Abstract:
The scalability issue of blockchain has severely damaged the diffusion of decentralized economy derived from Bitcoin and its follower Ethereum. Both the block size and rate serve fundamentally the bottleneck of blockchain. There are broadly three solutions to it, sharding, which includes smart contract sharding with regards to Ethereum, network sharding deployed in zilliqa，lightning network for Bitcoin and the alt coins; DAG in the case of IOTA and Byteball and Nano(Rai); among the above , solutions based on DGA are revolutionary and disruptive, it get chain out of block , hence the blockchain performance is no longer confined with the famous impossible triangle (aka security, scalability and decentralization). In addition consensus efficiency is also contributing significantly to the network performance, from POW to POS to DPOS and BFT. MOL is built upon the data structure of block- lattice, decoupling the block and transaction, there is no block to be packed just to be freed from the shackle, and implement DPOS as consensus as and when there are double-spend. Indigenized Ethereum EVM will be compacted together with solidity smart contract and Oracle to server the purpose of tokenization of Dapp. Just to build a DAG-DPOS blockchain with feeless and instant micro payment service.
Why MOL ?
2.1 Micro payment
With support for micropayment on mobile, MOL is truly putting decentralized economy on mobile.
You can?t wait at cashier for 10 minutes clearing time demanded by Ethereum blockchain with 12 confirmations while in extreme situation, it takes hours with network congestion caused by cryptokitty like and the more cumbersome thing is that the transaction fee of 1–2 dollar average will be more than the coffee price. Which is unacceptable.
Instantacy and feeless is the main block for the adoption of token. With as fast as 50 millisecond and feeless, MOL is bonafied foundation for the circulation of cryptos
2.2 On Mobile
Only peoples in rich countries are luxury enough to have most of the world computers, say 75% with top 20 countries. 178 countries have shared the remaining 25% of world computers . India have been leaped over the computer Internet to mobile Internet directly, mobile bank are mostly adopted in Africa than the traditional bank. Blockchain 1–2 has been developed to survive on PC Internet for the elite and the rich but left the 99% of population behind. That is the vision for MOL, building a mobile blockchain for everyone.
The Technical characteristic of MOL
3.1.1 Blockless
The block and its block producer (node) are inherently jailing the performance of blockchain, all the transactions across the world in a time span of ∑_(t=0)^n▒Tx are waiting to be molded in to the block by its permissionless pseudo-elected node,
3.1.2 Smart contract
Both IOTA and Nano has a fallacy in terms of supporting the smart contract, which MOL believe it to be a invariably and unverifiable part of a public blockchain, we start innovating from the deck of DAG structure, contemplating the array of account of ?contract account?，which has the similar function as the normal account: being open, send, receive and change. But the contract account is controlled by code, similar to the Ethereum smart contract.
Every Contract account has a separate chain, start with its own 〖Block〗_0, each send and receive transaction compose the series of its own blockless blockchain, just as the formation of account blockchain.
3.1.3 Tokenization
From the UGC (User Generated Content) to UGC (User generated Currency), the irreversibly inelastic demand enlighten the MOL team devote their research and development resource to tokenization for Dapps.
a. MOL will extend the stack of Ethereum EVM to support MOL?s DAG block structure; hence it will be easier for solidity contract?s migration to MOL
b. MOL further encapsulate the remix into a more user friendly GUI, with only parameter of ? string, symbol, supply? to create one?s own token, being the security token or utility token
c. Token is created with smart contract, genesis supply are distributed to the normal account at formula or ico conversion ration define by undertaker.
3.2 Consensus: POW and DPOS
3.2.1 Proof of work
MOL use a sort of POW process before every transaction is being broadcast into the system in order to prevent the spam attacking, it can be processed by the wallet in a matter of few seconds, it even can be pre-mined, in the sense user feels that it is instantaneously done with the transaction. ED25519&Blake2b is deployed for Hash purpose.
3.2.2 DPOS
MOL adopts DPOS consensus in the case of Double-spend. As far as consensus efficiency?s concern, POW<POS<BFT<DPOS, DPOS owns the highest efficiency as it greatly eliminate the consensus overhead with contentionless mechanism. Further enhancing the consensus efficiency for MOL is to consensus as on demand of double-spend, double spend only occur in the case of programming bug and Sybil intention, both cases are rare and preventable from the system design level. Hence consensus eternally itself is resource wastage for the system. Every wallet in MOL will nominate or changes their designative representative, representative will vote in the case of double spend.
