MIR COIN. Integrated Platform of Payment Solution and Evolving MIR COIN in the Platform. Innovative Blockchain crypto-currency of integrated platform

Transcription

1 Innovative Blockchain crypto-currency of integrated platform Integrated Platform of Payment Solution and Evolving in the Platform

2 Contents 1. BLOCKCHAIN OVERVIEW 4. MIR PLATFORM 1.1. Definition of BLOCKCHAIN 1.2. Feature of BLOCKCHAIN MIR PLATFORM - Outline 4.2. MIR WALLET 4.3. MIR PLATFORM MIR LAND MIR WALLET / GLOBAL EXCHANGE TECHNICAL APPROACH OF MIR CHAIN 2.1. INTRODUCTION Background of 2.2. VISION MIR CHAIN INSIDE 5.2. POLICY MIR LAND 3.1. MIR LAND INTRO 9 6. ROAD MAP 7. VISION AND FUTURE PLANS MIR LAND INTRO PLATFORM MIR LAND CONCEPT MIR LAND INSIDE 13

3 1. BLOCKCHAIN OVERVIEW 1.1. Definition of BLOCK CHAIN Blockchain is a fundamental technology of the fourth Industrial Revolution We are now in the Fourth Industrial Revolution period. New and innovative technology such as A.I, IoT, cloud computing and big data has appeared and this new technology is changing the existing orders and ways innovatively. Blockchain technology which emerged with Crypto Currency named Bitcoin in 2008 will make revolutionary changes to the existing centralized data system and be a fundamental technology of economic infrastructure of the Fourth Industrial Revolution. Blockchain is a decentralized ledge technology by P2P network Blockchain is, in short, "a technology that process a consensus on data details easily, efficiently and dispersively" and distributes and encrypts the existing centralized data system in the P2P-based way, so removes the need of trading intermediary, increases effectiveness and transparency of transaction and makes safe transaction possible at a small cost. Nakamoto Satoshi developed Bitcoin suggested 'solution for double payment using P2P network' on the paper of [Bitcoin : Peer-to-Peer electronic currency system] and verified that value could be transmitted with Blochchain technology applied to electronic currency transaction named Bitcoin without a reliable intermediary. Blockchain shown by Satoshi is 'digital record stored at computer network around the world', makes all information shared between users instead of protecting information by limiting access. For example, the ownership of funds could be checked by encrypting, system's complete transparency and ownership are verified and all manipulated transactions of node submitted by a malicious performer could be invalidated. As shown in the picture below, we can see present world, the world we dream and the world made by Blockchain which will lead future industry. the outstanding feature of the world made by Blockchain is able to make a reliable transaction with a decentralized ledge technology without trading intermediary. KFTC Bank 3 Customer Present World The World by Bank The World by Blockchain

4 1. BLOCKCHAIN OVERVIEW 1.2. Feature of BLOCK CHAIN Main functions of decentralized structure of Blockchain This Blochchain has other main functions compared to centralized data system.. Transparency : anyone can trace remittance record to another account Immutability : cancellation is impossible if the transaction is approved and anyone can't interfere the transaction. Low fees : there are few transaction fees. No border : it is easy to send funds to any country as if in the next room. Fast speed : remittance occur instantly with Blockchain's transparent and clear features and could be checked within not days and hours but minutes and seconds Manage from central organization Transparent management by decentralized storage method 4

5 INTRODUCTION-Background of Numerous crypto-currencies have been emerged after Bitcoin had been emerged in Today, there are over thousands of registered crypto-currencies. While there are Bitcoin and Ethereum that are known to many people, most crypto-currencies have been vanished. One of the reasons for this is that it is important to focus on impossible fancy technical aspect which is not performed at present, not consider practical aspect. It is hard to find crypto-currency which makes progress and distributes with the function of crypto-currency by establishing organic ecosystem. Why does it happen? Who decides life or crypto-currency? Many questions appear. We conclude the answer to the questions as follow. Background of largely divides into three reasons. 1. The necessity of upgraded new crypto-currency is designed to remedy shortcomings with new algorithm. Keccak(SHA-3) algorithm, use, is an cryptographic hash function published by the National Institute of Standards and Technology to replace SHA-3 which was discussed previously and has high safety compared to SHA256, and operation processing speed is four times faster than SHA256 in algorithm. Block generation time of based on Keccak(SHA-3) is 30 seconds and transaction can reach up to 130/TPS per second to maintain the best speed. Also, difficulty is performed every 5 days so as to keep optimum mining difficulty. On the basis of this, it is completely complemented from hacking and treats mass transactions more strongly. In addition, heat is generated 30% of the existing coin mining, so it is designed for long time mining. As a result, is born as the third generation Blockchain crypto-currency. 2. The necessity of common multi-wallet suitable for crypto-currency actual trading Not only synchronized wallet but also common multi-wallet which is designed to be suitable for user are needed for crypto-currency transaction. there are a lot of opinions on the existing crypto-currency which is difficult to use because of 1low transaction speed, 2expensive fees, 3fluctuations in value. serves common multi-wallet with adding the function of token to overcome these. 5

