Minexcoin (MNC) A new era of payments - Updated Information




  • MinexCoin (MNC) is a global payments system based on a low volatility cryptocurrency which is a part of Minex ecosystem. Thanks to its stable exchange rate, MinexCoin is a reliable means of payment, while controllable growth of coin price makes it an attractive means of value storage. Containment of volatility and price growth are maintained by the system’s autonomous algorithm acting like a central bank, hence the name MinexBank. Financial instruments it employs would allow traders to earn from exchange rate margin without damaging the coin’s ecosystem. On the contrary, they would support it.

    Minex platform combines the functionality of a simple and safe processing infrastructure for online shopping and cryptocurrency operations, an online digital assets exchange, and an investment platform. The instruments available at Minex enable you to store your money safely, spend them with a couple of clicks, and even obtain guaranteed revenues by just helping the system to remain stable.


    Minex ecosystem

    Founders about Minex Ecosystem and MineCoin

    The increasing popularity of cryptocurrencies and its underlying blockchain technology has got the banking industry worried. In order to counter the rising threat, many leading banks are investing heavily in the research and development of blockchain-based applications for their own operations.

    Some of the well-known banking majors like Banco Santander, Barclays and UBS have already setup blockchain labs. Banco Santander’s blockchain study report has revealed that by using blockchain technology, global banking sector can save as much as $20 billion a year in regulatory and compliance costs. According to the European Banking Association, the volatile nature of cryptocurrencies has prevented them from posing a significant threat to the conventional banking system at the moment. However, it may soon change with advancement in technology and increased stability of digital currencies.

    The volatile nature of Bitcoin and other cryptocurrencies has prevented them from being widely adopted as a medium of value transfer. While cryptocurrency traders and brokers tend to gain from the volatile nature of digital currencies, businesses may incur losses from fluctuating cryptocurrency values. This has prevented many merchants from accepting cryptocurrency payments from their customers.




    Minex Bank for a Stable Cryptocurrency

    The Minex team is working on developing a stable and sustainable ecosystem that can minimize the volatility associated with cryptocurrencies. The Minex ecosystem is powered by the cryptocurrency MineCoin (MNC) and in the absence of high volatility, it will be quite capable of acting as a reserve currency. The team is working closely with reputed economists to create a blockchain ecosystem which includes the best of both the worlds (conventional financial system and cryptocurrency ecosystem). In order to do so, the Minex ecosystem has borrowed few aspects from the conventional financial system to create Minex Bank. The Minex Bank will act as a Central Bank by countering speculations and other factors which might swing the value of MNC. The decentralized Minex Bank will use a “response algorithm” currently being designed by the team after extensive analysis and technical feasibility studies.




    The functions of Minex Bank will involve offering:

    Increasing the supply of MineCoin (from reserves) during the period of high demand



     Buying excess MineCoin when the supply is far more than demand



     Allowing Minex Community to maintain their MineCoin deposits and getting POS



     Regulation of interest rates for POS based on market analysis



     Offering smart-MineCoin loans to community members by a computer algorithm based on an assessment of borrower’s financial activity in Minex Ecosystem.





    Minex Platform

    Minex Platform is the most important part of the Minex ecosystem. Rest of the products are built around it to ensure the self-sufficiency and sustainability of the Minex Ecosystem. Minex Platform is designed to serve two main purposes;



    a. As an investment platform where businesses and startups can create digital stocks with dedicated crypto tokens. Investors can buy these stocks with MNCs to be part of the investment round in the fundraising startup or business. Even though its focus is mainly on strategic investors, stockbrokers and traders can also be part of it. These digital stocks are independent of MNC and their volatility doesn’t affect the value of MNC itself. MineCoin, in this case, acts only as a medium for determine value exchange.



    b. Minex Platform also plays an important role in constraining the supply of MNCs on the MineCoin market. All MNCs received during an ICO will be held in the respective wallets of issuing companies until the successful completion of the ICO.






