On the 31st of March, MetaMUI held an AMA session with GemMouse Capital, one of the largest Vietnamese Blockchain communities, with 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 want 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 is our Research partner led by Prof. Neuman and Prof. Krishnamachari. We have a highly talented, multinational team of Blockchain engineers, Architects, marketers, and advisors. We are already present in 7 countries, three continents, dispatched between the USA, Korea, Singapore, Sweden, India, and Uzbekistan.
There are three leading blockchain research universities in the USA, including MIT, Cornell, and USC. 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, the blockchain development lab for Avalanche. We, Sovereign Wallet Network, have worked with USC since 2019 and successfully redesignBlockchain technology and developed MetaMUI, the 1st identity-based Blockchain, considered the 4th generation Meta blockchain, capable of generating independent blockchains inside the main blockchain. It allows users to publish various kinds of Meta-Coins on our MetaMUI platform.
Our MetaMUI’s Meta-Coin has strong advantages 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, can apply the user’s information on the edge. Additionally, one can generate Meta-NFTs(Non-Fungible Tokens) without programming smart contracts, so any user can instantly publish NFTs, tokenized assets, and digital stocks.
Question 2: what makes MetaMUI different from others, and what are your project’s strengths compared to other projects?
Phantom: Many differences exist between the current public blockchains (such as Bitcoin, Ethereum, Cardano, and 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 provides complete interoperability between ledgers, allowing every blockchain to have its ledger. For example, suppose the Central Bank of Vietnam wants to issue its own CBDC(Central Bank Digital Currency). In that case, we support a dynamic minting system which means the Central Bank of Vietnam can publish the Vietnamese CBDC without any programming but with just a single click of a button. Once the Central Bank of Vietnam issues the CBDC, it can be transferable to other CBDCs like Indonesian, Cambodian, and Southeast Asian countries’ CBDCs and even different continents’ CBDCs. So, in this case, MetaMUI is supporting not only every country to have their own CBDC on their mainnet ledger, but also the atomic swap between CBDCs and other digital assets is 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. Many banks and institutes still use a centralized PKI system, which causes lots of problems like hacking personal data because of a single point of failure and other critical issues that have continuously brought huge damages. In MetaMUI, every ownership of assets is bound to the user’s 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’ identities, 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 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 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. MetaMUI uses the P2P cash protocol for microtransactions, 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 increased security and decentralization. Thanks to its hybrid architecture, unlimited scalability is possible, enabling 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 MetaMUI is 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 African nations, 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. 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 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, and User-generated NFTs. Throughout the process, the amount of MetaMUI needed to be paid to the 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 receive incentives based on 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 the MetaMUI network. We seek collaborations and partnerships with different blockchain communities and associations worldwide to join this network.
MetaMUI has concluded meaningful partnerships during the past 15 months. A strategic partnership with OMFIF: Official monetary and financial institutions forum, OMFIF is one of the prominent financial thinktank based in London. Most Central Banks and international financial institutions/organizations have been active members within OMFIF, where accelerated dynamic and research around digital currencies have 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 partner with the NBA (Nordic Blockchain Association) and the DEA (Digital Euro Association). We have been talking with well-known payment companies worldwide to introduce our blockchain-based payment system. We are planning to build a consortium alongside banks, payment companies, consulting firms, and blockchain networks of experts in Europe.
Question 4: Many projects are always talking about their strengths, but most 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 them?
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 be achieved simultaneously. To satisfy legal compliance such as KYC(Know Your Customer) and AML (Anti-Money Laundering), it is required to have an identity mechanism. However, if we have the identity mechanism, there’s worry about privacy. MetaMUI combined the decentralized identity with decentralized token technology to solve this problem 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 real-world financial and digital-world crypto applications. Having this flexibility increase the possibility of mass adoption.
Another component of the trilemma is programmability. As well-known, Bitcoin and many cryptocurrencies are notoriously slow in confirming the transaction. Implementing the programmabilityfurther slows down and makes it impossible to use in a real-world application. The fundamental reason why previous blockchain technology is slow is that the consensus mechanism only allows the processing of 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. This means that someone is buying a Lua coffee in Hanoi, and 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 Internet of Things and Machine to Machine commerce era, we would need millions of transactions per second. MetaMUI can support these M2M transactions.
One 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 hinder the mass adoption of Bitcoin and other blockchain technology. To solve this problem, we need to implement “offline” payment. However, no blockchain technology can allow offline payment because of the consensus process that requires a network connection. To enable offline payment, we need to implement a peer-to-peer payment protocol. May you 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 first solved this problem and invented a true Peer to Peer payment protocol 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.
MetaMUI is the world’s 1st Identity-based blockchain to enable regulated Peer_to_Peer (P2P) transactions. It can be used as the cornerstone for most financial offerings. Its high versatility and support for custom-developed use cases easily enable Central Bank Digital Currencies (CBDC) implementation and issuance 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).