Apr 1
AMA: MetaMUI x GemMouse Capital
On the 31st of March, MetaMUI held an AMA session with GemMouse Capital which is one of the largest Vietnamese Blockchain community, and has over 110,000 Telegram community members, and 13,000 Twitter followers.
In this AMA, Phantom Seokgu Yun, CEO of Sovereign Wallet Network & Project Lead of MMUI, and Cizar Bachir Brahim, CSO of Sovereign Wallet Network & MMUI, mainly talked about the problems that the current public blockchains are now facing and how MetaMUI has overcome those issues by implementing various new features inside the MetaMUI Blockchain.
If you missed this event and would like to know what MetaMUI is all about, you can find a recap of the interview here.
Question 1: Could you introduce project MetaMUI?
Phantom: MetaMUI is a mainnet blockchain jointly developed by SovereignWallet Network, SWN Global, and the University of Southern California. USC Viterbi School of Engineering school as our Research partner led by Prof. Neuman and Prof. Krishnamachari. We have a multinational and highly talented team of Blockchain engineers, Architects, marketers, and advisors. We are already present in 7 countries, 3 continents, dispatched between the USA, Korea, Singapore, Sweden, India, and Uzbekistan.
There are three leading blockchain research universities including MIT, Cornell and USC in USA. Silvio Micali, Professor of Electrical Engineering and Computer Science at MIT, founded Algorand, and Emin Gun, Associate Professor of Computer Science at Cornell University, founded AVA Labs, known as the blockchain development lab for Avalanche. We, Sovereign Wallet Network, have worked together with USC since 2019 and have been successful in redesigning Blockchain technology and developed MetaMUI, the 1st identity-based Blockchain, which is considered the 4th generation Meta blockchain, capable of generating independent blockchains inside the main blockchain. It gives users the possibility to publish various kinds of Meta-Coins on our MetaMUI platform.
Our MetaMUI’s Meta-Coin has strong advantages when compared to Ethereum’s ERC20 token. Meta-Coin does not require any complex smart contract programming for minting. MetaMUI is the first blockchain to achieve the decentralization of smart contract operations. MetaMUI’s chain code (smart contract) can run on the edge of the blockchain, which means the user’s device such as a smartphone, and can apply the user’s information on the edge. Additionally, one can generate Meta-NFT(Non-Fungible Token)s without programming smart contracts so basically, any user can publish NFTs, tokenized assets, digital stocks instantly.
Question 2: what makes MetaMUI different from others and what are the strengths of your project compared to other projects?
Phantom: There are many differences between the current public blockchains (such as Bitcoin, Ethereum, Cardano, Solana) and MetaMUI. There are many unique features of MetaMUI, but I will mention only three of them here.
Firstly, MetaMUI is the only blockchain that can run multiple blockchains inside the MetaMUI Blockchain. MetaMUI is providing complete interoperability between ledgers, and it allows every blockchain to have its own ledger. For example, if the Central Bank of Vietnam wants to issue its own CBDC(Central Bank Digital Currency), we support a dynamic minting system which means the Central Bank of Vietnam can issue the Vietnamese CBDC without any programming but with just a single click of a button. Once the Central Bank of Vietnam succeeds to issue the CBDC, it can be transferable to other CBDCs like Indonesian, Cambodian, and other southeast Asian countries’ CBDC and even other continents’ CBDC. So in this case, MetaMUI is supporting not only every country to have their own CBDC on their own mainnet ledger, but also the atomic swap between CBDCs and other digital assets are possible. (This is a much bigger and better version of Uniswap)
Secondly, MetaMUI is the only blockchain that implemented DPKI(Decentralized Public Key Infrastructure) and Identity Blockchain in the blockchain structure. There are many banks and institutes still using a centralized PKI system, and it causes lots of problems like possible hacking of personal data because of a single point of failure and other critical issues that have brought huge damages continuously. In MetaMUI, every ownership of assets is bound to the users’ identity and the personal data is securely stored in the device. Everyone in the crypto space is exposed to the circumstance that private keys might be stolen by hackers or lost forever because of carelessness in private key management. To prevent this, MetaMUI enables linking the ownership of the asset not to private key but to users’ identity and which means crypto investors no longer need to worry about losing private keys because private keys can be replaced after verifying the user’s identity to its blockchain system. MetaMUI Blockchain is the only blockchain that is supporting this feature in the blockchain industry, and this function will bring mass adoption of blockchain technology to real-world applications.