6 INTRODUCTION-Background of 3. The necessity of platform which expands and fosters ecosystem Platform which is operated with the base and plan is needed for value increase. Real vitality is given only to crypto-currency that is used in the platform, shared and makes constant demand. We have been committed to studying platform which is suitable for this purpose and we finally made MIR PLATFORM. MIR LAND is in charge of actual trading and makes actual trading in MIR PLATFORM. MIR LAND is in charge of actual trading through various affiliates. MIR LAND s role 1. MIR LAND uses MIR TOKEN for each actual payment system. (possible for accounting process by providing transaction history from now on) 2. MIR LAND makes organic interaction which means that small and medium-sized businesses or individuals use MIR TOKEN based on. 3. MIR LAND's members are able to share various actual trading at affiliated franchises. 4. can be received from reserve caused by payment in MIR LAND's affiliates. 5. MIR LAND has a virtuous cycle of 's value increase. MIR LAND plays an important part of using and furnishing MIR TOKEN with -centre and is differentiated from the existing crypto-currency while fostering a virtuous cycle by making a transaction and various ecosystem, not using for simple speculation in exchange market like the existing crypto-currency. It also serves proper payment system in real-life to users, so MIR LAND is in charge of hub connecting various franchises with members. Affiliates in partnership with MIR LAND use MIR TOKEN with -centre and are possible to exchange the existing coupons and points into. In addition, franchises in partnership with MIR LAND will be more and more, so it will contribute to the increase in the value of. Affiliates EX : sharing Social Network Service(SNS), substitute driving, shopping mall, travel service, vehicle management maintenance service, used car dealing service, franchise 6

7 VISION is a Blockchain which is issued in unspecified area, gives consensual common value and is a catalyst that expands and stabilizes the network. Furthermore, will be a real-life money leaping over POINT. is a crypto-currency which is combined with the third generation Blockchain technology and has a complete security, fast processing speed, inexpensive fees. It operate various forms of digital money such as cyber money, digital cash, coupon and game token and so on as well. is a link of integrated platform which goes beyond the boundary of business model and meets the demand of various markets and consumers. Real-life money aims for real-life money leaping over POINT. There are more complicated various payment methods in network economy in the world. It is a world where too many payment methods make to hesitate about what to use and how to use or it is difficult to manage various payment methods. In this complex economic structure, will become a crypto-currency which is convenient and easy to pay in real-life. tries to build a system that integrates numerous points, coupons, reserve funds, and payment system, which is always available without time and space boundaries. It is fairly hard to manage, use thousands and millions of points which exist in the world and benefit from them. It would be unavailable to use them because expire may times, and even if they could be used, it is hard due to so many restriction. Don't you have an experience of getting points just because they give away, even though it is only usable in certain place? What about the time you are not able to use it because the point itself does not pass over spaces? is used to pay and reserve simultaneously everywhere and every time regardless of time and space, not like POINT designed by enterprises which has many constraints so is used in only limited places. MIRCOIN aims for the integrated platform which not only absorbs function of points, but also the function of MONEY through MIR LAND. aims for real-life currency to be used freely in on and off line. 7

8 VISION for integrated platform Crypto currency is made to be used as cash, not similar to cash. also, is able to be real life money that is usable whenever and wherever, with cooperative companies and affiliates. is useful by integrating many cards with which we hardly pay into only one electronic wallet. Merits of real-life money 1. Able to make a payment anywhere only with smart phone. (regardless of country). 2. Reserving and making a payment as fast as a debit card. 3. Possible to do payment and transmission fast. 4. Easy to exchange points and coupons of affiliate for. 5. Able to use a fund reserved from A company at B company easily. (regardless of on/off line) 6. Able to do P2P personal transaction and payment and to do direct transaction of all items. 7. Discounts are applied, thus, user can enjoy reserve fund + discount + payment at the same time. Integrated Platform Payment method in ON/OFF LINE, enables online payment of other companies by integrated platform e-wallet. Affiliates and franchises easily add in their own payment method, and enable consumers to use it. POINTS also can be exchanged for, so people can pay with reserved at other places like money. 's affiliates and franchises are able to has competitive marketing strategy. Also, since they are sharing members of their own and partner companies, so better advertisement and high quality service are made. This makes virtuous cycle that means benefits go right back to the members. 8

