SovereignWallet

What is SovereignWallet

Abstract

SovereignWallet aims to provide self-sovereign finance to all the unbanked people. SovereignWallet is one of first smart cryptocurrency wallet that supports Smart Contract natively. Inside, we created a built-in utility token called MUI. It is a new type of stable token that is designed to protect and potentially increase its intrinsic value over time with Algorithmic Central Bank and Treasury System. MUI's built-in algorithmic central bank controls the circulating volume of the token to stabilize the price and protect the value from dropping. MUI's treasury system will accumulate the profits from SovereignWallet's decentralized exchange and meta-Blockchain services. This accumulated assets of the treasury will support the value of MUI token over time. SovereignWallet's mobile decentralized exchange platform, M.DEX is a custody-free, fixed-rate, and atomic swap exchange. Our long-term goal is to build a meta-Blockchain that is a programmable blockchain that will be able to support multiple protocols in a single blockchain. This technology will make it ease for everyone to create new coins and pegged stable coins without needing to build a new blockchain.

Meta-Blockchain Mainnet

SovereignWallet will develop a Meta-Blockchain Mainnet that can program and operate several cryptocurrencies in the form of a DApp in a blockchain, establishing an Algorithmic Central Bank and an Algorithmic Crypto Exchange Bank linked to it. The Meta-Blockchain is designed to be light enough to operate on mobile applications. Especially, the network data and ledger data flow will be minimized by the light structure. By isolating the currency issuance protocol from the (ledger) consensus protocol, it will be possible to stabilize the value of the coin by controlling the circulating volume of the coin, while the Proof-of-Service protocol ensures the continuity of the network by giving incentives to the nodes that have made substantial contributions to the network.

In the Meta-Blockchain, anyone can create their own coin, preempting the need to develop custom mainnet when issuing the cryptocurrency version of the local government or a country’s national currency. In this system, it will be possible to deposit coins with a proven value, such as bitcoin, as a collateral coin in the Algorithm Crypto Exchange Bank, and issue a meta coin that is 100% reserve, crypto-pegged coin. Profits from this coin conversion service will again support the stable value of MUI token (and in the future MUI coin). Based on these functionalities and services, it will be possible to maximize profits through mobile atomic-swap exchanges and mobile payment services.

Meta-Blockchain Services

MUI Meta-blockchain will allow the minting of lightweight meta-bitcoin on SovereignWallet, that will be 100% pegged to Bitcoin. SovereignWallet' algorithmic exchange bank will provide a service to convert Bitcoin to meta-bitcoin and vice versa. MUI Meta-Blockchain will make everyone to easily mint a new coin or to easily convert token to coin. MUI Algorithmic Central Bank will provide the minting and conversion service. The profits from these service will be accumulated to the treasury and the net wealth of the treasury will support the value of MUI token, that will become the exchange token of M.DEX and the master-coin of MUI meta-blockchain.