White Paper - miresmartchain/MIRE GitHub Wiki
- Abstract
- Introduction
- Blockchain in Industry
- Mire Coin
- Smartchain
- Business Plan Development
- Team and Company
- Roadmap
- Legal
Our mission is to redefine handle blockchain and smart contract implementation. As of now, the market for digital technology is slow moving, centralized, inflexible and inaccesible for small businesses. Our objective is to establish an easy to use standard that empowers financial technology. While Angel Investor helps us to raise the fund, we care about investor whose investments protection we wish to guarantee to the maximum extend. The masternode system give investor purely control over their investment.
We realize that to actualize this vision, our idea emerged to create a platform that can be used not only to sell digital assets, but also can be used for investment and also to validate the transaction. In mire smartchain we can develop a business together.
Smartchain is a platform that can give benefit to all parties including users, vendors, and masternode. Smartchain users and investors can invest their assets to vendors on our first smartchain feature, which is peer to peer investment. Vendors get benefit from through this asset investment. In trading activities, users can trade mire coins to other users. Furthermore, another feature that is available in the smartchain is masternodes. Where Mirecoin users can operate masternodes and earn a profit in Mirecoin as reward for validating transactions.
Mire is a decentralized technology smartchain, which is developed by Korsia Company. Mire aims to resolve several major industrial problems to face industrial revolution 4.0. Every single Mire coin has underlying ‘value’ on business. Mire coin creates an Smartchain ecosystem for three important pillars, namely Masternode Holder, User and Vendor. These pillars are related each other.
Mire coin was implementing Dash technology. It called Masternode system. It is a superlative system for validating every transaction in the Mire coin ecosystem in order to keep it decentralized, effective and efficiency. User will get blockchain technology services that can be used in the Mire coin ecosystem. The advantages for Vendor that runs the company are including decentralization systems, data security, data authenticity and infinite server. All of the pillars are divided into three phases; Smartchain, Hyperchain and Crosschain. In this current whitepaper, we focus on introducing Smartchain and its features. Hyperchain and Crosschain will update in the next whitepaper revision.
What is Cryprocurrency? Before technology developed as today, medium of exchange known as conventional money, gold, or silver. Where all humans have agreed that these objects have "value" and are considered valuable because of an agreement or prior consensus. However, the presumption of medium of exchange is not only limited to these objects. Knowledge of the type of payment is currently developing and refers to a type of digital currency or cryptocurrency. Called Cryptocurrency is because this currency is "created" using cryptographic technology. Where each transaction is encoded using specific cryptographic algorithms.
Cryptocurrency was born because of a consensus from the community that it is something that has "value" as well as believing in gold, silver, or conventional money that it also has value. Cryptocurrency offers its own advantages, such as: more efficient, not easily damaged, cannot be fake, and is safer. Cryptocurrency itself cannot be separated from blockchain. Cryptocurrency is transacted by utilizing the blockchain network. Blockchain is a type of distributed ledger that forms the backbone of the crypto market. This is the technology behind the various types of cryptocurrency that have been circulating.
The term of Blockchain is taken from the words ‘block’ and ‘chain’ which means a blocks series of containing data or data based recording. It becomes a ‘series’ of efficient, verifiable and permanent data transactions. The block is connected to each other to create a chain and secured by cryptographic techniques. Then blocks have been locked by cryptographic produce a ‘hash’. Hash is a unique combination of complex number and letters. It is known as public key.
Blockchain is a “data based recording” in the form of a block or box. These blocks are connected of each other, so as to create a “chain: and secured by cryptographic techniques, then blocks that has been locked by cryptographic produce a “hash” and unique codes consisting of complex number and letters (public key), so must using special techniques to open the “hash” and “key”. A block usually contains data including “hash data” from the previous data, timestamp, and transaction data. A block that has been locked with cryptography will be “uploaded” to the blockchain network, the data block that has resistance to “data modification”, because in the outline the blockchain is an “open ledger” that is open, can record transactions between two parties efficiently, and can be verified permanently.
In utilizing the blockchain as a “decentralized system”, the blockchain is managed by a “peer to peer” network that collectively follows certain protocols for communication between nodes (users) and confirms new blocks. After recording, the data in the block can no longer be changed “permanently” without changes to the next blocks that require the “consensus” of the majority of the network.
