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mwgo's Introduction

MWGo

In the barbaric growth of the cryptographic world, we already have a large number of open-source ecosystems, robust and ever- improving underlying facilities, decentralized file sharing, and free-flowing cryptocurrencies, but it's clear that the inability to commercialize on a large scale means that there are still many problems with blockchain structure today.

At the current stage, the biggest problem that people realize is the hard-to-reach extensibility and scalability between independent blockchain and other blockchains. According to the data disclosed by CoinMarketCap, there are at least over thousands of public blockchains running today, each blockchain with hundreds of millions of nodes on average pending all day for consensus to maintain the canonicality and validity of the ledger. Blockchain systems that cannot be extended and linked horizontally are like isolated islands and castles in the air. Therefore, there is no doubt that Cross-Chain technology is the focus of today's encryption field. We are pleased to see that some high-quality open-source developers have built small and successful projects in this field, such as Polkadot, Cosmos, lris, Chainx, etc. However, due to the fundamentality and complexity of cross-chain technology, there are still a lot of weaknesses in the process need to be improved.

XUT network is a heterogeneous multi-chain structure blockchain.

Based on the nature of the heterogeneous structure XUT can support backward compatibility with one or more existing blockchain systems, such as EOS, Ethereum, Binance Chain, etc. The system can provide a sort of useful underlying components, and support information transmission of the global business grade blockchain. It supports many highly differentiated consensus systems to interact within a trustless, fully decentralized federal system, allows trustless mutual access of blockchains.

Industry background

According to Satoshi Nakamoto's definition of a blockchain system, we can abstract the system role of any blockchain into User and Miner. Users use the advanced features on the network through wallets that contain keys or tokens. Miners, on the other hand, produce consensus blockchain, the public authoritative ledger of all transactions, through competitive computing.

Mining industry and consensus

Blockchain is revolutionary, it allows anyone to own and transfer assets through an open financial network without the need for a trusted third party. There are now thousands of blockchain-based assets, and the main way to produce crypto assets is mining. “Mine” stands for wealth, "Mining" means the most direct approach of obtaining wealth. When miners correctly validate all transactions following the consensus rules, this mining behavior is rewarded by the blockchain system for its honest production of blocks (i.e. token), and when blockchain systems gain value because of the robustness and development of participants, the token earned by miners will also be given ever-higher secondary market value. The miners produced the initial in system token. Mining has thus become the first layer of the blockchain industry.

Although mining is motivated by token rewards, create new coins, but mining is not the ultimate goal. Technically, mining is a decentralized transaction clearing mechanism through which every transaction can be verified and liquidated. Mining is an invention that makes blockchain systems unique, it achieves a networkwide consensus without a central authority and "incidentally" achieved token issuance. It can be said that mining is the foundation of the entire blockchain industry, which determines 0 or 1 of a blockchain system. It's an economic initiative that has proven its greatness in a single blockchain. However, in the Cross-Chain age, there is still a lot of room for improvement of the balance between the economic allocation and the networkwide consensus in mining behavior.

Ecnomic models and Token

Token

As all Para-Chain networks connected to XUT, XUT Para- Chain has its own original token to indicate rights and interests. The token is named MWGo and has a total release of 10 billion MWGo.

MWGo is derived from the spirit of open-source software and is fully compliant with the GPL (General Public License protocol). Therefore, there is no fund-raising behavior, the same, there is no pre-mining, no preset genesis node (the first 500 nodes established after obtaining 1,000 MWGo through user’s stake automatically become genesis nodes) and other developer revenue behavior, all chain behaviors will be recorded by the blockchain.

MWGo output

The only way to obtain MWGo is through mining behavior output. Nevertheless, the distribution after MWGo "mining" is distinctive.

In the early stage of blockchain operation, the daily constant output of MWGo was set at 288,000 MWGo. To achieve high extensibility and scalability of the Para-Chain, MWGo sets the block output time to be 1 second per block, i.e. 16.666 MWGo per second, (not excluding the appropriate reduction of output distribution by inflation indicator regulation, as described in Fig. 4.3), real-time settlement per second.

Inflation model control

MWGo adopting inflation model control to solve the "scissors- like gap" spell of increasing mining assets and declining mining revenue continually in other mining models, to openly operate market by setting threshold value range of inflation rate CPI [ CPI= real-time dug out asset market value (A) /mining asset market value (B)] and to control the number of mining assets entering and the amount of MWGo to be allocated according to the market capitalization of the dug out asset.

Asset mining

Network participated by everyone

As mentioned in previous paragraphs, MWGo outputs through mining, but the distribution pattern is unique. XUT will provide a solid underlying network to build the next generation of consensus systems on top of it. Even if XUT maintains as little functionality and maximum versatility as possible in the underlying design pattern, in addition to its own Para-Chain needs network nodes to participate in the consensus, each Para-Chain links to MWGo requires robust nodes to handle a variety of special cases on the Para- Chain, such as updating the status of the transaction queue ( that is, from one Para-Chain's exit queue to another Para-Chain’s entrance queue), processing the transaction collection of the approved Para-Chains, approving final blocks, receiving the final state change of Para-Chain, and so on. The network pressure brought about by these sudden states requires the consensus node within the network to have a strong resistance to risk.

To encourage the steady service output of nodes participating in the XUT network consensus, and to resist the current highly centralized mining environment, we designed the XUT unique innovated asset mining model. This model has completely addressed the high threshold of independent blockchain mining in the past. In the case of interoperation between Relay-Chain and Para-Chain assets, the value conversion of the assets on each Para- Chain can be easily converted.

When XUT network users can all link Para-Chain digital assets supported in any network across chain to a corresponding separate address in XUT DApp, they opened the gate of cross-chain, had the permission to use various Para-Chain functions for single Para-Chain asset, and also got the mining permissions of XUT Relay-Chain and the opportunity to participate XUT chain node consensus. We identify this kind of mining: "asset mining" or "mapping mining": Para-Chain assets mapped to the XUT network by ordinary users will automatically be pledged and 102% of the assets will be mapped on the MWGo chain, while having the equivalent value of hashrate, which can be converted to the original chain after 6 days. User completes the mining behavior without any technical threshold and cost consumption and obtains revenue.

XUT has a great economic model (see Chapter 6 for details), strictly speaking, asset mining is not a network consensus behavior, it is simply to increase the number of standby nodes and the number of trust nodes required for the future large-scale cross-chain. But asset mining has greatly enhanced the robustness of the network, and the state in which everyone can participate is consistent with Satoshi's design for blockchain philosophy. The hashrate that ordinary users gain when doing asset mining can also be used to vote for a real candidate node (the director) and to better motivate the honest behavior of consensus node. The benefits of the node's consensus behavior are proportional to the total hashrate and will be divided equally with the voting user, thus obtaining a win-win situation.

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