- Who is Lotus Mile?
- What is it MILE?
- What are the special characteristics of MILE system?
- What is the connection between MILE and XDR?
- How MILE and XDR are backed?
- Why XDR price is stable?
- How MILE system can be used in the real life?
- Why XDR is better than BTC for remittance?
- Why MILE price will grow?
- When ICO will be launched? And what is the tokens distribution plan?
- What is the transaction fee for MILE and XDR?
- Where commission 0.2% is spend for?
- What it the emission algorithm for MILE and XDR?
- How I can buy MILE?
- What is the profit model of MILE
- How I can become a node?
- How I can become an emission center?
- How I can lock MILE in my wallet?
- For how long I should lock my MILE coins in the system.
- What is the consensus algorithm used in MILE?
- What is the aim of MILE Unity Foundation?
Who is Lotus Mile?
Lotus Mile is the name used by the unknown person or people who developed Mile blockchain.
What is it MILE?
MILE is a system with stablecoin XDR which is tied Special Drawing Rights (SDR) to IMF. MILE has transparent emission, free and fast transactions, decentralized on 10'000 nodes all over the world and owned by different people and organizations.
International reserve currency, made for the real economy.
What are the special characteristics of MILE system?
MILE is a unique combination of the following features:
Fast (about 20 sec. for transaction),
Free (0 transaction fee),
Stable price (SDR by IMF),
Decentralization (uncensored, cross-border).
What is the connection between MILE and XDR?
XDR is a payment unit (coin), it is a stablecoin.
MILE is an index coin, displaying the demand on XDR. Initial price is 1 MILE = 1 XDR. MILE price will grow due to the growing XDR’s demand.
How MILE and XDR are backed?
XDR is backed by the collateralized MILE coins, locked in the blockchain for emission centres. And it's backed by the XDRs, locked in the masternodes. The most important that XDR is used for the transactions in the real economy and backed by the market demand.
Why XDR price is stable?
XDR price is equal to SDR rate, which is stable and almost doesn’t have price fluctuations. XDR is used for trading of real commodities and service exchange.
Therefore, stock trading and stock price for a definite currency cannot have any significant influence on XDR value.
How MILE system can be used in the real life?
MILE system allows to transfer fast any amount of payment to any place in the world without banks involvement (cross-border loans and payments). MILE can be used for fiat commodity exchange, government contracts market, cross-border money remittance, cooperative economies.
Why XDR is better than BTC for remittance?
XDR is much faster, it has stable price and 0% commission fee.
Why MILE price will grow?
XDR can be only minted. The only way to get more XDR is to buy some MILE, lock in the blockchain and emit more XDRs. That will push the MILE price up.
When ICO will be launched? And what is the tokens distribution plan?
The is no ICO and there is no token distribution. All XDRs will be emitted by the transparent algorithm by MILE coin holders and blockchain network nodes.
What is the transaction fee for MILE and XDR?
There is 0% commission fee for XDR's transfer and 0.2% fee for MILE transfer.
Where commission 0.2% is spend for?
Commission charge is needed for lowering the “flood” in a blockchain and it is spread between the nodes.
What it the emission algorithm for MILE and XDR?
XDR is a payment unit for storage and exchange of values within the platform. XDR is emitted by the transparent algorithm by MILE coin holders and blockchain network nodes.
Initially there is 0 XDR, there is a limited quantity of XDR - 1 trillion. MILE is the main parameter in the emission algorithm of XDR. Exchange rate MILE/XDR is set once a day by node voting of blockchain network. Initially there is 1 billion MILE and new MILE won't be emitted.
How I can buy MILE?
MILE can be purchased off-line and at OTC platforms, like mrkt.cash
What is the profit model of MILE
There are 2 ways to earn money in the MILE system: 1.Run a masternode, deposit 10-100K XDR and get 8-13% annual interest rate from the blockchain; 2. Run an emission center, deposit 10K MILE, get XDRs based on the MILE/XDR rate, receive more XDRs every time MILE/XDR rate is growing.
Mile Unity Foundation already signed a partnership contacts with overall demand on XDR about USD 100B+ for the cross-border trading and investment, even before massive nodes launching (Sept. 2018)
How I can become a node?
You need to lock 10 000-100 000 XDR in a blockchain, install a node software at your server; your node will receive a block to sign approximately once in a few days, if you sign all the blocks you receive, you will get an award from the blockchain which is 8-13% annually.
How I can become an emission center?
You need to lock min.10 000 MILE in a blockchain to become an emission center. After you will receive an XDRs amount calculated based on MILE/XDR today's rate. During the time if the MILE price has increased comparatively to the price of previous emission, you will be able to emit more XDR which is the difference of previous MILE rate and today's.
How I can lock MILE in my wallet?
In your wallet you click "Deposit MILE to the emission center". Blockchain blocks the amount of MILE you entered. You become an emission center, from where you get XDR.
For how long I should lock my MILE coins in the system.
There are no limits. You can lock MILEs as long as you would like to be an emission center. In order to use your MILE after unlocking, you need to redeem your MILEs from the system.
What is the consensus algorithm used in MILE?
It is stake distributed Byzantine Fault Tolerant consensus algorithm is used in MILE. sdBFT allows to keep the network alive even at 10% of working nodes. sdBFT means that only 1 master-node signs the block and all other nodes check if the block is signing correctly. Read more: Techpapaer
What is the aim of MILE Unity Foundation?
Mile Unity Foundation is a non-profit organization, dedicated to educate people about new financial technologies and help them to apply it in real economy. The core goal is to launch an Embassy in most active countries. Each Embassy is a boiling point of the blockchain community. Hackathons, seminars, donation-based co-working space for the interesting projects, roundtables for collaboration between government, business and tech guys will fill the spaces.