Since the beginning, the blockchain has been secured by design and is a distributed computing with high “Byzantine fault Tolerance” (BFT), which means that the tolerance level of blockchain security is very high. Decentralized consensus can be reached on the blockchain, so that the blockchain is very suitable for recording events, medical records and other record keeping activities such as identity management, transaction processing, documentation of evidence, tracking, and voting. Blockchain technology is more than a secure digital money transaction without an intermediary, so it is more useable. Superiority of blockchain can be mentioned as follows:
- developed by users in entering the global economy,
- protecting the privacy of its participants,
- allowing people to ‘monetize’ information for themselves and
- providing compensation for wealth their property or asset.
Blockchain as decentralized system or open source is used to record transaction data on many computers, so that the record cannot be changed “retroactively” without changing the entire block of data in the “network chain” blockchain itself. So that the entire blocks that are “uploaded” into the blockchain are verified by consensus of all “blockchain” users themselves.
In the beginning, the blockchain had an initial block or often referred to as “genesis block” and then the block stored legitimate transaction batches which were then “hashed” and locked with cryptography into the “Markle Tree” (blockchain path). Each block has been hash connected to each other, the blocks that are connected from a chain. In this process each block confirms the “integrity” of a previous block, as long as the “back path”, that is in line with the initial block (genesis block) meaning that the transaction is “valid”.
Sometimes the blocks are separate, creating a “temporary fork” (another path that is not permanent). The blocks that are not selected to be included in the blockchain network will be a single block or often called “orphan block”. Every block has time for a network producing an additional block in the blockchain. The average time needed is 5 seconds for each block to adding a new block to the blockchain. At each completion of the block the included data can be verified. The longer the ‘chain’, the longer the block will verify the transaction that is happening, for example in “digital currency” it will be relatively faster to process “validation” (transaction) than “chain” the old ones (example: chain act will be faster than bitcoin chain).
In the blockchain each “data plan” of a network must be setting from the beginning of
the chain was built, but over time problems occur in the “chain”, so that it forces “developers”
to change their settings. However, in blockchain, a “chain” that has already taken place will not
be changed frequently, so “developers” trigger a technique that is often called “hardfork”.
Blockchain has the character of "decentralize" which means that all data on the network is "peer-to-peer" because of that the blockchain eliminates the risk that the data is stored or run a centralized. This advantage is thatthere is no risk to be hacked, because it does not have a "central point" of system failure (centralize failure) such as conventional software systems that have a failure gap in the system.
The blockchain security method has an “encryptions system” in the form of a key often called “public key” and “private key”. A Public key is a long, random cryptographic key consisting of a complex line of numbers and letters. The public key in “digital currency” is often referred to as “wallet blockchain address”. Public key has a special password is intended for users to access data in “encryption” this is what is called a “private key”. So in general, the data in the blockchain will never be normal (incorruptible).
The blockchain is designed to have “time stamping” scheme such as “Proof of Work” to validate “transactions” in the chain so “miner” takes time to solve a cryptographic puzzle, this is used so that “hackers” will never be able to manipulate data. This method is a method where each user who performs a “Proof of Work” is a person responsible for validating a “chain" with a system “Computer Trust” (trust in the computer software system) with special computer equipment tha is adequate. Another system for validating a transaction on the blockchain is “Proof of Stake”. This is a “consensus” system where each user who “stores the data chain” has the authority to validate the blockchain. Both of these work systems are often used in “digital currencies” to determine their reward system.
The Blockchain has a number of security systems that can keep all transactions valid and safe. The first is “hash”, the hash is a securitysystem in the form of “digital fingerprints” for each block that is created so that it will be secured with “hashes”, and the Hash security system uses cryptographic techniques in the form of long and complicated numbers and letters.
The second, P2P network, because there is no “centralized” party, so P2P functions so that all people who want to join this network can participate. The method is quite easy with just a computer and downloading the blockchain software so that the computer will copy all copies of the transaction in the blockchain. When someone creates a new block, the block will automatically be sent to each user who has the software on the same network and each network user will verify the new block is valid or not. After all verify the block is valid then the block can be added to the blockchain. So on the basis of its P2P network creates an agreement (consensus) to verify data.