9 3. MIR LAND 3.1. MIR LAND INTRO Ecosystem and Consumer are vitality in BLOCKCHAIN and crypto-currency The area which makes the most active and meaningful efforts and developments is in currency and financial markets. Because crypto-currency represented by Bitcoin already has already proved that it is safe, convenient, transparent as payment methods and value delivery system. But, we don't think that crypto-currency is recognized for its vitality only with this and it doesn't be enough to be used as real-life currency. Crypto-currency of Blockchain has to hold the most suitable market and consumer to have constant vitality. As if Apple's iphone found smartphone market and it was exploded by enthusiastic users, Blockchain and crypto-currency will keep vitality by finding its suitable and explosive market and consumer. Blockchain and crypto-currency still have a limit to overcome. Even if we find market we want, there is nothing if we don't reach technical level we are necessary. Then, we think about what platform could make explosion of potential of crypto-currency and be chosen and supported by consumers. We made MIR PLATFORM to solve this problem. 9

10 3. MIR LAND 3.2. MIR LAND INTRO PLATFORM Decentralized breaks down 'boundary' and pursue 'spread', 'sharing' and 'solidarity' We previously confirmed that Blockchain is decentralized network. 'Decentralized' is the opposite of 'centralized', 'centralized' has a 'boundary' with other 'centralized'. 'Decentralized' breaks down 'boundary', and means 'spread'. Most specific business model depended on 'centralized' system within the specific 'boundary' and within the traditional 'boundary' of consumers and suppliers. Even business of same nature is within specific area, 'competition' makes boundary more clear. Consumers were passive and incomplete within 'boundary'. We think that Blockchain has philosophy of 'decentralized', 'spread', 'sharing' and 'solidarity' and it is a real Blockchain network that Blockchain breaks down various same kind or different kind business model and shares value network of connection and integration. MIR LAND is "value network of connection and integration" We want to find a platform which is able to 'break down boundary and share value of connection and integration' in real-life and pay attention to MIR LAND as a link that connect various business models together in the platform. The most appropriate crypto-currency applied to real-life POINT MARKET The point(mileage) system, a reward program that gives bonus points based on customer's item purchase and service use performance, is a representative marketing to maintain customer's loyalty. Service, accumulated points are used like cash while e-commerce is increasing with development in internet technology, become common and the size is bigger and bigger. Also, the range of use expands to payment of expenses including tax, utility bill and so on except for purchasing items in on and off-line, so point become the third (private)currency following cash, credit card(electronic payment method). But, point is used only in its own franchise fundamentally and the value doesn't be kept because it expire after certain period. Ironically, these limitations of point could be developed into new concept of real-life currency through crypto-currency based on Blockchain technology. 10

11 3. MIR LAND 3.2. MIR LAND INTRO PLATFORM New paradigm in Platform Limitations of existing business model New platform based on Blockchain Possible to change coin to holding point. Used at other franchises. When changing to coin, there is no valid period. High re-saving rate when using integrated point. Possible to encash changed coin. Increase asset value when coin price increases. Provide points to our customers. Use only at our franchises. Use only during valid period. Change to integrated point when coin price decreases. (coping with asset value decrease) Possible to use, remit and transfer beyond the region and country. Low point saving rate Permanent use regardless of business failure. Value unchangeable based on payment policy. limitations of the range of local and national use. 11 extinction following business failure.

12 3. MIR LAND 3.3. MIR LAND CONCEPT MIR LAND is 'one value network that Blockchain technology is applied to connection and integration of various business models' MIR LAND is decentralized network system that connectsㆍintegrates various business models and the value is sharedㆍspreads through the electronic cash for existing specific business like POINT(cash, cyber money, reserve fund, discount coupon, game token, etc). (connecting trade) various kinds of POINT = connect to MIR LAND e-wallet We secure the reliability and safety of POINT issuance provided by each business, extend transaction, promote solidarity between business models and ensure untrammeled exchange and transaction between members, companies that perform business model without the third arbitration. In addition, MIR LAND could significantly reduce effort and cost of POIN issuance and operating system each company operates at present, and doesn't require software change. MIR LAND maintains server-client system between 'enterprise-franchise-member' operated by enterprise, provides technical solution to be a part of Blockchain network. It will protect enterprise's own area, expand boundary and provide safe and reliable transaction relationship and data management system in expanded area. Consumers(members) will be provided freely available value exchange means anywhere over limitations existing POINT has and convenient, safe and various payment options. 12

