Announcement: MOU with USC Viterbi School of Engineering

SovereignWallet signed a MOU with USC Viterbi School of Engineering to develop the MUI Meta-Blockchain project

Singapore — January 14, 2019

SovereignWallet Network and the University of Southern California (USC) on behalf of the USC Viterbi School of Engineering “Center for Cyber-Physical Systems and the IoTs (CCI) “ and “The Integrated Media Systems Center (IMSC)” have signed a Memorandum of Understanding (MoU) to promote the international research collaboration between the institutions to develop the MUI Meta-Blockchain project.

On January 3, 2009, Satoshi Nakamoto launched the Bitcoin Mainnet’s Genesis Block. Since then, Bitcoin has developed a mining-based currency issuance mechanism to prevent the centralization of the profits which the banking system has been monopolizing. However, these profits became highly concentrated with a small number of miners with large capital. The Bitcoin node that performs the management of distributed ledger and the miner that issue the new coin is the same entity.

As a consequence, the profit of currency issuance and the profit of the Bitcoin network operation is centralized with miners, especially those who have the most powerful computers due to the mining difficulty.

The concept of a decentralized monetary system was introduced by the Nobel economics laureate Friedrich Hayek in his 1976 book, “Denationalization of Money”. In his book, Hayek proposes a system where markets and citizens would be free to issue their own currency to compete with the government-issued currency in circulation.

He believed that people and markets would use the currencies that they found better, and the result would be the adoption of a dominant currency among competitive private currencies, chosen by private individuals and businesses.

Hence, the blockchain experts teams of Sovereign Wallet Network and USC Engineering School of CCI & IMSC will collaborate through exchange research programs to achieve Hayek’s theory.

The Meta-Blockchain research team

CCI is a center at the USC Viterbi School of Engineering, with cross-disciplinary expertise in many disciplines, such as networks, machine learning, data management, optimization, software and systems engineering.

The Director of CCI, Dr. Bhaskar Krishnamachari, has co-authored over 200 articles and received several best paper awards for his outstanding contribution to the electrical and computer engineering. He was listed in the Popular Science Magazine’s “Brilliant Ten” list in 2015. In 2011, he was included in the TR-35, Technology Review Magazine’s annual listing of the top 35 young innovators under the age of 35. In 2010, he received the ASEE Terman Award, given annually to an electrical engineering educator, and the 2010 IEEE-HKN Outstanding Young Electrical and Computer Engineer Award. He has also received the USC-Mellon Award for Mentoring Graduate Students in 2008.

His specialties include Internet of Things (IoT), Blockchain Technologies, Wireless Networks, Connected and Autonomous Vehicles, Machine Learning, and Artificial Intelligence, Network Economics, Distributed Edge Computing and Engineering Education.

The IMSC is a research center at the USC Viterbi School of Engineering that focuses on data-driven solutions for real-world applications by applying multidisciplinary researches in data science. The Associate Director, Dr. Seon Ho Kim, is currently interested in researches related to spatial database, Big Data, IoT and Smart City, multimedia systems, and image machine learning. He has been leading the MediaQ project, a social media data collection and management platform, and most recently the TVDP project, which focuses on a translational visual data platform for urban geo-tagged visual data collection, processing, and analysis.

His projects have been funded by US federal and local government and industries, such as Google, Northrop Grumman Corp., Microsoft, Oracle, and Intel. He is a senior member of IEEE and a member of ACM. He worked as the president of KSEA-SC (Korean American Scientists and Engineers Association Southern California Chapter) and the president of KOCSEA (Korean Computer Scientists and Engineers in America).

Both research centers will be working together with Mr. Seokgu Yun, CEO & CTO of SovereignWallet Network, and Dr. Jihoon Jeong, Senior Teaching Fellow of Kyung Hee Cyber University.

The founder of SovereignWallet, Mr. Seokgu Yun, received his BA in Electrical Engineering from KAIST and obtained his MS in Computer Science from the University of Southern California. His graduate school advisor, Prof. Clifford Newman, was one of the first inventors of cryptography based digital on cash for the Internet. With the knowledge acquired in graduate school, Mr. Yun introduced cryptocurrency technology to Samsung Group about 20 years ago and is considered one of the top security experts in Korea. He participated in the key security architecture system used during G20 summit in 2010, and also provided security solution to Samsung, eBay, Kakao, Yahoo Japan, and Rakuten. In 2015, he founded SovereignWallet Network Pte. Ltd. in Singapore, to enable self-sovereign financial service for millions of people in underdeveloped countries. He is a pioneer in the next-generation of blockchain services, such as smart cryptocurrency wallet, mobile decentralized exchange, and meta-blockchain.

Dr. Jihoon Jeong is a Senior Teaching Fellow of Kyung Hee Cyber University, a Managing Partner of BigBang Angels and Chief Vision Officer (CVO) at ModuLabs., Inc. He received his MD from Hanyang University and Ph.D. in Biomedical Engineering from the University of Southern California (USC) Viterbi School of Engineering. His main interests are intersections of technology and society, getting involved in various roles, such as a general physician, research scientist, book writer, professor, startup advisor, and angel investor.

Recently, Dr. Jeong is co-writing a blockchain based Science Fiction called ‘The Five’ on CoinDesk Korea. He is also teaching A.I and blockchain technologies in a number of big corporations such as Samsung, Lotte, and Shinhan Financial Group.

The MUI Meta-Blockchain project: rewriting the crypto history

The team of experts of Sovereign Wallet Network and USC Engineering School of CCI & IMSC will engage together in this international research collaboration to provide the exchange of knowledge between the institutions and plan to publish a remarkable paper called “Rewriting Satoshi” (provisional title). The paper is expected to be published on January 3, 2021, exactly twelve years after the creation of the Bitcoin Genesis Block.

As an outstanding outcome of this collaboration, SovereignWallet Network will create the MUI Meta-Blockchain to accomplish Hayek’s idea of a fair monetary system, where society can control the emission and adopt the most suitable currency.

Thus, the MUI Meta-Blockchain is expected to play a major role in revitalizing the concept of a coin designed by Satoshi Nakamoto in 2009. We aim to create a stable coin based on the Algorithmic Central Bank system, combined with decentralized cryptographic technology. Therefore, we can expect that MUI Meta-Blockchain will reborn the envisioned cryptocurrency model designed by Satoshi Nakamoto.

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