The third, “Time Stamping” every user who will solve cryptographic puzzles on the blockchain is limited to certain minutes to solve the puzzle. If it is too fast, the block will be rejected, if it takes too long it will be rejected. This way can overcome data that will be manipulated by “hackers” with this “time stamping”, so a hacker will never be able to hack the blockchain network.
The Blockchain has two characteristics, Private and Public Blockchain. The Private Blockchain (permissioned blockchain) is a system that has an access control layer to control who has access to the network. Network owners check validators in the private blockchain, they don’t depend on anonym nodes to validate a transaction. Quoted by the New York Times, in 2016 until 2017, there are many companies used private blockchain in their companies. Public blockchain is a system that requires “physical access” to access it. Not all the blockchains have permission to access so many the “naughty actors” could not be monitored because access settings are no longer needed. This means that all applications can be adding to the network without the need for approval or trust from others. Therefore, to secure the Public Blockchain requires new entries to include a validation system (Proof of Work or Proof of Stake) in running and continuing their blockchain.
The Blockchain technology has a very large potential to be applied to various business models or transaction systems. Blockchain will become a new foundation in the global economic system and global social with relatively cheaper costs than conventional business models. The use of blockchain also promises significant efficiency in global supply chains, financial transactions and social networking. On the other hand, blockchain can interfere with confessional markets. According to observers from constellation research, Steve Wilson, blockchain is considered an unrealistic blockchain because substantially blockchain is a cheaper solution. So it is considered to be able to interfere with existing business models, for example, payment systems and “digital currencies”, where blockchain can minimize financial fraud by automating (automatically running) validation processes that drain time in a financial “audit” that is done manually.
Blockchain can also reduce costs for “verifying” transactions and removing the necessity for “third parties” (such as central banks) that are trusted to complete transactions. Technically this system can reduce network costs. Blockchain is the future in a variety of fields, because blockchain can be a “basis” for securities in efficiency and change the way people perceive how the world works.
According to the Computing Technology Industry Association (CompTIA) report in 2017, the implementation of blockchain technology is using for digital identity (51%), tracking and asset management (49%), storage distribution (48%), smartcontract (45%), and cryptocurrencies and payment (44%). The percentage will be increasing along with technology development.
In this modern era especially to face industrial sector 4.0, Blockchain technology can be the best way as a modern tool for helping industrial operational problems such as data management and data protection. This industry is not only a company but also bank, tax, school, health, fashion and start up application. By this day, industrial sector like company use server for their resource of data and file storage. However, the lack of server service can be damaged its important data and the impact is so dangerous. So, blockchain focuses to avoid its damaged such as hacking and burning.
Talking about blockchain implementation in industry, question will arise. Can it be realized? Absolutely yes. Blockchain in the industrial world is one way to realize the efficiency and effectiveness of all industrial activities. The presence of blockchain technology is an opportunity in the industrial sector.
Before discussing more about the advantages of blockchain technology, firstly let us reveal the problems faced by the industry today. The problems are data centralization, hacking, and data manipulation. Industries that have not implemented blockchain technology face the problem of data centralization. Sometimes, someone who has an interest only can access company’s data and it only can be accessed in specific place. When a company's data is only owned by the IT division server, and at that time a problem occurs. It will make an impact on other divisions that may have interests in the data. Then the problem of hacking is very likely to occur, because with current technological advances, someone can do hacking on a company server. Another thing, that is no less important to discuss is about the possibility of data manipulation that can be done by someone. This might happen if the server is controlled and can only be accessed by certain people.
After knowing the problems are faced by industry today, blockchain technology is considered capable of overcoming various problems related to technology, professionalism, and regarding efficiency. However, not all industry players understand the function of blockchain itself. So, it is still necessary to educate industry players.
Blockchain technology puts a “trust” because with the blockchain everything becomes very open where every transaction and industrial activity can be traced. Blockchain with its decentralized system, allows us to be ready with the industrial era 4.0. Why is that? Because it allows all industrial activities to be carried out automatically and safer. Certainly safer, because the data is stored on several servers so it is very difficult to fake or manipulate. This is also very helpful in terms of efficiency, because all data will be easily spread out and certainly will not be changed.
The blockchain technology must be used as a "container" to build a crypto "ecosystem" inside it. A crypto must act as an asset not only as a "currency" because currently a crypto is not yet "strong enough" to be considered a "currency" and not quite rightly considered an "asset" because there is not having the right technology to support the ecosystem inside. A Crypto is competent and can be called an "asset" if there is has the right and appropriate "underlying".
