Project review - #Micro Bitcoin 🚀

• 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.
  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.
  Segregated Witness
• 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.
  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.

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:

So miners would get more rewards of MBC in relation to BTC for each block mining cycle.

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.

Currently, you can download this wallet for different versions of the Linux system and for Windows.

💥Check out this project in more detail, by watching this video: