| Symbol | MBC |
| Coins | P2P decentralized cryptocurrency |
| Initial Release | January 2018 |
| Hash Function | Scrypt Based |
| Method | PoW/Pos(Hybrid) |
| Block Reward | 57 Coins |
| Total Supply | 2,50,00,000.00 MBC |
| Pre Sale ICO | 2,50,000.00 MBC |
| ICO Sale | 10,00,000.00 MBC |
| Units | 8 Digits |
| Payment Accepted | Bitcoin |
| Minimal Investment | $10 |
Microbitcoin
MicroBitcoin (MBC) is a highly secure peer to peer decentralized cryptocurrency using the Scrypt algorithm which is a PoW/PoS (Hybrid) algorithm with a self regulated financial system which allows users to earn MicroBitcoin through Mining, Staking and by buying with Bitcoin, Ethereum and Bitcoin Cash during the pre-sale phase and then via BTC only once the main investment portal is live. A sophisticated method of difficulty that re-targets every block. The concept may sound like Bitcoin and is actually not much different from bitcoin. A total of 25.2 Million MicroBitcoin coins will be mined. This is done via natural supply and demand and through general market fluctuations the price will rise and fall accordingly, but obviously, more the demand, more the coin will rise in price, giving all those holding MicroBitcoin an incentive to Stake from their wallets 10% per year on average.
Comparison to Bitcoin
In the world of cryptocurrencies, Bitcoin and MicroBitcoin are not much different, the difference is the opportunity as well as price. To have one Bitcoin, you have to get ready for more than $7000. You have a better opportunity of acquiring MicroBitcoin coins because the price is still low and you have a chance for the price of the ICO which is certainly something you can’t get in bitcoin before. MircoBitcoin uses scrypt in PoW/PoS(Hybrid) algorithm whereas Bitcoin uses SHA-256d in PoW algorithm.
History
Idea of MicroBitcoin came in Feb 2017 and in March 2017, planning and development were initiated. The final market framework was planned in April 2017 and in June 2017 Core strategic team and Executive team was formed. In August 2017, the development was started by Core development team. After implementation of blockchain on livenet pre ICO was started in January 2018. In February Marketing and PR, test net implementation started and wallet is launched. In June 2018 ICO got listed on Exchange.
Technology
a. Proof of stake
Proof of stake, or PoS, is a type of Algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. In PoS based cryptocurrencies, the creator of the block is chosen via various combination of random selection of wealth or age. In contrast, the algorithm of proof-of-work based cryptocurrencies such as bitcoin uses mining i.e., solving of computationally intensive puzzle to validate transaction and to create new blocks.
b. Proof of Work
Proof of Work or PoW, is the original consensus algorithm in a Blockchain network. This algorithm is used to conform transactions and produce a new block to the existing blockchain. The miners compete against each other to complete transactions on the network to get rewarded. A decentralized ledger gathers all the transaction details in the block to the existing blockchain. The main working principle is a complicated mathematical puzzle and a possibility to easily prove the solution.
c. Scrypt Algorithm
In cryptography, Scrypt is a password based key derivation function created by Colin Percival. The algorithm was designed to make it costly to perform large scale custom hardware attacks by requiring large amounts of memory. In 2012, the algorithm was published by the IETF as an internet draft intended to become an informational RFC, but a version of Scrypt is now used as a proof of work scheme by cryptocurrencies like MicroBitcoin. Scrypt is a memory hard key derivation function, it requires a reasonably large amount of Random Access Memory to be evaluated. This makes implementation in special purpose custom hardware (ASICs) require more VLSI area, which would make it unprofitable to build for the purpose of mining Viacoins. The requirement of Scrypt algorithm is a large array of pseudo random bits to be held in memory and a key that is derived from this. The algorithm is based on TMTO (Time-Memory Tradeoff). ASIC advantage in Viacoin is reduced by a factor of 10 compared to Bitcoin. Scrypt uses the following parameters to generate a derived key: - Passphrase: String of characters to hash - Salt: Random string provided to Scrypt functions - N: Memory/CPU cost parameter - P: Parallelization parameter - R: Block Size parameter - dkLen: Intended length of the key and derived key in bytes kd = scrypt(P, S, N, P, R, dkLen)
Features of MicroBitcoin
i. Instant Peer-to-Peer Transfer The peer-to-peer payment system is electronic money transfers made from one person to another through an intermediary, typically referred to as a P2P payment application. P2P transaction can be done via mobile device or any home computer with access to the Internet. It is the best and most convenient alternative of traditional payment methods. Peer-to-peer itself means network runs without any central server.
