Mochimo Project Analysis

About

Intro

In another edition of our project reviews, we decided to have a look at Mochimo. In this review, we will dig deep into this project and give you all the answers. We took an in-depth look by examining the project, its team, tokenomics, community and technical analysis, among other metrics.

If you wish to skip to the summary to see the SWOT analysis, matrix score and rating, click here.

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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 six months after launching 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 robust licensable suite of algorithms that allow anyone to build a new generation currency atop a resilient protocol that ensures longevity,  immutability and decentralisation” 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 consent 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 addressing 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 the design goal of the 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 overtime for the first 376,700 blocks (approx four years) until a peak reward is reached, meaning the regular 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 aside from securing its network via transactions.

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 data centres, service provider networks, and transaction networks, including the system 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 significant 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 significant tech firms, Tim Cotten and Bobbie Reyes, who between them have decades of combined leadership. Also, the supporting  Dev Team members have held senior management and developer positions in the tech industry (Bernard, Mark,  Jeff, Chris),  or their respective sectors (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 roadmap of the project, however, there are no new milestones listed after Q4 2018 so the roadmap needs updating.

 

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 genuinely 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 correctly documented. One of the code “hotspots” within the Mochimo repository is `src/wallet.c`. With 1800 lines of code spread over nine commits, it is the right candidate for some refactoring. The text-based wallet might lose it’s essential 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 appropriately 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 rich list, 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, where 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 63/100 based on our scoring matrix and we rate the project at a B- rating.

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

 

Breakdown
Disclaimer
  • This review is a community-sponsored review on behalf of the Mochimo team.
  • This review is intended for educational purposes only and SHOULD NOT be considered by you as financial advice. 
  • Before investing in any project, we recommend you do your 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 3, including a potential bonus point in every metric. 
  • We also reserve the right to award a bonus point for outstanding achievement for a project
  • Our rating and grading framework is available here.