State elements constitute the components of the world state
- Blocks are defined by their constituent transactions, optionally with a consensus proof
- Consensus proofs are attached to blocks, turning them into confirmed blocks.
- The world state contains history and coin state
Each transaction has:
- Transaction inputs, each of which spends a coin (mapping in the coin state) by unlocking its covenant
- Transaction outputs, each of which has a value, a denomination, and a MelVM covenant
- Attached data
Currencies:
- The base currency is “mel”, but the ticker symbol is MEL. This is like “ether” vs “ETH”.
- We accept mel, Bitcoin, and other cryptocurrencies.
- The burger cost 4 mel
- Decimal SI prefixes can be used.
- A burger and a side of fries costs 6 mel and 33 centimel.
- The smallest unit of money on Themelio is 1 micromel.
- SYM and sym is similar.
- Actual usage that emerges will probably be different and will be “correct”.
Algorithms:
- The PoS system as a whole is Synkletos.
- Melmint is the cryptocurrency issuance mechanism. It’s not a currency.
- In the last week Melmint minted a record 3 megamel onto the Themelio blockchain, half of which were locked up and reissued as ERC-20 tokens.