13 3. MIR LAND 3.4. MIR LAND INSIDE Environment in which MIR LAND will be applied largely could divide into 'User-(Store)-Enterprise'(U-S-E) area and 'User-User'(U-U) area. The first area has specificity at each operating business model(service) and is operated in vertical system. The second area is operated in horizontal system. MIR LAND will recognize the specificity and operating system of two areas and guarantee efficient and safe connection. MIR LAND could combine two areas together by utilizing MIR coin and MIR LAND is innovative platform for marketing. In addition, It will recognize specificity and existing operating system of the first area and guarantee efficient and safe connection. In the 'request-response' between network and today's operating system in the enterprise, Blochchain network of encryption network will be applied. Also, client solution based on strong API and simple web will be served. Also, solution to the problem of mass transactions process and delay that has been pointed out will be presented. 13

14 4. MIR PLATFORM 4.1. MIR PLATFORM - Outline MIR PLATFORM is an integration of many systems based on and MIR LAND, creates ecosystem of. MIR PLATFORM is a combination of applications solution and systems which have various client interface where MIR CHAIN network is equipped. MIR WALLET which is a storage of MIR PLATFORM, MIR PAY which is a payment system and MIR LAND which is composed of affiliated enterprises and service have independent structure and function and are organic combination at the same time. In MIR PLATFORM, it is possible for user(member) to make a purchase through exchange market freely. If anyone is a member of enterprise affiliated with MIR LAND and has POINT, it is possible to exchange POINT in the e-wallet to without signing in exchange market. could be encashed in exchange market anytime and could change to MIR PAY of integrated payment reserve POINT. MIR TOKEN which is changed from is able to be used for service of various enterprises affiliated with MIR LAND and for payment after buying item. Reserve is available according to amount paid. Earned MIR TOKEN could be exchanged to after proceeding payment. User can exchange user holds to MIR TOKEN as many as user wants to pay and exchange MIR TOKEN to to hold. Even if can fluctuate with the price in exchange market, MIR TOKEN will be used by fixed price. changes to MIR TOKEN through exchange market's API with fluctuating price applied, changed MIR TOKEN has fixed value. User feels free to treat value and storage of COIN user holds. The purpose is to make a payment conveniently by exchanging whenever user needs to use. This payment process will be modularized to MIR PAY of easy payment system through optimal UI design, MIR e-wallet equipped with MIR PAY will be implemented as payment solution (transaction only) based on innovative crypto-currency. In MIR PLATFORM, user overcomes limitations(time, place, immutable value) the existing POINT has, has real-life money paid anytime, anywhere, is able to treat actively according to value fluctuation of and contributes to expansion of MIR chain network. 14

15 4. MIR PLATFORM 4.2. MIR WALLET MIR WALLET is able to keep and transfer. Also, registered POINT can be exchanged to conveniently. It will be a special function only and MIR TOKEN have and give new User Experience. We have been studied to expand the function of e-wallet. It is a matter of how effectively and stably the existing system operated by enterprises of each class which constitute Blockchain network is combined. Encryption method, which is applied to MIR WALLET, is applied to enterprise's connection with network to solve external attacks or taking or forgery of information on the network. Furthermore, it provides a strong API to meet various needs of enterprise. MIR WALLET has features and functions as follows Operate by integrating the existing COIN's e-wallet address.(multi-wallet) Available to use by registering various COIN"s e-wallet address Available to exchange between and various POINT at the same time fluctuate according to the price in exchange market, but POINT is set by a fixed price. It is operated with connecting with wallet and server 15

16 4. MIR PLATFORM 4.2. MIR WALLET- Flow Chart MIR LAND e-wallet (connect with wallet) Show change value automatically (API interworking) Sale Input and convert MIR COIN, MIR TOKEN Purchase Cash & Credit Card Payment Reserve 5% of payment to member MIR LAND shopping mall Affiliate payment (POINT)

