FAQ

Frequently Asked Questions


What is Melati?

Melati (XMX) is a new fork from Chia. Melati was founded in July 2021 to develop an enhanced blockchain and smart transaction platform sourced from Chia. Unlike Chia, which has a premine of 21,000,000, Melati only has 300,000 premine for the development and continuity of the Melati project. We are building the Melati Network to improve the global financial and payments system. Melati is the first enterprise-class digital money after Chia. Melati uses an algorithm built by Chia called Space and Time Proof, it was created by Bram Cohen, the best network protocol engineer and inventor of BitTorrent. Melatilisp is Melati’s new powerful, auditable and secure smart transaction programming language based on Chialisp. The smart transaction references available today are: atomic exchange, authorized payee, recoverable wallet, multisig wallet and limited rate wallet.

Where can I get answers to questions about running Melati?

You should first read the repository FAQ, check out the wealth of information on the repository wiki and join us on Keybase in the #testnet or #beginner channels. We have also created a good summary of the basics of creating plots for Melati. You can also join our Discord community.

What is Proof of Space and Time?

Proof of Space is a cryptographic technique where provers show that they allocate unused hard drive space for storage space. In order to be used as a consensus method, Proof of Space must be tied to Proof of Time. PoT ensures that block times have consistency in the time between them and increases the overall security of the blockchain.

How does Proof of Space and Proof of Time work?

Proof of space can be thought of as a way to prove that you are keeping some storage unused on your hard-disk drive. Users of the Melati blockchain will “seed” unused space on their hard-disk drive by installing software which stores a collection of cryptographic numbers on the disk into “plots.” These users are called “farmers.” When the blockchain broadcasts a challenge for the next block, farmers can scan their plots to see if they have the hash that is closest to the challenge. A farmer’s probability of winning a block is the percentage of the total space that a farmer has compared to the entire network.

Proof of time requires a small period of time to pass between blocks. Proof of time is implemented by a Verifiable Delay Function that takes a certain amount of time to compute, but is very fast to verify. The key idea of a VDF is that they require sequential computation, and since having many parallel machines does not yield any benefit, electricity waste is minimized. There will likely be relatively few VDF servers (“Timelords”), as the fastest one will always finish first and it takes only one fast and fair Timelord on the network to complete a block and move the chain forward.

What is Melatilisp?

Melati has just adapted the programming language from Chia, namely Chialisp which was adapted into Melatilips. Melati has a newly developed, innovative blockchain programming language called Melatilisp, which is powerful, easy to audit, and secure. Melatilisp is a superior on-chain smart transaction development environment that will unlock the security, transparency, and ease of use that cryptocurrencies promise.

Why is Melati better?

Alongside with Chia, Melati has a new innovative Nakamoto consensus algorithm that removes the energy demands of Proof of Work from the system. Compared to Chia which has a lot of premine, Melati only needs relatively less premine and compared to other cryptocurrencies, Melati has significantly better security due to its more decentralized blockchain. Melati is also adopting more modern cryptographic tools to enable richer smart transaction capabilities. Melati is taking a new and superior approach to funding, building, and supporting a blockchain via an eventually public, for-profit, open source development company that holds a pre-farm. Melati will use its pre-farm (Strategic Reserve) for the development and sustainability of the Melati project.

What is the Melati Network strategy?

From several other cryptocurrencies and blockchain projects we believe that the blockchain industry is still lead by developers. We intend to implement new apps and services and be the only serious and safe choice for apps like sovereign-backed stable coins. The Jasmine Network Business will be the first for-profit company to manage a pre-farm and we aim to be the first publicly traded cryptocurrency. We believe that we (Melati) will be a source of support and training as rulers, financial institutions, and companies want to use cryptocurrencies in day-to-day trading. Lastly, we believe that we will be able to leverage the storage ecosystem to drive adoption across enterprises and end users as hard drive manufacturers and storage server sellers are likely to incorporate space farming into their offerings. Our Business White Paper is the definitive document on our strategy and approach.

What is the difference between mining and farming?

We strongly agree with Chia’s opinion that mining requires expensive single use hardware that consumes exorbitant amounts of electricity. We are mitigating this problem through a fair, eco-friendly, and better blockchain that uses farming to leverage existing empty hard disk space distributed on nodes around the globe. Farming remains decentralized because anyone that has installed our software and has plots can win the next block. Mining requires expensive custom single use hardware and access to electricity at wholesale or better prices which only purpose built corporations can afford to mine. Farming is more decentralized because it relies on empty hard disk space and anyone with a mobile phone, laptop, or corporate network tends to have extra space not currently being used. Unlike mining, once you’re done farming your storage you can repurpose it to, for example, store your family photos.

Why do I want to farm Melati?

You can farm Melati on the unused storage of your laptop, desktop, or corporate network and, in return, you have the chance to receive rewards in Melati for helping secure the blockchain. Our software allows you to allocate a certain amount of unused disk space to create plots. Since the only resource intensive step is the initial plotting, once you download the Melati node software, your drives will be plotted in the background. Once plotting is complete, your computer will begin farming on your behalf and the software does all the work and tracks your rewards for you. Ongoing farming uses very little network bandwidth and almost no resources other than storage. By making the farming process available to anyone with unused disk space, we are moving towards our goal of a truly decentralized blockchain that will also serve as a cross subsidy to the storage and cloud industry.

