Explaining Mochimo with 6 SIMPLE Questions
What is Mochimo?
Mochimo is a new blockchain based transaction network. It’s a re-imagination of Bitcoin, i.e., a store of value coin, from the ground up that tries to fulfill what Bitcoin set out to do. No, it’s definitely not a fork. We didn’t take any of the Bitcoin code. We wrote it all ourselves, and we even patented it.
Why did we do so much work? Given the issues of scalability and quantum computers, Mochimo knew it had to solve these issues to be sustainable for the very, very, far future! That meant, coding from scratch.
In doing so, we are innovative in multiple ways including scalability, transaction consensus, quantum protection and many more…
Do we really need another Crypto?
Well, we think so. Besides the fact that Mochimo is quantum resistant it is also fast, scalable and private — basically all the things that you want in a cryptocurrency and were not able to find — until now. But wait, there’s more! Mochimo focuses on being truly fair! Huh? Well yeah, FAIR. We developed our own custom Proof of Work algorithm that is ASIC proof (ASIC miners are basically VERY expensive pieces of equipment that help people mine faster). Why did we do that? In recent years, as Bitcoin became more valuable, people started building unique equipment (that costs A LOT OF MONEY) to mine it; making mining accessible only to the rich. Mochimo only supports CPU mining, so it should be decentralized and accessible. So yeah, you will be able to mine your Mochimos using a laptop.
A lot of cryptos don’t have measures to prevent the network from getting slow or sloppy or so centralized, it’s hacker bait. They start out fair but nothing stops it from getting swallowed up or centralized. We’ve put a lot of thought into how to prevent what we call the ‘tendency to centralization’ or rot. Yeah, it’s rot.
What is this Quantum “thing” you keep talking about?
The main issue that the Mochimo Transaction Network addresses is the threat posed by quantum computers to the existing cryptocurrency ecosystem. If you think that is a far-off bogeyman, think again. The NSA acknowledges the threat and no longer endorses the SHA-256 (ECDSA) algorithm for cryptographic security (the main encryption algorithm used EVERYWHERE). To summarize this threat — with protocols like Bitcoin, the user address/private key pairs are just a public/private key generated by ECDSA, a cryptographic “signature” algorithm that uses the factoring of extremely large polynomials in order to find their prime roots (that was a lot of “big” words to explain to you how it works).
While it would take a conventional supercomputer something like the lifetime of the universe to sort out, it is exactly the sort of mathematical problem that quantum computers are designed to solve easily, and so they will eventually (in a few years or less) be able to crack ECDSA. As a consequence, everyone’s public/private key pairs will be wide open, and protocols like Bitcoin will be broken / worthless. Quantum isn’t a black swan. It’s an inevitability.
And no one is ready. There are a handful of coins that call themselves Quantum or Quantum resistant but that’s in their roadmap. We’re the first to have a working product. Mochimo is quantum proof now — yeah, we will be the first ones to release a QUANTUM PROOF MAIN NET!!
So how exactly is Mochimo solving this?
Knowing that this quantum threat is coming, some forward-looking people (a.k.a. brilliant scientists) have been working on “Post-Quantum Cryptography”, notably the working group PQCRYPTO, funded by a commission of the European Union. They have identified several post-quantum algorithms that operate under different principles from things like DSA/ECDSA, and so will not be any easier to crack once we have quantum supercomputers around blowing everything up.
It is from the recommendations of that working group that the Mochimo Dev Team has selected its quantum-proof algorithms. We have designed our currency around that. BTW, one of those brilliant scientists looked at our code and validated that it works. So yeah, we are really quantum proof. When Bitcoin and its many cousins have fallen to the quantum computer revolution, Mochimo will be doing just fine.
How is this baby going to launch?
Mochimo will be launching main net on June 30th 2018 at 23:59 EST. The Dev Team has been working day (and night) to build and test the code. The code is a completely new architecture, and has been coded from a blank page. We’re not cutting and pasting or re-purposing other people’s code like 99%+ of the players in the crypto space. It’s all brand new and it is a LOT of work. It is also one of the best-documented codebases in the space, and has been designed from day one with the intention of being easy to understand/modify to allow future generations to improve on it. We are planning to pre-mine 4.44% to compensate the Dev Team for their efforts and to develop a stash for future maintenance and development that will be held by the Mochimo Steering Committee.
Mochimo is playing by the rules to ensure long term viability and while initially we examined a 1:1 $BTC Airdrop (basically providing 1 $MCM for every 1 $BTC people hold), we have decided against this idea to make sure we are compliant with all the latest regulations. We’ve worked so hard we can’t take any chances. And since there is no airdrop, there’s simply more for the miners!