17 4. MIR PLATFORM 4.3. MIR LAND MIR PLATFORM MIR PLATFORM is web/app application with connecting and integrating various business models that use MIR LAND, provides unified UI, UX which meet needs of user and performs the function as integrated solution to share and expand the value of network. MIR PLATFORM is an integrated solution that is designed for everyone to easily share variety of contents and business plan without certain owner or a monopolist, with as the center. Also, various contents and business plan of affiliated company are registered in MIR LAND and served to user. the user exchange the for MIR TOKEN and COUPON, MIR LAND's MIR TOKEN and COUPON are exchanged to again, so it can be purchased and sold in global exchange market. Market value of in global exchange market is fluid, so restoration of the price of use can be possible as the market price increases. Also, when changing into MIR TOKEN and COUPON in MIR LAND, fixed market price is applied, a system that stability of affiliates' service price can be secured is formed. It can also solve the problem of vision of middle-sized businesses, such as awareness of the market, income and opacity of vision those has caused by large businesses' advertisement and unbalanced market made by promotion and background of big company. Integrated Platform of MIR LAND maximizes the synergy of advertisement and sales as these businesses enter in the platform and share existing members and newly entered business's members. Furthermore, members can solve the problems such as inconvenience of card and money in real life and decrease of asset, by being members of MIR LAND. 17

18 4. MIR PLATFORM 4.3. MIR LAND-Payment Flow Chart Sale Purchase/Sale MIR LAND Registered/affiliated enterprise Transfer transfer at the time of change of point Purchase/Sale E-wallet MIR LAND shopping mall (POINT) Payment member

19 4. MIR PLATFORM 4.4. MIR WALLET / Global EXCHANGE MIR WALLET It is a easy payment system based on. User can exchange user holds to MIR TOKEN, and exchanged MIR TOKEN can be used in on and offline anywhere. In addition, it is available to pay with without exchange whether affiliate or not. User use anytime only if downloading MIR WALLET. MIR TOKEN provides strong user interface designed to maximize user's convenience and safety. Payment with MIR TOKEN is made just through user-to-user payment request and confirmation. MIR WALLET doesn't need the first account registration procedure the existing easy payment system has. Affiliated enterprise and franchise don't need a separate POS terminal, don't make intermediate fee like PG Corp. User Franchise Encryption Payment request confirmation Global EXCHANGE It is a coin exchange market possible to buy and sell. holder can make encash through affiliated global exchange market anytime and change to other coin. Global exchange market is in charge of distributing and exchanging the value has and will be a passage of the growth of MIR PLATFORM and globalization. From the perspective of an affiliated enterprise, payment method difference between domestic franchise and overseas franchise will be overcame. From the perspective of member of enterprise, it will be easy and convenient to make a payment and change to Fiat Currency. Furthermore, will grow into global money without restriction of time or place anyone in the world. 19

20 5. MIR CHAIN TECHNICAL APPROACH OF 5.1. MIR CHAIN INSIDE MIR CHAIN network Blockchain network largely consists of Blockchain node and client. Node is in charge of storing and approving transaction and decentralized agreement and client is in charge of generating transaction and confirming transaction history. Node has two kinds database, one is Blockchain transaction archive database where all valid transactions is stored, and the other is application database where stored transaction is applied to application. The first DB node has is designed by a unique structure named Blockchain. The block which recorded transaction spreads through P2P network, valid block agreed in advance among many blocks follows previous block. 20

21 5. MIR CHAIN TECHNICAL APPROACH OF 5.1. MIR CHAIN INSIDE PoW(Proof Of Work) MIR CHAIN basically adopt PoW consensus algorithm. PoW is the process of finding cryptographic hash value where keccak hash function is used. PoW of MIR CHAIN is similar to that of Bitcoin which is basically known. However, the existing PoW has limitations of 10 minutes of block generating time and low speed due to mass transactions. MIR CHAIN adopt CPU-based PoW by using Keccak(SHA-3) hash function to solve these problems. Block generating time is 30 seconds, the number of block a day is 2,880, block compensation is 20 MIR, the largest mining compensation quantity a day is 144,000 MIR but the maximum block quantity and compensation following block are applied every 5 days as actual standard point. The biggest feature of is the function of actual money, sets maximum block quantity and compensation quantity following block generating every 5 days in terms of technical part and is to do public-mining with difficulty applied every 5 days. [Public mining quantity over 40 years] Division 1 day 5 days 1 year 10 years 20 years 30 years 40 years Mining compensation quantity per a block Generated block quantity 2,880 14,400 1,051,200 10,512,000 21,024,000 31,536,000 40,000,000 Mining quantity 144, ,000 52,560, ,600,000 1,051,200,000 1,576,800,000 2,000,000,000 Public mined coin : Discarded coin 1:1 1:1 1:1 1:1 1:1 1:1 1:1 Generated and Discarded coin 144, ,000 52,560, ,600,000 1,051,200,000 1,576,800,000 2,000,000,000 The rate of Discarded coin (based on total mining quantity) The rate of Discarded coin (based on public mining quantity) 0.002% 0.008% 0.584% 5.840% % % 22.22% 0.007% 0.036% 2.628% % % % % 21 Difficulty cycle : Difficulty changes on the basis of maximum generated block(compensation coin) for 5 days, After 5 days, it is a new first day and difficulty is initialized which changes in the same way.

