to 20K TPS within 6.75 years); short-term and long-term scaling is not a problem for Mochimo.
- Trigg’s Algorithm
- Proprietary proof-of-work algorithm that ensures FIFO transaction processing with a fixed transaction fee.
- Mining will stay viable for all levels of miners indefinitely.
- The Mochimo Consensus Mechanism
- A new system built on top of the Random Networks model that allows for high-speed convergence, orphaned chain pruning, and a mathematically provable consensus that is superior to the consensus-by-rumor model of many cryptocurrencies.
- Quantum Resistant Security
- By deploying WOTS+, vetted by the EU funded PQCRYPTO research organization, to secure Mochimo addresses, and by basing the entire MCM Protocol upon quantum secure algorithms, the Mochimo development team has resolved a crucial issue that will eventually cause ECDSA-based protocols like Bitcoin, Ethereum and all ERC-20 tokens to become functionally insecure and inoperable as either a transaction network or store-of-value.
- Fair Distribution Model
- Minimal premine for the dev team, absence of an ICO, self-regulating and constant mining difficulty, and the insurance of a slowly decreasing block rewards are all builtin deterrents to ensure a fair distribution of MCM and maintain accessibility to “late” adopters.
2 Main Developers
- The Mochimo development team is led by system architect Matt Zweil, an expert network architect who has designed and deployed some of the most ambitious projects in the areas of Transaction Networking, Datacenter Design, and Service Provider Networking in the industry.
- Mochimo’s lead developer is Trigg, a master C programmer and an Al researcher who has been developing innovative systems since the late 70’s.
3 The problems that Mochimo solves
- The Mochimo team developed a holistic and anticipatory solution by incorporating a series of cryptocurrency design innovations that have solved all the following problems (which will be addressed in detail below):
3.1 THE THREAT OF QUANTUM COMPUTERS
- Currently, the majority of blockchain systems and cryptocurrencies have their addresses and balances protected by quantum-insecure Digital Signature Algorithms.
- The most commonly deployed of these is ECDSA (used by Bitcoin, Ethereum, and all ERC-20 tokens), and it will be paper-thin in the face of a quantum computing attack.
- Organizations and individuals aware of the quantum shortcomings of ECDSA have begun to codify new cryptographic protocol standards that are considered “Post-Quantum Secure”.
- The most notable of these organizations is the PQCRYPTO working group funded by the European Union.
- Their “ICT-645622” document is a reference standard for quantum secure encryption algorithms based on the current and projected capabilities of Quantum Computers.
- Within that standard they’ve recommended a handful of Digital Signature Algorithms that will remain computationally intractable irrespective of the improvements seen in Quantum Computing capability2.
- From this list, the Mochimo Development team selected the XMSS+ with the WOTS+ variant of the Winternitz One-Time Signature proposed and proven by Andreas Hulsing in September 2017.
- The Mochimo Dev team then contracted with Hulsing in February of 2018, to perform a complete review of our cryptographic code.
- The Mochimo Project’s use of the WOTS+ Digital Signature Algorithm and our ANSI-C (1989) implementation of this quantum-proof algorithm for our addresses and Protocol has now been thoroughly reviewed by Andreas Hulsing himself, the creator of the algorithm.
- ‘Our implementation was found to be free from material defect and Hiilsing’s final code review will be published on the Mochimo website alongside this whitepaper'.
3.2 LONG TERM SOLUTION TO NETWORK SCALABILITY
- The size of the addresses and signatures are an order of magnitude larger than those employed by protocols such as Bitcoin or Ethereum.
- It’s easy to see why there might be a resistance to implementing quantum security measures.
- Mochimo, however, has already solved the issue of large and runaway blockchain growth using an innovative blockchain processing algorithm called ChainCrunch™.
- ChainCrunch™ is a proprietary Mochimo tech that allows a user to operate a full node, but maintain only a small percentage of the historical blockchain data.
- ChainCrunch™ is secured by HASH256 and is quantum proof.
- Because of this innovation, the size of the Mochimo blockchain will not grow.
- Instead it will remain exquisitely and reliably small no matter how many years the network is operating or how many transactions we process.
- It also allows the system to conserve storage and radically improve data lookup speeds.
- With ChainCrunch™, new nodes can join the network and fully synchronize within minutes, rather than days or weeks.
- This technology allows for unprecedented levels of scaling without requiring large amounts of storage space.
- Because of this innovation, the size of the Mochimo blockchain will not grow.
3.3 REINVENTING TRANSACTION FEES TO ENSURE F.I.F.O. PROCESSING
- The problem with existing transaction fee systems is that they take what should be an egalitarian, decentralized network, and break it by incentivizing miners to process transactions in the order of which person can afford to pay the most.
- When miners select for the highest fee, they leave the low or no-fee transactions to wait for hours in the purgatory mempool of busy networks.
- In the case of Ethereum ICOs, people have been paying absurd amounts to “jump the line.”
- This is not a behavior that promotes a reliable, scalable system.
- The Mochimo dev team believes that incentivizing miners to prefer one transaction over another is counterproductive to a healthy network.
- For that reason, the Mochimo protocol takes a novel fixed-fee approach to transaction processing.
- The cost to send a transaction on the Mochimo network is now and will always be: 0.000005 $MCM.
- To give you an idea of how small this cost is, if the Mochimo marketcap grows to overtake the entire altcoin market cap and one Mochimo coin were worth $25,000 USD, the transaction cost would be less than $0.13 USD.
- This will encourage day-to-day use of the currency.
- So how are miners incentivized now? The small, fixed, transaction fee for Mochimo encourages miners to stack as many transactions into their candidate block as possible, helping ensure FIFO transactions and preventing MEMPOOL queuing as seen in other cryptocurrency networks.
3.4 TRANSACTION THROUGHPUT AND SECURITY
- The Mochimo Protocol requires every transaction to have the following 6 basic elements: Source address, Destination address, Change Address, Amount sent, Mining fee (fixed), and Balance Change amount.
- It also has the following important restriction: the source address is always emptied and destroyed upon use.
- The system checks that the amount sent plus the balance change amount plus the mining fee equals the balance in the source address.
- As a result, the size of every transaction in bytes is fixed, the inputs and outputs are trivially simple, and the protection for lost coins is straightforward.
- Furthermore, you cannot send a transaction without making a full accounting of all the currency in the existing source address.
- Nor can you aggregate multiple inputs and outputs.
- When combined with the extraordinary speed increase enabled by Mochimo’s ChainCrunch™ technology, the lookup, validation, and execution speed for transactions on our network are among the fastest in the industry.
- More importantly, with ChainCrunch™, these speeds do not slow down or stagnate as the network grows in size or transaction throughput, but instead remain consistently fast and will scale above and beyond the initial capacity as the average node’s processing hardware increases.