MorningStar (MRNG) aims to replace the current monetary system that is leaving the 99% behind. Real change can be brought about from replacing the current fiat system and returning to a FINITE system used to facilitate financial transactions much like the previous gold standard:
The gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. Three types can be distinguished: specie, bullion, and exchange. The gold exchange standard usually does not involve the circulation of gold coins. The main feature of the gold exchange standard is that the government guarantees a fixed exchange rate to the currency of another country that uses a gold standard (specie or bullion), regardless of what type of notes or coins are used as a means of exchange. This creates a de facto gold standard, where the value of the means of exchange has a fixed external value in terms of gold that is independent of the inherent value of the means of exchange itself.
Most nations abandoned the gold standard as the basis of their monetary systems at some point in the 20th century, although many hold substantial gold reserves.
In the case of MorningStar cryptocurrency, however, MRNG coins would replace the previous and currents systems to return value to the “money” which we use to pay for goods and services by adding a “market value” to the fixed amount of units in circulation.
Our vision is to revolutionize monetary policy across the globe by establishing a secure Proof-of-Stake cryptocurrency that can grow to be a TRULY decentralized payment processing network outside of Federal and State regulations. Bitcoin is under attack and has lost its initial focus. It is becoming more and more centralized due to the amount of computing power and the cost of this equipment/electricity needed to “mine” new blocks. This will inevitably push out “the common man” and the “little guy”. The initial idea of Bitcoin was a decentralized system that can not be controlled by single “actor”. However, the rapid appreciation in Bitcoin’s USD value has caused many to forget its initial case-use and look the other way. It is now under the microscope of Federal and State governments and subject to regulations. Aside from this, the Bitcoin network now “wastes” enough electricity to power a small country. With Proof-of-Stake m￼ining, power consumption is negligible.
Proof of Stake currencies can be several thousand times more cost effective. Below is a chart of the wasteful use of energy consumed by the Bitcoin network.
Bitcoin’s current estimated annual electricity consumption* (TWh) 16.3
Annualized global mining revenues $3,677,569,788
Annualized estimated global mining costs ￼$815,187,540
Country closest to Bitcoin in terms of electricity consumption Lebanon
Estimated electricity used over the previous day (KWh) 44,667,810
Implied Watts per GH/s 0.3
Break-even Watts per GH/s (based on 5 cents per KWh) 1.353
Electricity consumed per transaction￼ (KWh) 172.00
Number of U.S. households that could be powered by Bitcoin 1,509,607
Number of U.S. households powered for 1 day by the electricity consumed for a single transaction 5.8
Bitcoin’s electricity consumption as a percentage of the world’s electricity consumption 0.08%