⚙️Principle of MBANK Implementation

We have divided MBANK into three parts, namely, an open source blockchain system that enables decentralization, a payment pass rule that enables unrestricted payments in the form of currency, and support to the application interaction for 2B and 2C users.

4.1 Blockchain System

The underlying MBANK uses an open source blockchain system from the open community. After continuous test runs, we believe that it has fulfilled the performance requirements needed by the MBANK ecosystem. The following is our introduction to the key technologies of the blockchain system.

Linked data structure

Blockchain is a kind of linked data structure that connects block chains sequentially in chronological order. We can understand blocks as "data containers", and each block has been tagged with its "production date", and the time stamp accurately records the production time of a block to ensure that the production time of each block will not be repeated. The blockchain is formed by linking these blocks with a time sequence. A block contains two parts: a block header and a block body.

A block body is responsible for storing the transaction data, and the payment data occurring in the MBANK interaction layer will be stored in the block body. The public chain specifies a block size of 32M. When a block is short of storage space, the newly generated transaction data will be stored in the next block. This does not mean that the blockchain data storage must be full before generating the next block, instead, the block is released at a fixed time, and the data storage is actually in a passive position. Public chain guarantees to produce a block every 4 seconds. If the current block has been generated, the data is still stored in the current block even though the time stamp block of the previous block still has remaining storage space. If the current block is full, the newly generated data is queued for the next block to be generated. A block header defines the difference between each block and the data structure rules. A block header stores data such as prefix hash, Merkle root, time stamp, Nonce string, and difficulty targets etc.

Known as a hash algorithm, the function of a hash algorithm is to take an input of arbitrary length and transform it into an output of fixed length through the computation of the hash algorithm, and the output is exactly the hash value. This transformation is a contraction mapping, which means that the hash value usually takes up much less space than the input space, which is commonly understood that a larger file or a longer piece of plaintext will produce a short string hash value via the hash algorithm.

The features of the hash algorithm make it widely used for encryption and authentication purposes.

Firstly, the hash algorithm is fast. Given the plaintext and hash algorithm, the hash value can be computed in limited time and limited resources. The hash algorithm ensures that hash values are difficult to reverse. Given a hash value, it is basically impossible to backstep the corresponding plaintext, which ensures that the plaintext encrypted by hash is difficult to decode by others.

The hash algorithm is extremely sensitive to the input, even if a number or letter changes in the original input information will result in a very different hash value, so the hash value is often used to verify whether the plaintext has been tampered with without decrypting it.

4.2 Application Interactions

MBANK interactions are oriented to both B- and C-side users. MBANK will be the world's first decentralized payment system compatible with cryptocurrencies and legal tender. And in the planned version, we will open up the following features:

Payment pass

After downloading MBANK, users can go to any offline store or any online mart to use MBANK to pay for commercial products that only support legal tender, the system will deduct TOKEN equivalent to the price of commercial products for the payer, and the payee can choose to accept legal tender or cryptocurrency. The whole process is decentralized and happens in a real-time manner. The payment pass feature provides users with payment convenience. With TOKEN, users can pay for purchases anywhere in the world without worrying about whether the merchant supports their currency or payment method or not. For example, if a user wants to make a purchase at two stores in a shopping mall, store A can support Apple pay and store B supports Paypal, so instead of downloading two separate payment tools, the user can use MBANK to complete the payment transaction. Or an American user who wants to travel to Japan can use MBANK to pay successfully even if he/she doesn't exchange Yen with the bank.

B-side user, C-side user Payment pass, asset management, T+0, OTC trading, socializing Game and entertainment, Market, Living payment, Shopping SILKPAY, B-side & C-side user, SILKPAY, B-side & C-side

Asset Management

MBANK is also an asset management platform that allows users to store and manage their cryptocurrency assets. MBANK adopts the principle of cold and hot wallets to manage users' assets. Under normal circumstances, users' cryptocurrency assets are stored in cold wallets and when users make payments, the corresponding amount will be automatically transferred to hot wallets for settlement. The cold wallet is an offline wallet, which allows users to store their assets more securely. Only under the circumstance that users make payments or transfers, some of their assets will then enter the online state. At the same time, the platform does not store users' private keys, which are managed by users themselves. MBANK supports multi-chain asset management, USDT, BTC, ETH and many other assets.

Market

With access to data from the Top 50 global cryptocurrency exchanges and real-time market updates, MBANK allows users to make the most informed investment decisions about their assets.

T+0 OTC Trading

OTC trading based on payment pass can eliminate the KYC link and compress transaction time with real-time settlement for both parties. We know that traditional OTC requires the introduction of KYC to supervise both sides of the transaction to prevent fraud, and the transfer of legal tender and cryptocurrency is done separately and requires manual operation by both sides of the transaction. MBANK has built a fully trusted OTC trading environment where the exchange of cryptocurrency and legal tender is done automatically by the system without manual operation.

Socializing

MBANK proposes to develop a decentralized social function, which can be used to chat individually or in groups, and to add cryptocurrency to send red envelopes and small transfers.