What is MBC
MicroBitcoin is a decentralized peer-to-peer(P2P) payment protocol for the micro-economy.
MicroBitcoin platform is hard forked from Bitcoin’s 525,000th block,
and is intended to be a user-friendly cryptocurrency.
Vision and Mission
A payments protocol
built on blockchain technology
with open source, decentralization
and peer-to-peer at heart. ”
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.
Nonetheless, risks that threaten MicroBitcoin can always arise due to an unexpected level of exponential growth of user numbers and technology advancement. We would like to leave this task to the open-source economy as a homework for everyone. As the concept of currency does not belong to anyone, we hope that MicroBitcoin settles down as a concept of a new currency. This signifies that no one can claim the authority of a creator and that it has to be the new form of payment through all participants who have and will contribute.
Core of the MicroBitcoin (MBC) protocol that enables MBC to be sent between peers in a truly decentralized manner.
From CLIs to APIs, the layer that applications use to connect and utilize the MicroBitcoin (MBC) protocol.
Softwares that enable end users to transact MicroBitcoin (MBC) between peers in a decentralized manner.
Entities that provide services to end users using the applications built to transact using the MicroBitcoin (MBC) protocol.
Written below are the efforts of the community to succeed Bitcoin yet to supplement and refine the technology. These are the major strength of MicroBitcoin as the most realistic means of payment for the micro-economy bringing it one step closer to becoming the new currency of the future, as well as the technological breakthrough that will bring a great deal of real-world convenience.
10,000xIncreased Total Supply
Increasing the total supply of MicroBitcoin 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.
Rainforest AlgorithmASIC-Resistant Mining
Mining has to be kept decentralized and open. To achieve this, MicroBitcoin implements the ASIC-resistant proof-of-work algorithm known as Rainforest.
1 BPMMore Transaction Confirmations
Interval between the creation of new blocks is lowered to facilitate near-instant transaction confirmations for micropayments and at lower costs. So you can expect to walk into a pizza shop and pay for your pizza with MBC.
Replay ProtectionSecuring Transactions
MicroBitcoin uses its own unique address formatting system as an added measure to secure transactions to prevent replay attacks which may be fraudulent or malicious duplication or delay of validly transmitted data within the blockchain.