Mire is a product of the Korsia Company engaged in blockchain technology. Mire is the solution to all current crypto problems with Smartchain Ecosystem technology based from Masternode. Mire COIN was developed based on DASH technology with the masternode system because DASH was the pioneer of the Masternode System.
MIRE is a "decentralized technology smartchain". The MIRE Smartchain creates an
ecosystem for three important pillars that are continuous with each other of Masternode Holder,
User and Vendor. This ecosystem works to become a "underlying asset" of mire coin. The
mastenode holders who work to validate every transaction in the mire ecosystem smartchain
and they will get dividends as coin. Token Users as application users get services with
blockchain technology that can be used in the mire ecosystems. Vendor as the party that runs
the business to gets all the advantages from a blockchain technology, so that the company's
efficiency will increase.
Why the masternode is chosen? because according to the purpose of the MIRE product, there is a coin has Mainet in the form of a Smart contract that will become an "underlying" technology inside it. Masternode becomes a public question, especially people who follow ICO and why the masternode was selected system of MIRE.
Masternode is the best system for the ecosystem that we will build, because masternode acts as a "validator" that will maintain and run the MIRE Ecosystem while keeping it decentralized. Masternode is also chosen because of its effectiveness and efficiency. There is the actors no need to have sophisticated tools to participate in and become part of the ecosystem MIRE.
Mire masternode is a crypto currency based PIVX developed by Mire and using the masternode system inside as a validation technique. This coin is intended as a digital asset that can be traded on the crypto exchange. Besides that because mire coin uses a masternode system, each holder will get a reward. The masternode system is chosen as a validation system from Mire because this system allows the Holder who runs the masternode will act as the validator of all transactions that occur in mire smartchain. The Masternode holder acts as a "keeper" of the ecosystem, without the masternode holder, the ecosystem mire will not run the same way otherwise.
The business partners who are members of mire smartchain. The advantage of being a mire vendor is getting a blockchain system within the company so that their business will be efficiency increases. In addition, the mire ecosystem makes a vendor easy to get customer because automatically all users of Mire have the potential to become their customers. The cost of being a mire vendor is relatively cheap, because vendors only pay transaction fees in the mire ecosystem when the mire masternode holder validates transactions.
On the other hand, with the masternode system as an asset sheet from Mire, so the vendors can buy and hold mire coins to get a defender when running masternode, and for becoming a masternode holder and vendor on smartchain, the efficiency of corporate profits will be increase. This is what is called mire smartchain, because it can happen only by using mire technology
User in this platform is all of registered smartchain members that can utilize the smartchain feature. Smartchain offers peer to peer investment for users to invest their asset to interesting company. The company has obligation to pay the transaction fee. Then, user can be a masternode holder by guaranteeing 100.000 Mire in their account. By being a validator, the masternode holder will receive Mire coin as profit.
SwiftX transactions are confirmed and spendable within seconds or instant transaction. SwiftX transactions are guaranteed by the network of masternodes, without waiting for multiple confirmations in order to be confident in the validity of the transaction.
MIRE is using proof of stake v3.0 and based on the version 0.1x or higher than Bitcoin codebase. The PoS structure utilised does away with coin age, meaning in order to get the most out of your staking you must keep your wallet open at all times, resulting in more constantly available nodes, strengthening the network. No more users opening their wallet once or twice a month for a few minutes and getting rewarded equally with those that have 24/7 up-time with their wallet.
These are incentivized nodes that receive rewards based on their availability and their ability to offer network services in a decentralized and trust-less manner. Running a masternode requires:
- Collateral 100,000 Mire coin,
- Mire coin must be locked or cannot be transacted,
- Using static IP address and
- Always connected to the internet and suggested by using VPS. These nodes are the backbone of the present and future services offer on the MIRE network, giving the early investor opportunity to generate more from the network.
