Article Summary, Automatically Generated By AI
Summary of MIR Token
Numbers and Figures:
- 100 times more powerful Blockchain
- Billions of transactions per day
- 10 years (Bitcoin blockchain speed of issuance reduction)
Case Studies and Examples:
- Africa (facing difficulties in financial transactions)
- Russia (partner in Blockchain innovation)
Takeaways and Insights:
- MIR Token funds the future of Blockchain
- Optimization model for Blockchains to carry billions of transactions per day
- New types of servers and micro-compression language to reverse Blockchain weighting
- Solutions for banking sector
Introducing MIR Token: Empowering a New Era of Decentralized Innovation
Today, as in the past, the banking system continues to grapple with formidable challenges, including systemic fragmentation, exorbitant transfer fees, and liquidity constraints. The COVID-19 pandemic has further accelerated the shift towards digital transaction methods. Consequently, the most digitally advanced banks are in high demand, with three key pain points: interbank transactions are notoriously slow, costly, and often plagued by a lack of transparency, making it difficult for both senders and recipients to track the status of their transactions. These issues are even more pronounced in the African context.
One of the primary challenges that central banks will encounter when they eventually adopt blockchain technology is the progressive burden of blockchain over time. As blockchain networks are increasingly utilized, they tend to become heavier and more cumbersome. This is exemplified by the Bitcoin blockchain, whose transaction processing speed has significantly decreased over the past decade. Furthermore, the mining costs have become increasingly prohibitive, owing to the escalating complexity of algorithms. Other blockchain models have emerged, offering total mining capabilities, but they too have succumbed to the same issue of weighting in the medium term. This development does not bode well for the banking sector, particularly when it decides to integrate blockchain technology.
MIR is a token dedicated to propelling the future of blockchain technology, specifically designed to optimize two types of blockchains capable of processing billions of transactions daily, unhindered by performance constraints, thanks to the development of innovative server architectures.
Innovative algorithms are revolutionizing the Blockchain landscape by reversing traditional weighting methods, leveraging novel encoding techniques and micro-compression languages to optimize information storage.
All the results of this endeavour will be primarily dedicated to the banking sector and made available to them in open source. Subsequently, they will be accessible to Blockchain operators worldwide, thereby revolutionizing what is currently perceived as a global innovation, the Blockchain itself. Thus, the two solutions – new types of powerful servers combined with the novel micro-compression language – will grant us access to a Blockchain 100 times more powerful than anything we know today. This will afford Africa, via Russia, a stroke of genius on the world stage, in a partnership that will make them the pioneering users with unparalleled exclusivity. Blockchain resolves the three primary pain points of the banking sector, namely the sluggishness of operations, instantaneous and non-traceable transactions, and exorbitant transfer fees. However, the Blockchain itself has another inherent limitation, in that the more users there are, the more cumbersome it becomes.
Two viable solutions emerge: Developing a novel language for microcompressing information on the Blockchain, thereby reversing the weighting process.
Design and deploy server solutions that boast a 100-fold increase in power, all while maintaining affordability at average market rates.
MIR will underwrite this endeavour and make accessible to the banking system the inaugural models of a paramount open-source blockchain, courtesy of R3, Corda, and Ripple.
Blockchain resolves the three fundamental issues plaguing the banking sector, specifically the sluggishness of transactions, the lack of instantaneous traceability, and the exorbitant transfer fees. However, the Blockchain itself is not without its own limitations, as it becomes increasingly cumbersome with a growing user base.