Mochimo Project Analysis

About

Overview

Mochimo (MCM) project was launched as a Proof of Work (PoW) cryptocurrency on the 28th December 2017 with the genesis block being minted in June 2018.

The team first ran a closed testnet and then public testnets for approximately 6 months after launch in Dec 2017 before the minting of the genesis block in June 2018.It was deployed with a new algorithm (Trigg’s Algorithm) that was developed by the team for this project which is currently CPU/GPU mineable and ASIC/FPGA resistant at the current time of writing.

The codebase for Mochimo was written  from scratch and is not  a fork of any other coin, thus making it a third generation cryptocurrency.

This fresh codebase created by the team gives them “the tools with which to build a licensable robust  suite of algorithms  that  allow anyone  to build a new  generation currency  atop a resilient protocol  that  ensures  longevity,  immutability  and decentralization” as referenced from the white paper. The  team behind Mochimo has extensive  knowledge and experience in the industry  which  can be found  in the team section.

The Mochimo Project itself is now  open source for community  development,  via a modified MPL 2.0 license with  a limited field of use, and a mandatory  grant  back of license to use  any  improvements.  This  enables anyone  to make improvements to the code.

Use case

The  team from Mochimo aim to address the  issue of Quantum Computing breaking ECDSA (Elliptic Curve Digital Signature Algorithm)  encryption  within  an estimated 3-5 years,  which  will render  current  blockchains such  as BTC and ETH as insecure for transactions and a store of value.

Mochimo is establishing itself  as a third  generation blockchain project and to address the  above issue, the  project contains  several  unique  and innovative features  which  are built from  the ground  up.

Products/Features
  • Trigg’s Algorithm which is a unique proof-of-work algorithm
  •  ChainCrunch™ aims to address the issue of blockchain size and bloating
  • Consensus Algorithm where Mochimo introduces the idea of the Trailer File and Chain Weight (a detailed description can be found  in the whitepaper).
  • Connection management using the Random Network Model.
  • Transaction mirroring where design goal of transaction is to leverage the  Random Networks  model
  • Quantum  secure cryptographic  algorithm  WOTS+  audited by its creator, Andreas Hulsing.

 

About Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Unique features and codebase Potential competition from tech giants such as Google Make wallet/transactions a more user friendly process
Addressing real world issue Lack of current adoption/use cases

Tokenomics

Token info
SYMBOL MCM
GENESIS BLOCK JUNE 2018
BLOCK EXPLORER EXPLORER
CONSENSUS POW
CIRCULATING SUPPLY 3,361,373 MCM
MAX TOKEN SUPPLY 76,500,000 MCM
% MAX SUPPLY MINTED 0.04%

 

Financials
MARKET CAP $473,000 USD
VOLUME (24HR) $22,749USD
PRICE $0.139
VOL TO NETWORK 0.048%
AVG PRICE 30 DAY $0.22 USD
TRADING PAIRS BTC, ETH

 

Token distribution
Circulating supply
Emissions

The starting block reward was 5 MCM per block and the final block reward at block 2,097,153 will also be 5 MCM.

At the time of the review the block reward emission is 19.35 MCM per block or 2171 MCM per day.

This block reward/daily emission value increments over time for the first 376,700 blocks (approx 4 years) until a peak reward is reached, meaning the daily emission rate increases steadily until then.

The present increment is +0.00015 MCM per block, increasing the daily emission at a target rate of around 0.02 MCM per day until block 376,700.

Token utility

There is no current utility for the Mochimo coin

 

TOKENOMICS SUMMARY

Tokenomics 46%
✅ POSITIVES ⛔ WEAKNESSES 📝 AREAS OF IMPROVEMENT
More than 75% of supply will be distributed to the public

Mining requires no specialist hardware

Premine is vested

Unique block explorer

Rich list available

Fixed supply

 POW emissions have high inflation for next 3 years

KYC required for claiming bounty rewards

Project funding is provided via Premine in MCM coins

No current utility for MCM

 

Develop token utility

Develop more than 1 block explorer

Team

Matt Zwell Lead Architect
Trigg Lead Programmer
Terry Walters Business Development
Mark Baldwin Security Engineer
Experience

The  Lead Architect for Mochimo,  Matt  Zweil,  has designed world-class cloud computing datacenters, service provider networks, and transaction networks, including  the network  that  carries all intercarrier text and picture messaging worldwide. He is one of a limited number of Cisco Certified Internetwork Experts, and has been involved in dozens of major telecom  infrastructure initiatives.

The teams Lead Programmer “Trigg” is a master C programmer that has been working on AI programming and related technologies for almost 40 years.

Also included on the team are C-level executives for major tech firms, Tim Cotten and Bobbie Reyes, who between them have decades of combined leadership. In addition, the supporting  Dev Team members have held senior management and developer positions in the tech industry (Bernard, Mark,  Jeff, Chris),  or their respective industries(Michael,  Terry  & Andrea).

Overall the team behind Mochimo is highly impressive.

Advisors partnerships

The advisers for the project include a Wharton Business School professor, a Quantum  Computing Manufacturing  CEO and a former  National Program Manager for the second largest Network  technologies company in the US.