| Specification | Description | Status |
|---|---|---|
| Algorithm | Quark | |
| Block Time | 60 Seconds | |
| Block Size | 4 MB | |
| Block PerDay | +/- 1440 Blocks | |
| Difficulty Retargeting | Every Block | |
| Ticker | MIRE | |
| Address Prefixes | M | |
| Transactions per second | 173 TPS (current theoretical maximum) | |
| Quantity per transaction | 100Kb ( 677 Txs ) | |
| Type | POS + Masternode | |
| Max Coin Supply (PoW Phase) | 30.000.001 MIRE | Completed |
| Max Coin Supply (PoS+MN Phase) | 300.000.000 MIRE | Ongoing |
| Premine | 30.000.000 MIRE | |
| Collateral POS | 2.500 MIRE | |
| Collateral Masternode | 100.000 MIRE | |
| Reward POS | 10% rewards | |
| Reward Masternode | 87% rewards | |
| Dev Fee | 3% rewards | |
| Transaction Send Eligibility | 6 Blocks (+/- 6 Minutes) | |
| Maturity Confirms for POS | 120 Blocks (+/- 120 Minutes) | |
| Maturity Eligibility for POS | 60 Blocks (+/- 60 Minutes) | |
| Port | 24519 | |
| RPC Port | 24520 |
Block Reward/years
1: 30 MIRE/Block
2: 35 MIRE/Block
3: 40 Mire/Blcok
4: 50 MIRE/Block
5: 55 MIRE/Block
6: 60 Mire/Block
7: 70 Mire/Block
ROI is calculated based on 100 member masternodes, it can change based on market
prices and number of masternode members.
1st year: 137%
2nd year: 160%
3rd year: 183%
4th year: 229%
5th year: 251%
6th year: 274%
7th year: 320%
Mire smartchain is a smart contract blockchain ecosystem developed by Mire and it has function as an "underlying asset", the smartchain will become the link between Masternode Holder, User and Vendor.
Three Features of Mire Smartchain:
Peer-to-peer investment allows the users or investors to invest their asset (Mire coin) to the vendor or company to increase profit. In this transaction, vendor has obligation to pay Mire coin as fee. In this feature, users also facilitated with wallet to save their balance.
Users are obtainable to send their Mire coin balance to other exchanger for trading activities.
Masternode is nodes connection structure to process similar wallet in the Mire blockchain. The purpose of the Masternode is giving extra services to the network. By using this system, users of Mire coin can operate the Masternode and receive profit of Mire coin as the reward for being validator of POS system.
Smartchain is an application where the user can use Mirecoin to gain benefits such as Masternode, trade or mutual funds. Inside there are users and vendors. Users are users of these apps who use Mirecoin according to what they want, for example mutual funds, where Mirecoin can be used to be invested into vendors that interest them. The vendors in it must pay their transaction fees with Mirecoin. This is the first pillar underlaying the business of Mire. By now, Indonesian and Korean members only whose can be using this application. Vendor of this first phase can be seen as follows:
- PT. Iotech Pertama Indonesia
- KOEN2 (Korean Entertainment Tour)
- Edwin Asia (Korean Beauty)
- PT. Hutama Alam Sejahtera
Hyperchain is a non-crypto blockchain technology developed by Mire with hyperledger technology. This technology can be used by companies such as industry, banking, school, tax, application startups and other companies who want to use blockchain technology to develop their own technology. Companies that want to use this technology must pay fees into mirecoin. This is the second pillar of underlaying the business of Mire.
Crosschain is a technology developed by mire, so that all blockchain mire can be united in a chain. Initially coin mire technology, Smartchain and mire Hyperchain are technologies that have different blockchain bases, with this Crosschain technology all of these technologies can be interrelated in the mire chain. This is the third pillar of Mire.
Every revenue obtained from the three pillars above, 50% will be bought mire coin and will be burned so that the supply of mire is reduced so that there are only 100 million mire coins left in the world. This is the last pillar of Mire to close the underlying business mire.
Dong Hwi Jang
THE CEO OF MIRE TECH, KORSIA &
FOUNDER OF MIRE
SMARTCHAIN TECH
Albert
Co Founder & VP Bussiness Development
Darwin Gozali
CTO Mire Tech
Hutomo Tri Hatanto
VP IT Team
Ariantino Jahja
Chief Marketing Officer
Hugo Prasetyo, S.Si, M.M.
Financial Advisor
Bagus
Bussiness Advisor
Dane Elliot
International Business Advisor
Address : Greenbill Building 1551, Dong 603, Gyeong-gido, Ansan-Si 2-54, Danwon-Gu, Hangug, South Korea