What is MiraCoin?
|Clients:||Business Units or Small Business Enterprises|
Shatoshi Nakamoto, the infamous and invisible, designed Bitcoin in 2008 and launched the network in 2009. The author proposed method of using a peer-to-peer network and blockchain protocol. In 2010, Bitcoin’s price was US dollar 0.0008. Ten-year later (2021), Bitcoin’s price is more than US dollar 60,000. Bitcoin is the first cryptocurrency and has largest market capitalisation value (approximate 40%-45% of total market capitalisation value). After Bitcoin, many cryptos were listed in cryptocurrency exchanges. Top-five cryptocurrencies having highest market capitalisation value are Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Cardano (ADA) and Ripple (XRP). Total cryptocurrency market capitalisation value is US $1,4 trillion in mid of the year 2021. Compared to NYSE capitalisation (US $ 25.62 trillion) and NASDAQ’s capitalisation (US $ 19.51 trillion), the cryptocurrency market is small market.
Although there are 10,500 crypto coins which is listed in 382 exchanges in 2021; however, limited countries are authorized the use of cryptocurrencies. Several developed countries accept the use of bitcoin, such as the United State, Canada and the United Kingdom. Australia and New Zealand also permit paying salary using cryptocurrency. Generally, cryptocurrency market works similarly stock markets. This market allows to trade (buy or sell) coins, but it is limited to trade coin to food or good.
As a result, “convertible” coin is one of main purposes to create Miracoin. Users are allowed to trade Miracoin for food/good. Miracoin is built relatedly to (An intelligent advertising app). Business stores in Mirawow app are encouraged to transact (buy/sell) by using Miracoin. Miracoin is carried in “digital” app wallet (the 2nd objective). This app wallet records all user’s transactions and upload to Miracoin’s public ledger. A Miracoin’s agent is registered at local country to compliance regulations. Miracoin’s last objective is “secure” . MACE protocol is a technique which is selected to build Miracoin.
The benefits of using MiraCoin are outlined below:
For Users : MiraCoin allows to trade food/goods at any accepted business stores in MiraWow. These business stores are existed in local or abroad countries. Therefore, users can bring app to pay at any stores in countries which MiraCoin is registered and accepted by local business store. MiraCoin provide more convenience for users to travel local/abroad without exchange to the host country’s currency.
For Business Stores : MiraCoin provide additional choosing payment techniques for business stores. Stores can select Miracoin similarly to others payment services such as Visa Card, Master Card and Paypal. Miracoin uses cryptocurrency technique which is quicker and less expensive than others payment methods. Therefore, these business store can save cost and higher their profitability.
For Investors : Miracoin will be listed in cryptocurrency exchanges. Therefore, investors can exchange their cryptocurrency (Bitcoin, Ethereum…) to MiraCoin to purchase commodities.
How is the MIRACHAIN created?
|Smart contracts:||Solidity program|
Proof-of-work (PoW) concept is used as a popular solution to solve Byzantine Fault Tolerance in blockchain consensus protocol in 2009. This PoW concept was invented by Cynthia Dwork and Moni Naor in 1993 as a way to prevent spam attacks from hackers. Satoshi uses the PoW to protect their blockchain from hackers’ attacks because it is required a lot of time and cost to do calculations. Therefore, hackers’ attacks will be inefficient because cost of attack is higher than potential reward. However, disadvantage of the POW is that mining process to generate a new block which is required a high power of computer hardware and consume a lot of energy.
Hashgraph is invented by Leemon Baird in 2016. Hashgraph is not built on a chain of blocks (like blockchain), it is a directed cyclic graph (or hashgraph), and it serves as a distributed ledger technology (DLT) system. A DLT is a system where allows users to buy/ sell coins and records all transactions and timestamps. Hashgraph uses virtual-voting algorithm or “gossip about gossip protocol” to gain network consensus. All nodes in a cyclic graph send data to random nodes in the network with history of the previous transaction; this results in the circulation of all the information among all nodes. One transaction is verified if there are more than 2/3 witches to accept information. As a result, Hashgraph is faster than blockchain. Patrick Schueffel reports that Hashgraph can verify 250,000 transaction per second, compared to blockchain can verify only 3 to 4 transaction per second.
The most disadvantage of Hashgraph is private distributed ledger and patented technology. It is deployed in private setting and not able to have an open-source code. Therefore, crypto developers have judged that Hashgraph can be unsecure when it deploys in public environment such as blockchain.
As a consequence, mirachain is invented and used MACE protocol. The MACE protocol has three steps outlined as below:
Step 1: In pre-processing, number of transactions are random divided into local groups. They are scan using “gossip protocol”. This mean that one transaction is verified if it has 2/3 witnesses of total transaction. This step will reject all doubt transactions (which have less than 2/3 witnesses) and reduce number of transactions. All transactions passed “gossip protocol” are remained in “pending” conditions.
Step 2: An artificial intelligence, called MACE intelligent checkpoint, is used to categorised all “pending” transactions. MACE uses data from previous transactions information to classify “pending” transaction into “risk” and “no-risk” groups.
Step 3: The proof-of-work protocol is used as a last step to confirm “no-risk” transactions. This step will finalise and connect the transactions to the Miracoin’s public ledger. However, process can be faster due to “doubt” transactions is removed in the step 1 and 2.
As a result, the MACE protocol can speed up the concencus chain process and completely secure.
MACE Intelligent Checkpoint
What is MACE intelligent checkpoint
MACE : Intelligent checkpoint
This is a hybrid model which combines econometric and machine learning models. First, econometric models (multiple linear regression, logit regression) are used to investigate significant variables. Insignificant variables are considered ‘noise’ and removed from the original dataset. Next, the remaining variables are trained by machine learning models: random forest, support vector machine, and multilayer perceptron. The final model is optimized and deployed in Cloud storage.
Dr. M Ha’s analysis reveals that his hybrid method increases the classification rate to 1.2%. In particular, the program reduces the Type II error by 50% to 60%.
As a result, MACE work as an intelligent checkpoint to classify “pending” transactions into “risk” and “no risk” group.
3 " Website modules " are built to generate MiraCoin, including:
- 2 Web Platforms : Blockchain, Hashgraph
- 1 Machine Learning : MACE
You can click below images to see these websites
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The MiraWow app will be available for free download from DECEMBER 2021
Man's Invention Real ActionThe business system has seven business lines
Intelligent AdvertisingTo advertise intelligently
Cryptocurrency MiracoinCryptocurrency is spent across countries
Making Independent Joyful AVATAR IntelligentMaking AVATAR
Mira intelligent agricultureOrganic agriculture
Mira Intelligent HouseHouse for rent
MicruiseMira intellegent cruise
MislandThe longest journey
MIRA is a business system which includes 7 business lines, including:
- Online : MIRAWOW, MIRACOIN, M.I.J.A.I.
- Offline: MAGRI, MIHOUSE, MICRUISE, MISLAND