ii. Limited Number of Coins MicroBitcoin coin has a limited supply i.e. 25.2 Million coins worldwide. MicroBitcoin coin prices tend to rise, when demand is high and the number of coins remains the same.
iii. Ease of transaction Just like Bitcoin, it can be sent anywhere in seconds, whenever and wherever you want. Money transfer with MicroBitcoin can happen only with a smartphone's internet connection.
iv. Transactions are Anonymous All the transactions we have done can be seen, but we do not know who the owner of the MicroBitcoin address is, if the owner does not tell it. Each MicroBitcoin user can actually choose whether or not to disclose his identity, but even if the user wants to keep his identity secret, all of his transactions are still recorded and can be monitored through blockchain.
v. Low Transaction Fee MicroBitcoin using scrypt algorithm as their consensus mechanism allow the efficiency to provide least transaction fee for transaction on the blockchain network compared to the centralized and other transaction modes available.
vi. Decentralized Since MicroBitcoin makes use of the Blockchain database, it means it is not controlled by a third party but is so open to the public that it is impossible for someone to forge transactions in Blockchain. All transactions are recorded live, transparent, and spread across multiple servers. Those who want to tamper MicroBitcoin transaction data must hack multiple servers at the same time, which is practically impossible.
vii. Transactions are fast MicroBitcoin uses Scrypt algorithm which allows it to have faster 25x transactions than Bitcoin and it is easy to send money using any of the available wallets. Users do not have to register when using the QT wallet.
viii. Open source Microbitcoin is open source and it is available to public to participate in the community for development and bug fixes required in the system to support the currency of future - MicroBitcoin.
ix. Community Microbitcoin has been developed from popular cryptocurrency – Bitcoin and Litecoin providing the community an easy understanding and less efforts to create adoption on a mass level.
How secure is MicroBitcoin
MicroBitcoin powered by Blockchain, the distributed ledger technology may prove to be far more valuable than the currency it supports. As we begin to put distributed ledger technology into practice, it’s important to make sure that the initial conditions we’re setting up aren’t setting us up for security issues later on. To understand the inherent security risks in blockchain technology, it’s important to understand the difference between public and private blockchains.
MicroBitcoin coin relies on a public blockchain, a system of recording transactions that allows anyone to read or write transactions. Anyone can aggregate and publish those transactions, provided that they can show a sufficient amount of effort by solving a difficult cryptographic puzzle. The process by which a network of nodes confirms the record of previously verified transactions, and by which it verifies new transactions, is known as a consensus protocol. In the MicroBitcoin system, because no user is implicitly trusted to verify transactions, all users follow an algorithm that verifies transactions by committing software and hardware resources to solving a problem by brute force (i.e., by solving the cryptographic puzzle). The user who reaches the solution first is rewarded, and each new solution, along with the transactions that were used to verify it, forms the basis for the next problem to be solved.
This decentralization and relative freedom of access has led to some unexpected consequences. Because anyone can read and write transactions. Because the consensus protocol is energy consuming, the majority of users operate in countries with cheap electricity, leading to network centralization and the possibility of collusion, and making the network vulnerable to changes in policy on electricity subsidies. Both of these trends have led to an increased interest in private blockchains, which could ultimately give businesses a greater degree of control.
Primarily used in financial contexts, private blockchains give their operators control over who can read the ledger of verified transactions, who can submit transactions, and who can verify them. The applications for private blockchains include a variety of markets in which multiple parties wish to participate simultaneously but do not fully trust one another.
For example, private blockchain systems supporting land and physical asset registries, commodities trading, and private equity distribution are all being tested. As these systems develop and evolve, they, too, may encounter unexpected consequences, some of which will have repercussions for the security of the system and the assets it manages or stores. As in software and product development, considering security at an early stage alleviates the difficulty of making fundamental changes to a product to address a security flaw later on.
Resources: https://www.microbitcoin.co
Development Repository: https://github.com/microbitcoinco/MicroBitcoin
Block Explorers: https://blockexplorer.microbitcoin.co