Mochimo: A Decentralized Cryptocurrency For the Post-Quantum Era
One of the major reasons that the blockchain technology is popular among several industrial applications is that it is incorruptible, immutable, transparent, and works on the principle of the distributed ledger.
While the blockchain technology finds its appeal among different businesses, it still remains under the considerable threat posed by the future-generation quantum computing. Many experts have said that quantum computing can hold the power to break in the blockchain code and mingle with the information.
To avoid these issues and shortcomings, a team of developers has developed a third-generation and future-proof decentralized cryptocurrency dubbed MOCHIMO [$MCM]. Besides, it has a completely quantum-resistant blockchain that is fast, lightweight, and scalable.
The Mochimo cryptocurrency combines some of the best in class features of the exiting crypto ecosystem along with the futuristic post-quantum cryptographic algorithms. Besides, the Mochimo cryptocurrency protocol also employs a completely new consensus mechanism, a unique proof-of-work mining technology, and a randomized peer-to-peer network.
All these elements work together to create a truly decentralized, trustless, and scalable distributed ledger.
Deploying quantum Resistance Security
Reportedly, Quantum computing could mostly like break into the ECDSA encryption adopted by some of the popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and other ERC-20 tokens.
To overcome this issue, Mochimo deploys the WOTS+ Quantum Resistance Security approved by the EU funded PQCRYPTO research organization. Thus, the entire MCM algorithm works using Quantum-secure algorithms which secures the Mochimo addresses.
Similarly, the Mochimo consensus model is a mathematically provable consensus superior to other cryptocurrencies and which allows for high-speed convergence and orphaned chain pruning.
Besides, the Mochimo cryptocurrency also employs a fair distribution model that facilitates a minimal premine for the developer team, self-regulating mining difficulty, absence of an ICO, and insurance of the slowly decreasing block rewards.
Understanding the Mochimo Innovation
At the core of this quantum-resistant cryptocurrency is some powerful innovation that provides some robust and scalable infrastructure to its blockchain. Below are some of the most innovative features of the Mochimo blockchain platform.
- Peach Algorithm: As said, the Mochimo blockchain employs a unique proof-of-work consensus mechanism that produces poetry instead of hashes to add new blocks to the blockchain network.
Unlike the traditional PoW mechanism which is largely ASIC dependant for mining, Mochimo’s PoW consensus has the Peach Algorithm which is an FPGA-tough algorithm. Thus, the Peach Algorithm removes any sort of FPGA advantage and is completely optimized for GPUs.
- ChainCrunch Technology: The size of some of the popular blockchain has exponentially expanded and demands a huge storage space upwards of 1TB. The Mochimo blockchain solves this issue by using its proprietary compression algorithm called ChainCrunch™. This algorithm helps to limit the size of blocks only to a few GBs.
ChainCrunch does this by allowing the user to operate as a full node, however, it maintains only a small percentage of the historical blockchain data. Thus, it facilitates unprecedented levels of scaling without requiring massive storage space. The ChainCrunch™ algorithm is completely quantum-proof and secured by HASH256.
- Reinventing Transaction Fees: The problem with the existing blockchain networks like Bitcoin is that they work on a bid structure. Meaning, the miner will process and verify the transaction of the user who is willing to pay more.
The drawback of this is that new and small investors have to wait in line as they can’t afford to pay more. The Mochimo developers call it an unhealthy practice and thus decided to reinvent the transaction fee mechanism.
The Mochimo blockchain has a fixed transaction fee structure with the cost per transaction being as low as 0.000005 $MCM. However, despite this low transaction fee, miners are incentivized well on the platform.
Mochimo allows miners to stack as many transactions into their candidate block. Besides, the blockchain algorithm ensures that these transactions are processed on a First-In-First-Out (FIFO) basis. This also prevents any MEMPOOL queuing as seen in other networks.
- Transaction Throughput and Security: The Mochimo protocol makes sure that every transaction on its blockchain follows some ground rules.
The protocol also empties the source address and later destroys it after use. The system checks the total amount sent along with the balance change amount. thus, the size of every transaction remains fixed, the input and output are simple, while the protection of lost coins is simple.
Additionally, the Mochimo protocol employs a Three-way Handshake which provides fast, simple, and disposable security by collecting ACKs via message three times.
The Mochimo cryptocurrency is futuristic and prepares itself from the future challenges posed by quantum computing. Besides, it also adopts several technological innovations to create an affordable and seamless experience for its users. It does this by preserving the core features of cryptocurrency like scalability and decentralization.