T^’=∑_(i=0)^n▒∑_(j=0)^m▒Token
(n=sum of Representative,m=sum of account under each representative),
T=Gensis
If T^’>T then, Double spent, representative are called to vote for disposal.
3.3 Scalability
The blockless design makes sure the transaction (either send or receive) can be confirmed within the speed of Internet broadcast, which could be 50 millisecond (1 second =1000 millisecond) or mere seconds, as far as the TPS?s concern, due to the parallel nature of process, it reach into infinity
3.4 Cross chain
Since 2009, Lite coin and Monero, Dash, Zcash , while the centralized Stellar and Ripple, Till 2015 thousand of Tokens from Ethereum and its counter parties Aethernity, Cardano(ADA), and IOTA, Byteball with DAG, different Lisk and Ark, NEO and QTUM, and now EOS. Chains are isolated, so are the assets issued on the different chains, hence there is an intrinsic demand for transfer asset without the centralized exchange. Cross chain transfer on MOL follows the principles
1) Reserve Value
2) Double Anchor
3) Smart Contract
4) Value Shard
USDT is issued on Ethereum with 100 billion as total supply, 80 billion of which are treated as store of value residing on the exchange to serve as the trading pair, all the trading are not on chain, hence there is no transaction paid to the miner. The transfer value of USDT has been limited by the nature of Ethereum block chain, 10 minute wait and 1 $ fee are not acceptable being as an circulating currency, what if the 20 billion of equivalent USDT are being issued on the MOL block chain
3.5 Crypto Economics
3.5.1 staking
To maintain the network security, although MOL is zero fees, it is still mandatory to stake certain threshold amount of MOL in the wallet, it further generate interest for staking, the process we call it mining, annual rate 5.5% with 80% attenuation.
3.5.2 Bonus
In order to reward the representative, who is practicing a ? proof of contribution? mechanics by adding more account under its rein, the representative will receive bonus
Among the total supply of MOL, a percentage of staking interest and bonus will be shelled out in the contract account, which automatically disperse them in a manner of fixed time span.
3.5.3 Economic model
T_(n+1)=T_n*[1+〖0.8〗^n*0.025]
T_0=0.8312
(Note: T denotes the circulation of MOL at n^(th) year,initiation rate 5.5%, after 100 years, there wont be any interest accrue on MOL block chain)
Conclusion
With the disruptive adoption of DAG and blockless structure, MOL is also the best in class of instant, zero-fee, and highly scalable public blockchain, with the extended Ethereum smart contract support, tokenization of Dapps will never be such easy, it can render service for a broader lieu of scenarios, instant transactions, micro payments, mobile app, decentralized games, insurance and other financial usage
Use Cases
5.1 Instant Transactions.
With MOL, decoupling the transaction from blocks, transactions are now nearly instant with any party, it is possible to pay café shop in seconds
5.2 Micropayments
Bitcoin with transaction fee of almost 100$ and Ethereum with 1–2$ per payout. MOL with total supply of 100 billion will be the ideal substitute of BTC and ETH for micropayment with zero transaction fees.
5.3 Mobile Dapp
Almost all the existing mobile apps can utilize the MOL smart contract to enable token generation for their users, hence to access the instant blockchain service
5.4 Decentralized games
There is no better service other than MOL to offer decentralized game a way of edgeless and instant as well as feeless experience, gamers will be able to deliver chips to each other bet by bet.
Roadmap
Sep 2017
MOL Project initiation
OCT 2017
Angel Fund
Jan 2018
Molecule Foundation Singapore
March 2018
MOL testnet launch
June 2018
MOL Main Net launch
July 2018
MOL 100K Users
Q3 2018
SDK Launch
Q4 2018
MOL Virtual machine
Dec 2018
MOL 1 Million Users
Q1 2019
MOL Cross Chain
July 2019
MOL 5 Million Users
2020
MOL Dapp Eco build
Get Involved
Github: https://github.com/MOLPROJECT
Website:https://www.mol.one/