MicroBitCoin (MBC), first Bitcoin hard-forking cryptocurrency in Korea, is launching new network with massive upgrade in October 2019.
MBC, successfully hard-forked at Bitcoin’s 525,000th block level as of May 2018, is a peer-to-peer payment protocol with a very low transaction fee of 0.0001% compared to Bitcoin and a significant increase in transaction rate per second. After said hard-fork, MBC has received positive reviews for its stable mining and fast network speed. MBC’s core dev teams announced this upgrade would increase trust more among participants and contributors.
This new network will be launched on 1,137,200th block level of MBC network, which is estimated to take place at 11:00 UTC on October 9, 2019. The dev teams recommend all of MBCs community members had better not to generate transactions before or after 100 blocks of the aforementioned block.
The followings are the major features of MBC’s massive upgrade
[MicroBitcoin Technical Specs]
* Burning approximately 80% of 170 billion MBCs that could be activated during hard-forking of Bitcoin but actually not activated
During hard-forking of Bitcoin with snapshot on Bitcoin’s 525,000th block level, Bitcoin holder could activate MicroBitcoins (MBCs) with 1: 10,000 ratio. MBCs, which have not yet been activated from 525,001th block until network launch, are not able to be activated and will be burned. To date, about 27 billion MBCs have been known to be activated from 2.7 million Bitcoins, which means that more than 140 billion MBCs that have not yet been activated will be burned and nearly two-thirds of the total supply of 210 billion MBCs is lost.
* Decrease of mining reward and emission in accordance with mining reward formula
While currently 12,500 MBCs are given to miner as mining reward for one block per minute, 5,500 MBCs per block will be given in new network, which means mining volume will be decreased to 44%. Instead of fixed reward per block like Bitcoin new network’s mining emission will decrease slowly in accordance with mining reward formula like Monero (XMR)
* Alteration of consensus algorithm to YesPower PoW and decrease of block size limit
While rainforest v2 aka RFv2 is causing inefficiently slow validation of blocks, YesPower in particular is designed to be CPU-friendly, GPU-unfriendly, and FPGA/ASIC-neutral. In other words, it’s meant to be relatively efficient to compute on current CPUs and relatively inefficient on current GPUs. To make network more reliable, prevent block spamming and create better fee market, block size will be decreased to 300kb.
* Locking up 50% of pre-mined MBCs technically and the remaining 50% declaratively
5 billion MBCs, which is 50% of pre-minded 10.5 billion MBCs held by foundation, development teams and contributors at 535,000th block level, will be technically locked up by 2021 and the remaining 50% will not be sold but only be held to intervene when market overheating or distortion occurs.
* 46 billion MBCs supply on new network launch, dramatically total supply down from 210 billion to about 61 billion MBCs
Currently 27 billion MBCs have been known to be activated during hard-forking, about 8.8 billion MBCs have been mined so far and 10.5 billion MBCs are pre-minded. Total sum of them is approximately 46 billion MBCs. In the case that about 10.5 billion MBCs are locked up from total sum, circulating supply will be about 36 billion MBCs. It means 150 billion of 210 billion MBCs will be lost in MBC new network. That is, 70% of total supply will be lost.
This coming network launch with massive upgrade will provide faster and more stable distributed platform for real use case of cryptocurrency and MBCs will be a cornerstone for companies and customers to do P2P transactions.