22 5. MIR CHAIN TECHNICAL APPROACH OF 5.1. MIR CHAIN INSIDE Generating Block ad Compensation system Generating time between blocks is within 30 seconds, 2,880 blocks are made daily, block incentives are 50 MIR, the maximum mining incentive quantity is 144,000 MIR, but considering actual standard of cycle every 5 days, the maximum block quantity and compensation according to block are applied. The reason we set maximum block quantity and compensation quantity following generating block is to prevent block compensation system from decreasing markedly over time, to increase the value of compensation according to PoW and to keep safety of network. Accordingly, MIR CHAIN applies difficulty every 5 days. MIR CHAIN has fast cycle of generating block. MIR CHAIN adjusts difficulty every 5 days and has reasonable compensation system. Hash value hashing previous block 10th Block 11th Block Generating time between blocks 12th Block Timestamp Timestamp Timestamp Hash value hashing all transactions in present block Counter used in PoW algorithm Transaction0 22

23 5. MIR CHAIN TECHNICAL APPROACH OF 5.1. MIR CHAIN INSIDE Encryption Algorithm(SHA-3) hash function(sha : Secure Hash Algorithm) among crypto algorithms is essential that is used in various fields of security such as message integrity code, electronic signature, etc. After SHA-0 had been presented in 1993, SHA-224, SHA-256, SHA-384, SHA-512 affiliated with SHA-2, which is a modified SHA-1, were presented. SHA-1 is the most used among SHA functions and is used for security protocol and program such as TLS, SSL, PGP, SSH, IPSec, etc. SHA-1 is used in place of MD5 which was widely used. However, SHA-2, which is not much different from SHA-1, is in danger of being attacked at any time due to attacks on SHA-0 and SHA-2 occurred, discovery of the vulnerability of MD5. Bitcoin uses SHA-256 which is classified as SHA-2. This is SHA-3 to prepare for these. SHA-3 is a hash function which was presented by National Institute of Standards and Technology(NSIT) in August Keccak was finally selected as the next SHA-3 hash algorithm through comparing and analyzing 64 cryptographic algorithms submitted in a contest for 5 years to complement the vulnerability of existing SHA-1, SHA- 2 hash algorithm. SHA-3 consists of 4 hash functions SHA3-224, SHA3-256, SHA3-384, SHA3-512 and 2 extensible output functions SHAKE128, SHAKE256, and is called sponge function because it has a sponge structure. 23 Sponge structure of SHA-3

24 5. MIR CHAIN TECHNICAL APPROACH OF 5.1. MIR CHAIN INSIDE SHA-3 sponge structure SHA-3, which has a sponge structure, outputs message digest by using a padding function with padding message and a function with permutation of bits. b bit is defined as b {25,50,100,200,400,800,1600 }, b=r+c is divided into r of bitrate and c of security parameter. r, which is a positive integer less than b, is a input bit of f function, c is a positive integer having the value b-r. Message is padded by padding function to be a multiple bit of r, the value obtained by truncating this message every r bits and the XOR operation value of r are used as the input of the function. After the output value of previous f function and message are XORed, and then it is used as the input value of next f function. While this process is repeated, a process of absorbing message proceeds. Message Digest Repeat f function to get a desired output by connecting the output value of previous f function until the desired output bit is obtained. Outline Designers Realization Structure Primitive Parameterization standard Instance Keccak sponge function Guido Bertoni, Joan Daemen, Michaël Peeters and Gilles Van Assche Extenable Output Function(XOF), in other words, generalization of a hash function with arbitrary output length. Sponge structure b is one of the Keccak - f [ b ] permutation which consists of 25, 50, 100, 200, 400, 800 or 1600 bits. Even if the biggest permutation of Keccak - f [1600] is used in the range of FIPS 202 and SP standard, it is possible to use smaller(or 'lighter') permutation in limited environment. Capacity c and Bit rate r Keccak [ r, c ] represents instance. Capacity c determines the security strength proven for common attack. In other words, in case of security level n bit, capacity is c = 2 n. In total, r+ c is width of permutation among 5, 50, 100, 200, 400, 800 and 1600 bits. Status Winner of the SHA-3 competition which is standardized in 3GPP TS , FIPS 202 and SP