Lastly, MetaMUI supports more than 1 million transactions per second. MetaMUI has improved the transaction speed and scalability through hybrid architecture. MetaMUI combines its blockchain technology with NetCheque and NetCash, invented by Clifford Neuman, Associate Research Professor of USC. This hybrid architecture allows MetaMUI to execute two kinds of transactions at the same time. For microtransactions, MetaMUI uses the P2P cash protocol, so millions and billions of microtransactions are possible in a second with parallel node connections. For higher volume payments and transactions like remitting money overseas and cross-border payments, we use decentralized architecture to achieve high security and decentralization. Thanks to its hybrid architecture, unlimited scalability is possible and this enables a true Peer to peer payment this will bring a new era of digital currency to solve the technical problems that many countries are now facing with their CBDC development.
Question 3: Can you please provide some information about your Roadmap and how is MetaMUI progressing so far?
Cizar: MetaMUI platform is the first-ever identity-based blockchain that utilizes a hybrid payment architecture for maximum efficiency and solves the Central Bank Digital Currency ‘CBDC’ design trilemma. To publish the meta-tokens on MetaMUI, Central Bank Node should stake a certain amount of MetaMUI and guarantee all transaction fees related to token transfers. MetaMUI is becoming very popular as a Central Bank Digital Currency ‘CBDC’ publication platform among many nations in Africa, Europe, the Middle East, and Asia. (Vietnam Central Bank included) In this case, the government or national central bank will use the MetaMUI Network to run their CBDC projects, and this will become a project fund and will be reserved in the MetaMUI treasury to control the circulating volumes of MetaMUI.
At the beginning of this year, we have successfully launched our MetaMUI SSID App for the National ID system, e-Government, and CBDC. We have also concluded a CBDC pilot project with an indigenous nation in Northwestern Australia.
In addition to CBDC publication, MetaMUI has more utilities such as Digital Stock Exchange, Asset Tokenization, User-generated NFTs. Throughout the process, the amount of MetaMUI needed to be paid to MetaMUI node will increase. This will vaporize the number of MetaMUIs in circulation. Holders of MetaMUI can have the chance to run a mobile node to participate in the consensus protocol and received incentives based on the proof of contribution. In short, you can make money by running the MetaMUI node on your smartphone.
We are aiming to build an entire ecosystem to support MetaMUI network. To do so we are seeking collaborations and partnerships with different blockchain communities and associations, around the world to join this network.
MetaMUI has concluded important partnerships during the past 15 months. A strategic partnership with OMFIF: Official monetary and financial institutions forum, OMFIF is one of the well-known financial thinktank based in London. Most of the Central Banks and international financial institutions/organizations have been active members within OMFIF where accelerated dynamic and lots of research around digital currencies has been conducted.
We are also a pioneer member of the Blockchain Research Institute (BRI) and an active contributor to multiple BRI research projects initiated by Don Tapscott (the Blockchain pioneer and author of many best-selling books)
MetaMUI is an institutional member of the DEA (Digital Euro Association), and an active member in different DEA Working Groups around CBDC and Stablecoins. We have joined as the research partner, and we will introduce our MetaMUI CBDC solution to the DEA under the Digital Euro Initiative launched by the European Central Bank ‘ECB’, our focus is to build a Synthetic CBDC solution for European countries, and will contribute to solving the design trilemma of what current Euro is facing. We also have partnerships with the NBA (Nordic Blockchain Association) and the DEA (Digital Euro Association). We have been in talks with well-known payment companies all over the world to introduce our blockchain-based payment system, and we are planning to build a consortium alongside banks, payment companies, consulting firms, and blockchain networks of experts in Europe.
Question 4: A lot of projects are always talking about their strengths, but most of them are having a problem with the mass adoption and sustainability of the projects. As one of the leaders of MetaMUI, would you dare say the difficulties that MetaMUI is facing, and how long it will take to overcome it?