Why are we pre-farming?

Melati Project is a project founded by a group of people who are very passionate about “Green Cryptocurrency”. At the beginning of our establishment we had a few obstacles in the financial sector. After our deliberation, we decided to set a premine of 300,000 XMX to run the project and keep this project going forward. We hope that Melati can soon be adapted by companies or individuals as a means of buying and selling transactions. That way we can be sure that the Cryptocurrency world will be dominated by a green environment.

Is Melati doing an ICO?

Yes, we developers from Melati Network are planning to do an ICO. the funding of this program is 100% from the private funds of the developers, and to develop this project further we need some additional funds. That way we will conduct an ICO by selling a portion of the coin premine. We will announce information regarding the ICO at a later date.

Can I buy Melati today?

Yes. Melati now supports transactions, so the buying and selling of Melati is live, but currently Jasmine (XMX) is only traded on our Discord. In the dean’s time we believe that Melati will soon be traded on exchanges globally.

How can I buy Melati?

After transactions begin on the mainnet, Melati will be available for buying, selling, and trading on Discord an soon on most global exchanges from other Melati owners.

When will Melati launch mainnet?

The mainnet has now launched. You can install the Melati software and follow software development on our Github page.

What is Melati’s inflation?

After the Melati pre-farm, Melati offers farming rewards of 64 Melati every 10 minutes. Over the first 12 years the farming rewards will be halved at the end of each 3rd year. From year 13 to infinity, the rewards will remain constant at 4 Melati every 10 minutes leading to ever decreasing inflation rates. Melati’s inflation falls through the 0.50% rate 22 years after mainnet launch.

Are you writing code yet?

We are.

The Melati Blockchain comes together from a few different repositories.

RepositoryContents
Melati-blockchainConsensus code, networking, and reference Melatilisp implementations.
Melati-blockchain-guiAn Elector/React graphical user interface to the plotter, node, and wallet

Isn’t the current international monetary system good enough?

We agree with Chia, no. Around the world, governments and banks cause problematic interactions that make banks difficult to trust, especially in volatile regions like Hong Kong, Venezuela Argentina or Lebanon. International payments, when they are available and work, are slow, expensive and insecure. International SWIFT wires often take 1-5 days. Correspondent banks often charge up to 3% and since the changes to banking since 9/11 and 2008, many countries have limited correspondent banks. International wire fraud losses are very large, and we have a better solution to mitigate these problems.

Does Melati use Bitcoin’s code?

No. Melati is direct fork of Chia.

Isn’t Bitcoin good enough?

When Bitcoin was developed, it was not foreseen that specialized hardware could vastly outperform the computers that everyone owns. What was intended to be a decentralized network is now controlled by a small number of miners with access to chip fabrication plants and wholesale electricity purchasing (or worse). The miners who currently control the Bitcoin Network feel they have a competitive advantage as is and oppose changing the protocol even when it’s clear that it should be changed. Melati has had ten years to study the new digital money ecosystem and believes we can make cryptocurrency more decentralized, more secure, and easier to use.

Is the value of Melati going to be as volatile as other cryptocurrencies?

We believe that Melati coins will be less volatile than other cryptocurrencies due to the planned nature of our planned public company status which will allow financial institutions to hedge and leverage coins and equity. Initially, we expect Melati Network to largely be valued based upon the valuation of the Melati that the Company will hold on its balance sheet. Movements in the price of Melati on digital exchanges are likely to be mirrored by price movements in the price of our stock on a stock exchange. There will be more ways to get exposure to the success of Melati than traditional blockchain projects. This will also allow the usual options and derivatives to our stock to be used as something like a synthetic derivative for the price of Melati coins. Additionally, our ability to use the Melati Strategic Reserve may reduce some volatility of Melati in the market.

Why are you running these competitions?

We believe that more eyes on our code will only make it better. For example, the results of our VDF Competition produced a VDF implementation whose runtime was 80% faster than our original implementation.

Will the average person be able to use Melati as a payment instrument?

Our hope is that, over time, Melati will be supported by point of sale systems and consumer payment apps all over the world. For example, if you pay for a coffee at Tully’s in England with your GrabPay app from Thailand, it should “just work” without you needing to know it was paid in Melati.

Or, for example, if services like Venmo or Cash App aren’t available where you live, using Melati will be far less of a hassle than executing a slow and expensive wire transfer. Using legacy banking to send and convert cash across borders is cumbersome, slow and expensive, and while alternative money transfer services might be faster, they’re not cheap: Western Union can charge upwards of 10% in transfer fees.

The technology is completely open source and accessible, and anyone can build a new wallet without our permission or assistance. However, we intend to help wallet, exchange, and merchant processing partners with support and integration services, joint marketing and lending for liquidity.

Why are you named Melati?

Melati is one of the beautiful flowers and has a fragrant smell. These characteristics symbolize strong simplicity and high allure. A philosophy that can describe a form of crypto-currency that is environmentally friendly and has good security. The team wanted a name that would be short and impactful. Everyone was amused that it was also a grain associated with a whimsical meme. Melati Network was born.

How do I contact you with more questions?

You can email us at hello@melatinetwork.org or Discord.