25 5. MIR CHAIN TECHNICAL APPROACH OF 5.1. MIR CHAIN INSIDE SHA-3, which is a sponge structure, is basically useful in all places where SHA-2 is used because SHA-3 an output the size of extensible message digest SHA-2 output and it is fully equipped with features to have in order to be cryptographic function. In addition, it is highly efficient because it use the interleaving method to access memory with having high parallel structure. It is relatively safe from the vulnerability of existing SHA-2 hash algorithm. Processing speed is faster than that of existing SHA-2 hash algorithm in every platform. SHA-3 is possible to extend the length of output. Keccak Tree hash function not only has better performance, but also is relatively equal at the processing speed, or maintains the lead in some platforms than MD5 hash algorithm. Cycles / byte Algorithm Strength 4.79 keccakc256treed Md5 < keccakc512treed Sha1 < Keccakc Keccakc Sha sha Performance comparison table with major hash algorithm 25

26 5. MIR CHAIN TECHNICAL APPROACH OF 5.1. MIR CHAIN INSIDE Transaction Process and Approval If transaction occur in network, MIR CHAIN will handle the transaction as follows. Transaction Transaction Transaction 1) User asks for transfer transaction A by using public key. 2) Hash value and identifying code are issued corresponding to transfer transaction A. (TxID) - transfer details could be confirmed instantly through it, identifying code determines what group the miner which can get involved in mining is. 3) Miner keep transfer transaction A details in miner's transfer pool. 4) If miner obtains an authority to generate block after succeeding hashing of goal value, details of transfer application are put and are issued in new block in order of 'priority'. 5) Block containing the details of transfer transaction A is transmitted to network. 6) Transfer transaction A receives one confirmation. 26

27 5. MIR CHAIN TECHNICAL APPROACH OF 5.1. MIR CHAIN INSIDE 7) Next miner who gets(downloads) the block in network obtains an authority to generate block and generate next block. 8) The 'next block' containing transfer transaction A is transmitted to network. 9) Transfer transaction A receives 2 confirmations. 10) If receiver approves transfer details, settlement is done. In Bitcoin program designed by Satoshi, re-transfer(re-use) is possible after total 6 times transfer confirmation at each transfer to prepare for the situation where blocks are generated almost simultaneously at a distant node. If new block is generated before the prior generated block is reached, competition occurs in chain. In this situation, the longer chain is adopted, and the other chain which can not connect the block anymore is destroyed. The reason why Bitcoin could be reusable after 6 confirms is that if al least 5 blocks are added to the block which has a transaction after the block is generated(1 confirm), it means that problem will no longer occur in the transaction. At that time, a transaction in the destroyed block returns to its original state and waits for a block to be put back. Block generation time is 10 minutes on average, in case of a large amount of operation, generating blocks simultaneously is not much. Also, if there is a competition with between same length chains, the length will be changed soon and competition will be released. Actually, the completions which have occurred during the last year is released within 2~3 blocks. Also, a lot of enterprises adjust confirm level in business, so that transfer confirmation is possible only after 1~2 confirms for user's satisfaction. 27

28 5. MIR CHAIN TECHNICAL APPROACH OF 5.2. POLICY COIN NAME : COIN s abbreviated name : MIR COIN unit : 8 decimal places set unit name to MI1(1 decimal place),mi2,mi3~ MI8(8 decimal place) algorithm : Keccak (SHA-3) used place : MIR LAND, real-life money, P2P various transactions total deposit amount : 9,000 million MIR public-mining and LOCK-UP amount : 4,000 million MIR for worldwide enterprises : 3,800 million MIR Crowd Sale and operators and participants: 1,200 million MIR Pre-mined 7,000 million MIR is subdivided as follows. [ 350 million MIR - company holding stake use 200 million for company operating fund, 70 million for development team, 40 million for CEO, 40 million for operator] [ 600 million MIR for Crowd Sale ] [ 250 million MIR for participant compensation million for affiliate, 70 million for promotionmarketing,30 million for company advisor and officials] [ 3,800 million MIR for market distribution] [ 2,000 million MIR for discarding following public-mining] COIN for market distribution is distributed less than 200 million MIR every year. Company stores and manages 2,000 million MIR separately among pre-mined 7000 MIR. When 2,000 million MIR of the public-mined MIR is distributed or stored on the market, it is discarded or locked to be kept from being distributed. This will be an effective way of increase of value of COIN. The time for verify and discard of mined COIN is at least once to maximum 4 th a year. In case of being under mining amount we planned, the amount as many as mined actually is possible to be distributed for company. 28

