MicroBitcoin, a realistic form of payment
November 16, 2018.
MicroBitcoin is a decentralized peer-to-peer(P2P) payment protocol for the micro-economy.
MicroBitcoin platform is hard forked from Bitcoin’s 525000th block, and is intended to be a user-friendly cryptocurrency.
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.
To realize this original vision, we have designed MicroBitcoin that is 10,000 times the total supply of Bitcoin which is of the lower unit price.
However, in order to embody this faster transaction speed had to be implemented, and many difficulties including lower fees as well as high rewards for mining had to be faced.
Thanks to various contributors all around the world such as Korea, the US, and Ukraine, we have now realized the policies for speed, transaction fees, and reward, and the coin has been developed.
In addition, we have completed the coin to be usable in micro-economy through thorough security by implementing the new encryption algorithm, LWMA-3, for the first time in the world.