Development

The development milestones are listed on the projects roadmap however there are no new milestones listed after Q4 2018

TEAM SUMMARY

Team 73%
✅ POSITIVES ⛔ WEAKNESSES 📝 AREAS OF IMPROVEMENT
Public team and registered company

Experience among team of launching startup

All star team members/advisers

 

Brand awareness needs exposure

No current source of generating new revenue

Unclear if listed milestones for 2019 being achieved

Develop alternative revenue streams for project funding

Update roadmap on website

 

 

Code

Audit

A lot of new coins launch every month. We rarely see any novel approaches, especially not in code. Typically, snippets from different projects and versions are blended and presented as new.

Mochimo is truly different in that regard.

The codebase has been written from scratch and has been under active development for 18 months. The core implementation consists of roughly 8000 lines of code from 6 authors. Since the Mochimo 2.0 release, all work is published as open source software with open issue tracking.

Mochimo will happily accept any code contributions that fit within the project scope.

The individual code changes are usually properly documented. One of the code “hotspots” within the Mochimo repository is `src/wallet.c`. With 1800 lines of code spread over 9 commits, it is a good candidate for some refactoring. The text based wallet might lose it’s important role soon though.

New (Java based) wallets (GUI & cli) will soon be available for Windows, Linux & OS X with their recent operating system versions

The codebase itself is clean and can be followed given enough experience in reading/writing C-Code. Build instructions are available for Linux and might be a bit hard to read for non-professionals. During our review, we were able to build mochimo for Linux (Ubuntu 18.04 LTS) and OS X 10.13. We expect this to get better over time as the project matures.
A Vagrant and Dockerfile has been developed during this review and will be contributed back to the project in the spirit of open source software.

Some areas can be improved in the public github repository. The repository lacks any visible test-cases and there is no publicly available CI/CD pipeline. The repository has only a single “master” branch.

To make it easier for external contributors, we propose to make use of separate branches (“master”, “dev” and “CI”) that are used for releases, development and automated testing. Releases are properly tagged and users/miners are expected to compile them.

After talking to the team. We have been assured there will be a separate repository called “mochimo-dev-tools” which has alltesting software, utilities like the command line block explorer, the richlist, the blockchain to sql export software, crypto test tools, and a few other things they developed in house for internal use.

Additionally there is a separate repository for the testnet, that has a CPU-ONLY branch as a reference implementation. There’s also a wiki coming soon that will have a section devoted to the code as well.

Code Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Unique codebase None identified None identified
Well documented
Good practices

Community

Followers

The project has a relatively small community following, with just over 1000 followers on Twitter and 1776 members in the Discord channel.

Engagement

The majority of the Mochimo community discussion occurs within its Discord group.

There are admins and moderators active in the Discord, answering support queries and other questions, alongside an announcements channel were project updates are provided to the community.

The average Twitter engagement rate is 10.3 per tweet, which is 1% of its total 1045k follower audience. At a rate of 10.3 engagement per tweet, this is 1.5 times higher than the average engagement rate across all industries [ref].

Community Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Active community Small community
Bounties and Airdrops KYC required for bounty rewards

Technical analysis

Chart


Chart Analysis

Price is currently range bound for the last several months at around 4000-5000 Satoshi.

Areas of interest on the downside would include a breakdown of the previous lows at 2000 Satoshi. On the upside, a breakout above 10,000 Satoshi would be an area to watch.

Price Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Listed on several exchanges Low liquidity
Little risk of delisting
SEC compliant
Range bound

Summary

Conclusion

In summary the Mochimo project scored 62/100 based on our scoring matrix and we rate the project at a B-

ABOUT USE CASE
COMPETITION
✅✅
ADOPTION
FEATURES
✅✅✅
ROADMAP
✅✅
TEAM PUBLIC
✅✅
EXPERIENCE
✅✅✅
DEVELOPMENT
✅✅
PARTNERSHIPS
✅✅
FINANCES
✅✅
CODE EXTERNAL AUDIT CODEBASE
✅✅✅
ACTIVITY
✅✅✅
DOCUMENTATION
✅✅✅
POR AUDIT
✅✅✅
COMMUNITY COMMUNICATION
✅✅
FOLLOWERS
GOVERNANCE
ENGAGEMENT
✅✅
WEBSITE
✅✅
TOKENOMICS DISTRIBUTION
✅✅
BLOCK EXPLORER
✅✅
EMISSIONS
UTILITY ENTRY
✅✅
PRICE EXCHANGES
✅✅
LIQUIDITY
PAIRINGS
T.A
✅✅
DATA
✅✅✅
MISC LEGAL
✅✅✅
HYPE
✅✅
PLATFORM

 

Breakdown
Disclaimer
  • This is a community sponsored review
  • This review is intended for educational purposes only and SHOULD NOT be considered as financial advice. 
  • Before investing in any project we recommend you do your own research + consult a registered financial adviser.
  • All information listed is accurate at the time of publishing in October 2019.

 

Methodology
  • We use a combined rating score out of 100, covering all the listed metrics for project reviews.
  • Each metric is rated out of 2 including a potential bonus point in every metric. 
  • We also reserve the right to award a bonus point for outstanding achievement for a project