Bitcoin become the most popular digital asset and treding topic until now, since Bitcoin at 2017 the price of Bitcoin soar from around eight hundred U.S Dollar to a peak at almost twenty thousand U.S. Dollars, coinmarketcap show how bitcoin has 52.8% dominated market cryptocurrency.
Bitcoin’s payment network offers a high level of censorship resistance, which is dependent on the continued decentralization of the system. This is an expensive event, as the cost of full node operations tends to rise with increasing number of transactions on the network. As block space usage has spiked, so also has the cost of using up blocks for transaction confirmations, with this condition? I said yes, if you wake up in the morning and buy some coffee, the price transaction more expensive than the price coffee it self.
Team Microbitcoin aims to encourage micro-payments for Bitcoin holders by providing a secure and sustainable open source community and ecosystem of users, developers and miners by means of a hardfork of the Bitcoin blockchain, and is designed to be used as a fast, flexible and acceptable method of payment which can be used between peers and between traditional businesses and their customers.
The forking process allows it to retain usage of a distributed ledger, while still providing the flexibility that is required to perform transactions at the micro-level without the hurdles of expensive fees and slow confirmations. Micro Bitcoin would be a beneficial complement to the Bitcoin blockchain and thus the cryptocurrency realm. It is not designed to replace Bitcoin, but to create a variation that can complement Bitcoin and rely on its strong foundation to support a specific purpose in the cryptocurrency community.
1. Total Supply
The supply of Bitcoins is presently pegged at 21 million coins, out of which 80% have already been mined. Any crypto coin to be used as a supplement to transactions in the micro-economy must be able to guarantee a vastly increased supply of these coins. An increased total supply would lower the value of integers, also known as “Satoshi,” as well as the cost of transaction fees. Micro Bitcoin, to be known as MBC, would see the creation and deployment of 210,000,000,000 coins, or 10,000 times the number of BTC that can ever be mined.
Increasing the total supply of MBC 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 made using the platform.
2. POW (Proof Of Work)
Issues regarding the current Bitcoin proof-of-work algorithm have been raised after significant improvements were made to mining equipment. These new mining equipment, commonly known as “ASIC Miners” (Application-Specific Integrated Circuits), became the latest generation of mining equipment and have supplanted the CPUs and GPUs that preceded them. Their incredible processing speeds and lower power consumption have made them the mainstay of the mining market, but their emergence has slowly led to a “centralized” mining structure. Due to the inequality of access to these ASIC miners, only those who could afford them and had the infrastructure to support their use could have access to these equipment. If you lived in a resource-deprived country where power cuts are the norm and not the exception, then the guys with the ASIC miners were already in an advantageous position.
Mining has to be kept decentralized so that it does not become skewed to suit those who had the muscle to afford ASIC mining equipment. This is why the “ASIC-resistant” mining equipment have been developed. Micro Bitcoin will implement the “ASIC-resistant” proof-of-work algorithm known as “Grøstl” that was developed by the team at Groestlcoin. Full specifications related to mining will be listed on the official Micro Bitcoin Github repository. Link can be found via the official website.
3. Segregated Witness (SegWit)
Segwit is a protocol upgrade that has been designed to make Bitcoin more scalable without increasing the size of blocks. All Bitcoin input transactions require the sender to use the private keys to digitally sign off on the transaction. By segregating thesignature block (which takes up the chunk of data size of each transaction), up to 60% reduction of the data size is achieved, reducing the transaction time and cutting transaction costs. Micro Bitcoin will fully implement SegWit.
SegWit has proven to be a success in increasing the speed of transactions and Micro Bitcoin should continue with this advancement of the tech to provide the necessary transaction speeds for everyday usage and maximum speed of adoption in the micro-economy.
4. Block Size and Interval
To increase the number of transactions per second or “TPS,” an increase in block size would supplement the many transactions happening on the network. Adoption of the SegWit protocol as mentioned previously will lead to a block size gain of four megabytes per block. More transactions can then be handled per block, at lower costs.
Furthermore, the interval between the creation of new blocks will be lowered to one minute to facilitate near-instant transaction confirmations for micropayments. So you can expect to walk into a pizza shop and pay for your pizza with MBC within the same time frame it would take to run your credit card on a PoS machine.
5. Block Reward
The ratio of the increase in total MBC supply in relation to existing BTC supply will
be applied to block rewards. With Bitcoin transactions currently being done at 12.5 BTC per block (at an interval of ten minutes per block) we can formulate that:
(12.5 x 10,000) / 10 = 12,500 MBC per block(BTC Reward x Ratio) / Block interval ratio = Micro Bitcoins per blockSo miners would get more rewards of MBC in relation to BTC for each block mining cycle.
6. Replay Protection
Replay Protection is the generalized term used in describing techniques for prevention of replay attacks. Replay attacks are defined as fraudulent or malicious duplication or delay of validly transmitted data within the blockchain. If you have a main chain and a forked chain, it exposes the data transmitted on one chain to fraudulent duplication on the other chain. But replay protection makes such transactions only valid on the chain that the sender intended and renders invalid any malicious duplication of such data on another chain. In other words, data validly sent on chain X will not be valid on chain Y and vice versa. As this is an essential security measure, it’s a necessary implementation going forward.
In addition to implementing replay attack protection, Micro Bitcoin will use its own unique address formatting system as an added measure to secure transactions within its network.
Here for more detail about Microbitcoin :
Website : http://microbitcoin.org/
Whitepaper : http://microbitcoin.org/assets/MBC_Whitepaper_v2.pdf
Discord chanel : https://discord.io/microbitcoin/