29 5. MIR CHAIN TECHNICAL APPROACH OF 5.2. POLICY is based on keccak (SHA-3) algorithm. Issue number is 9000 million MIR, and 7000 million MIR is pre-mined in order to diffuse the reservation and payment as the real-life money. Also, it is designed to public mine 2000 million MIR so as to develop exchange market and to register in various other exchange markets and for the prepare for the value increase of. 600 million MIR of pre-mined number is used in Crowd Sale, company stake use COIN (affiliates, operation, advertising, marketing) is 350 million MIR, participants compensation use COIN is 250 million MIR, and real life distribution COIN (MIR LAND, ordinary market) is 3800 million MIR. The remaining 2,000million pre-mined S are going to be Lock-Up, in contrast of distributed COINs by public mining. This will cause increase of value of rest of the COIN. Considering that mining when the level of difficulty is increased, there is a need for advanced digger, in order to make anyone to easily mine, keccak (SHA-3) is applied which is well-working in low-specifications. Thus, it has better productivity than ETH or LTC. Furthermore, heat generated while mining is only 30% of ETH, so it is available for long time use. Generating time between blocks is 30 seconds, 2880 blocks are made daily, block compensation is 50 MIR, and maximum number of mining compensation for a day is 144,000 MIR but is applied by maximum block number and compensation of it as actual standard every 5 days. It is the most outstanding point of to be able to do public mining through 5 days level of difficulty while setting 5 days maximum block number and compensation for block productivity with the function of real life money. is operated in various and fast integrated platform to create value of real life money. tries to operate in fast and various integrated plat form, in order to create value as real life. is going to re-define community in order to realize decentralized world, connect community and make the new world through connected community. [ C o i n C O N F I G ] Coin Name : mircoin Abbreviation : MIRHashing Algorithm : keccak (SHA-3) Time Between Blocks (in seconds) : 30 sec Block Reward : 50 Total Coins : 9,000,000,000 crowd sale coins : COIN 5-day Block Cout : 14,400Block (COIN Daily Block Cout : 2,880 Block) Generated per five days : 720,000Coins (Generated Per Day : 144,000Coins) Maximum Block Size : 1M will re-define preexistent economic system into community unit, which was defined in country unit through linking economic relation to the community which was as social and political meaning. Finally, re-defined communities will be closely connected to each other. Also connecting to not only real world, but also crypto world will lead to infinite scalability. 29

30 6. ROAD MAP 6.1. ROAD MAP Marketing survey and check platform system Form business model and team Plan study of Blockchain and platform Final check for platform system Blockchain algorithm verification work Start developing platform and Blockchain cryptocurrency Plan ICO marketing campaign Recruit participants for platform in January, February system in platform verification work Proceed e-wallet development Plan enlargement of PLATFORM international network Pre-registration of participating enterprises and completion of final platform development Enlarge MIR PLATFORM participating businesses and system update List in domestic and international exchange market Graft system in MIR PLATFORM Proceed ICO for 7 weeks Complete Blockchain crypto-currency development in April Complete e- wallet development Proceed ICO for 7 weeks Design main platform in March Pre-test grafting a system of participating enterprise in platform 30

31 7. VISION AND FUTURE PLANS 7.1. Vison and Future Plan of Vision has the most realistic platform to expand to the whole world and pursues global expansion. It puts world together and it finalizes every payment action in one regardless of exchange rate and individual countries' currency. To make it, MIR LAND is established, and profits and earnings generated by this is used for users and better system and service. can be used anywhere and anytime you want, and it becomes MIR LAND, and COIN that the whole world go crazy. Not like other coins which have no purpose or places and just were made with members' dealings, it is a COIN that operates with function of cash is stressed and the function of platform money is included in that. Also, no only making simple purpose or use place, it also has integrated platform that has ease of payment, spread of awareness of COIN, advertisement, payment and dealing. Rather than the present value, the future value is put in priority. For this, enlarge the integrated platform, and grow up to be COIN as future value with listed businesses and enterprises in the platform. It is not limited by the language, culture or region, lead is in the lead as universal currency. Future Plan Globalizing and listing on exchange market More than 100 companies registered in MIR LAND - up to 2020 More than 1000 companies registered in MIR LAND - up to 2025 leaps to the world's common currency - up to

32 Thank you! 32