[ANN][MCM] Mochimo | Quantum-Proof Cryptocurrency | Official Announcement [ANN]

[mochimodev]

[genthefirst]

Unclear algorithm - need a little more explanation

[mochimodev]

The PoW algorithm in the current version of the Mochimo Project is called "Trigg's Algorithm", which is a custom PoW algorithm that is designed to make ASIC/FPGU use infeasible.  We are having internal discussions about its efficacy in that regard.  It is performing as expected in our alpha mining test.  Detailed information about the mining algorithm will be available in the upcoming whitepaper release.  Please follow the twitter feed or join the slack channel to receive updates.  Thank you.

[Plenk]

please open also a discord chanel

[Prosnip]

Rusian translated reserved.

[papilyn]

no wallet, starting to be a rule in new Coins ANN.

[mcfom]

The main purpose of running ICO rounds is to raise money for development and resources and that you also will do though no announcement yet. Then why such huge premine is set apart for devs funds and other things when money should be withdrawn from those funds which will be collected in future ?

[mochimodev]

Rusian translated reserved.

Please contact support@mochimo.org if you would like to do translation for this project.

[mochimodev]

The main purpose of running ICO rounds is to raise money for development and resources and that you also will do though no announcement yet. Then why such huge premine is set apart for devs funds and other things when money should be withdrawn from those funds which will be collected in future ?

To directly address you concern:  We do not intend to do an ICO.  If there is an ICO, there will not be a pre-mine for the Dev Team.

The consensus among the Dev Team right now is that ICOs have become increasingly associated with speculation and out-right scams. That being said, if we stick with the current "no-ICO" plan (and I see no reason why we would deviate), the total pre-mine for this coin is 5.55%, of which 1.11% is held in long-term escrow for future development.  So only 4.44% going to Dev Team compensation.

5.55% is on the very low end for pre-mines.

[notsofast]

Will watch this.

In 2014, anything over a 1% premine was astronomically greedy, so I don't quite agree that a 5ish % premine is low at all. But if there's considerable, documented work that went into the ASIC proof algo, then that may be justified.

[niknik1966]

I do not quite understand what the third-generation crypto currency is based on quantum computing. Could you explain the essence in more detail?

[Minator1]

Hi Mochimo's

This algoritm can be mined with Nvidia or AMD Cards ?

Best of luck with your Project.

[gold969]

Your Tweet, if you want to thank the addresses that you will always find on my Twitter page  _{https://twitter.com/Bill_Djons/status/960700415410130945}

[mochimodev]

Hi Mochimo's

This algoritm can be mined with Nvidia or AMD Cards ?

Best of luck with your Project.

Hey thanks for asking.  We will be doing both, eventually.  With Trigg's Algorithm, the gains from using a GPU will be limited compared to a CPU.

[mochimodev]

Your Tweet, if you want to thank the addresses that you will always find on my Twitter page  _{https://twitter.com/Bill_Djons/status/960700415410130945}

Please contact support@mochimo.org if you are interested in working to improve Mochimo's social media footprint.

[mochimodev]

I do not quite understand what the third-generation crypto currency is based on quantum computing. Could you explain the essence in more detail?

Hi Niknik,

The basic premise of our coin and transaction network, aside from the fact that we've added a number of innovations to blockchain and distributed ledgers in general, is that it addresses the threat posed by quantum computers to the existing cryptocurrency ecosystem.

To summarize that threat, with protocols like Bitcoin, the user address/private key pair is actually just a public/private key generated by ECDSA, a cryptographic signature algorithm that is secured by the computational intractability of factoring extremely large polynomials in order to find their prime roots.  That sort of math problem would take a conventional super computer something like the lifetime of the universe to sort out.

However, 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 keypairs will be wide open, and protocols like Bitcoin will be broken / worthless.

Some forward-looking people have been working in the area of "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 difference principles from things like DSA/ECDSA, and so will not be any easier to crack once we have quantum super computers around blowing everything up.

If it 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.  When Bitcoin and its many cousins have fallen to the quantum computer revolution: Mochimo will be doing just fine.

[mochimodev]

Will watch this.

In 2014, anything over a 1% premine was astronomically greedy, so I don't quite agree that a 5ish % premine is low at all. But if there's considerable, documented work that went into the ASIC proof algo, then that may be justified.

Things have changed quite a bit in this space, but I agree pre-mines have gotten larger over time.  With coins and tokens unabashedly retaining 25-50% of their coins to sell under ICO these days, we view the premine as relatively small. 

The thing I'd like to add here is: Mochimo 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.

That being said, we have several very accomplished engineers on this team (I am, myself, a CCIE and expert network security engineer and I haven't taken a contract since August).  Many of us work on it more than full-time.  Our lead C developer logs 60 hour weeks and forgets to eat.

We're all in on this, so I hope that people will allow us the 4.44% premine we've set aside for the developers.

[Sam123]

Following this project.

[badstars]

This could be interesting. Couple of questions:

You say you started from a blank page. Will it all be open source? Miner as well? Because I assume you will release your own miner if you go with your new algo.
If so, please pay for a GitHub account and keep it Private 😎 leaked public GitHubs seems to be a thing these days.

Are you planning on making pools available at launch or will we need to solo mine initially?

Make sure your lead dev eats, otherwise he won't make it til launch.

[mochimodev]

This could be interesting. Couple of questions:

You say you started from a blank page. Will it all be open source? Miner as well? Because I assume you will release your own miner if you go with your new algo.
If so, please pay for a GitHub account and keep it Private 😎 leaked public GitHubs seems to be a thing these days.

Are you planning on making pools available at launch or will we need to solo mine initially?

Make sure your lead dev eats, otherwise he won't make it til launch.

One of the things that has been missing from the crypto world is a project built with the intention of providing a reference architecture to the community at large, and a codebase that is carefully documented so as to be easily understood.  Our cryptocurrency literally has a manual. 

Now, an important distinction: The Mochimo Project has produced a cryptocurrency engine.  Our flagship proof-of-concept transaction network & currency is $MCM.  The source code for the engine is available with a "compile-only" EULA, meaning the end-user is only allowed to compile and run it, not modify it or clone it.  Everything else is open-source w/attribution under the MIT license, including the miner, wallet software, blockchain explorer, etc.

What this means is, if a person or organization wants to create a clone of the Mochimo currency (for example for the purposes of extending it or adding something new to it), two things are true:

1) It will be super easy, because it is a very well-documented code-base designed to be understood and modified by future generations.
2) They will have to pay the Mochimo Steering Committee a licensing fee for the privilege.

Do we think everyone will respect our license requirements?  Let's just say the 800K premine of $MCM that is allocated to the Mochimo Steering Committee is expected to go to legal fees for those who don't want to respect our intellectual property.

As for your last question about pools:  This really comes down to how quickly we can deliver on our other targets.  It is not a pre-launch priority, just a nice-to-have.