Re: [ANN][MCM] Mochimo | Quantum-Proof Cryptocurrency

I recently read about quantum computing and its implications on cryptocurrency, and it's definitely on the horizon. I am keeping an eye on this project.

Just a question to the team about coin distribution though. If you get MCM at a 1:1 ratio to bitcoin, doesn't it make the distribution limited to a small group of people who already have lots of bitcoin? Not that I am questioning the morality if your ICO or anything like that.. Roll Eyes

I'm curious, will there be any other ways to purchase MCM, especially for tiny bitcoin bag holders..:p

Well. Check out our reasoning, and tell us what you think: Mochimo is taking a long-game approach to being a replacement for all these quantum-vulnerable cryptocurrencies, like $BTC. The thought process behind releasing $MCM 1:1 to holders of the flagship currency in the ecosystem ($BTC) is to carry all of the most active players in the space into $MCM, thereby incentivizing participation in our currency. Now to answer your question regarding distribution:

There are something like 16.8 Million Bitcoins in circulation with a total cap of 21 Million. With Mochimo $MCM we have 2^56/10^9 coins = 72,057,594 $MCM, what that means is that yes - existing $BTC whales and long term HODLers of $BTC will get a significant stake. However, the remaining coins (after the ~4 Million $MCM premine) with still be mineable, and that's roughly 51.2 Million coins.

Now, as of Friday, the team has finalized our selection of mining algorithms. We had three finalists, a) typical HASH256, which is a sha-in-sha a la Bitcoin, b) Cryptonight, c) Trigg's Algorithm. There was a discussion, to describe it politely. It lasted four hours, and we came to a final consensus. Of the arguments on offer, the thing that really closed the deal for the people on the HAS256 and Cryptonight contingents (I was one of them), was that Trigg's algorithm is a brand new, level playing field that is ASIC-resistant.

We concluded, in summary, that we are already rewarding the existing crypto community sufficiently with the 1:1 BTC:MCM distribution, and that newcomers should be able to mine at home using Trigg's Algorithm, thus making it possible for our engaged early-adopters to accumulate large amounts of coins early with commodity hardware (home PCs, etc).

All of that said, the Mochimo Dev team is doing everything possible to take the long view on this coin and its development. We welcome your input and feedback on these ideas. Please feel free to find out slack page and jump into the discussions. It is linked on our website.

Hello dev,
I really appreciate the thoughtful response!
While I understand your point of view and reasoning behind it, I'm not sure if it's the best way.

MCM hopes to be a replacement to all quantum-vulnerable currencies, then why not open up the registration to everyone, maybe as an airdrop campaign. I don't agree with the notion that btc holders are the most active participants in crypto; active participants can come from holders of any coin, anyone who is interested and believes in the innovation we are witnessing right now.

These are some points I'd like to discuss about your current distribution model.

I support that you are taking a long-game approach, after all quantum computing isn't perceived as an immediate threat to crypto yet. By giving btc holders MCM 1:1, you are replicating the current rich list, essentially. I feel that you are counting on btc holders seamlessly transitioning to MCM when the time comes. My question to you is this: Why give btc holders FREEBIES when they haven't done anything for MCM? Reward those who are interested in what you are doing, and who are willing to actively support your project. Additionally how do you guarantee that the btc holders will transition to MCM, not other quantum-proof coins? Just because people got their coins for free, it doesn't mean that they will use it.

With your model, you are counting on a community that will be built in the future, not now. Also, why assume that btc will be as strong as it is now, when quantum computing comes around? It seems little risky to put all your eggs in btc like that.

As for mining, personally I'm not sure why I would want to mine something that btc holders got for free. Not to mention, mining isn't something that newcomers typically get into...Very high entry cost now - however I am not too familiar with mining, so let me know if I'm wrong.

Anyway, hope you see my perspective. I'm not saying that I know what is best, but I think your project is cool and just wanted to discuss.

ps. I am in your slack. I will speak up when I have some time, tied up with life at the moment..

I completely agree with this. I think that by giving people the opportunity to partake in it by participating in airdrops, faucets and so on will automatically engage them as a community member (e.g. Raiblocks - not that I'm a fan). On the other hand, you have projects like GBYTE that airdrops to BTC holders - it is basically dumped.

To me, it makes a lot more sense to give people an opportunity to have some of it - if we want to have good community support.

I'm really interested in this project, will be watching it closely. Hit me up if you need translation to Portuguese and/or French.

Cheers,