Phantom: From the inception of the MetaMUI development, I have focused on the real-world applicability of the technology. The first target was the CBDC (Central Bank Digital Currency). To successfully apply blockchain technology to CBDC, we need to solve the CBDC design trilemma, meaning identity, privacy, and programmability can not achieve at the same time. To satisfy legal compliance such as KYC(Know Your Customer), AML (Anti-Money Laundering), it is required to have an identity mechanism. However, if we have the identity mechanism, there’s worry about the privacy. To solve this problem, MetaMUI combined the decentralized identity with decentralized token technology and invented an identity-based token blockchain. Since it is identity-based, it satisfies legal compliance. At the same time, since it is a “decentralized” identity, it has better privacy protection compared to pseudonymous (not anonymous) designs such as Bitcoin or Ethereum. In short, MetaMUI blockchain technology can be used in both real-world financial applications and digital-world crypto applications. Having this flexibility increase the possibility of mass adoption.
Another component of the trilemma is programmability. As it is well-known, Bitcoin and many cryptocurrencies are notoriously slow in the confirmation of the transaction. If we are to implement the programmability, it further slows down and this makes it impossible to use in the real-world application. The fundamental reason why previous blockchain technology is slow is that the consensus mechanism only allows the processing of the transactions in a serial fashion. They can process the transaction one by one. It can not process the transaction in parallel, at the same time. What this means is that someone is buying a Lua coffee in Hanoi, other people in Seoul and other cities have to wait in line for the transaction to be processed until the Hanoi transaction is finished.
This is a fundamental protocol problem. So far, no blockchain technology has solved this problem except MetaMUI. MetaMUI allows the transaction to be processed in parallel, at the same time. Therefore, we can process transactions in Hanoi, Seoul, and New York independently at the same time. This new protocol design makes it possible to have a globally scalable payment system with unlimited scalability. In the era of the Internet of Things and Machine to Machine commerce, we would need millions of transactions per second. MetaMUI can support these M2M transactions.
One of the pre-condition to using cryptocurrency is that the user needs to have a smartphone and Internet access. This is one of the main reasons that hinders the mass adoption of Bitcoin and other blockchain technology. To solve this problem, we need to implement “offline” payment. However, because of the consensus process that requires a network connection, no blockchain technology can allow offline payment. To allow offline payment, we need to implement peer to peer payment protocol. You may puzzle that isn’t Bitcoin a P2P payment? The truth is that Bitcoin is NOT a peer-to-peer payment system. It does eliminate the centralized mediators such as the Bank. However, it introduced lots of decentralized mediators such as miners. Since it still has mediators, it is not a peer-to-peer protocol. Therefore we can not implement a “cash-like” P2P payment protocol with current blockchain technology.
Finally, MetaMUI has solved this problem and invented a true Peer to Peer payment protocol first in human history. Since it is a true Peer to Peer payment protocol that doesn’t require a centralized mediator or decentralized mediator, MetaMUI can allow more than millions of transactions per second. With this true P2P payment protocol, people can now enjoy cash-equivalent, true cash-like digital currency. This will accelerate the adoption of digital currency systems worldwide.
As proof of what I said so far, a sovereign nation inside Australia called Yidindji used the MetaMUI platform to publish its own CBDC, national identity and E-government system. We have already started the mass adoption and digital revolution.
About MetaMUI
MetaMUI is the world’s 1st Identity-based blockchain to truly enable regulated Peer_to_Peer (P2P) transactions. It can be used as the cornerstone for most financial offerings, with its high versatility and support for custom-developed use cases that enable Central Bank Digital Currencies (CBDC) implementation and issuance easily on the MetaMUI CBDC platform.
MetaMUI is built around Self-Sovereign Identity (SSID) technology. By combining the SSID and blockchain token mechanism, MetaMUI was able to create a new identity-based CBDC system that can protect user’s privacy while providing an identity-based transfer system that can satisfy travel rules and other regulatory requirements such as Know your customer (KYC), Anti-money laundering (AML) and Counter Financing of Terrorism (CFT).