    Minex Exchange

    Minex Exchange allows users to trade MNCs for other crypto assets. It uses a decentralized model and allows users to manage their own private keys. This will not only allow users to have complete control over the funds but also reduces the risk of hacking attacks on the platform.







    Minex Market

    Adoption of MineCoin as a means of payment is another important milestone for the company. In order to promote MNC for buying and selling goods and services, Minex Systems will also be launching the Minex marketplace with escrow facility to protect the interests of both buyers and sellers. Once the transactions are successfully completed, accumulated MNC funds can also be withdrawn through MineCoin debit cards.



    Experts from the banking sector and cryptocurrency community believe that upon realization of the current model, Minex can become the market leader in blockchain technology platforms. No one has so far built a blockchain platform using a concept similar to that of MineCoin. Minex will be capable of offering a stiff competition to existing conventional financial system.

    MinexCoin specifications 

     MNC is a derivative of bitcoin source code. Certain changes were introduced to make payments faster and the entire system more stable. 

    • Total amount: 19 000 000 

    • MNC Block rewards: 2.5 

    • MNC Hashing algorithm: Mars 

    • Block size: 2 MB 

    • Block time: 2 min 45 sec



    WhitePaper (ENG):


    WhitePaper (Russian):


    Roadmap:

    alt

    ICO details and token distribution 

    We have already successfully conducted the first round of ICO (Subscription), securing presubscription for 2 million MNC and building a strong community of investors. 

    During the second round of ICO only 150,000 MNC will be sold. The purpose of Phase Two is to determine the market price of the coin immediately before entering the exchange. The price will be calculated according to the following formula: 

    Y = ( X + Х1 ) / Z 

    where Y stands for market exchange rate (basic value in MinexBank’s algorithm); X for volume of involved investor funds; X1 for absolute volume of bonuses accrued by early participants; Z for the amount of coins available for the ICO. Phase Two will run from May 15th, 2017 to June 13th, 2017. 

    Bonuses for early participants of Phase Two:



    Links:


    Website:


    Twitter:


    Facebook:


    Youtube:


    Github:


    Blog:


    Contact:

    Minexcoin Bounty Campaign


    Time frame of bounty campaign: March 29, 2017 — June 13, 2017

    During a public stage of ICO, you can get Minexcoin by joining the project community and participating in our bounty campaigns.

    For early marketing and rewarding active participants of our community, we will reserve 300 000 MNC.

    To start participation in the bounty campaign, please complete registration using a link: http://minexcoin.com/?r=bounty/signin

    Sections:

    • Newsletter subscription
    • Facebook
    • Twitter
    • BitcoinTalk signatures
    • Translations
    • Activity on BitcoinTalk forum
    • Publication of information about the project on other websites
    • Creation of topics on other forums and maintaining their activity
    • Banner on the website
    • Video on YouTube
    • Interviews with journalists
    • Contact details of journalists and analysts
    • News referrals
    • Bugs
    • Ambassadors

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    Newsletter subscription 3000 MNC

    Reward:10 shares

    To get a reward:

    1. Subscribe to the project’s news on the main page of the project

    2. Confirm the subscription in personal account of the bounty campaign

    Shares crediting:

    Instantaneously

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    Facebook 27 000 MNC

    Reward:

    • Like our Facebook page: 10 shares
    • Leave comments on the Facebook page: 20 shares / comment
    • Share posts from our Facebook page: 30/ share
    • Like our posts: 10 shares / like of a post

    To get a reward:

    Add your personal Facebook account in personal account of the bounty campaign

    Shares crediting:

    Every week

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    Twitter 27 000 MNC

    Reward:

    • Subscribe to Twitter account of Minexcoin: 20 shares
    • Retweets:

    10 shares / retweet, if your newsfeed has up to 300 users

    20 shares / retweet, if your newsfeed has up to 1000 users

    50 shares / retweet, if your newsfeed has 1000+ users

    • Like our tweets: 10 shares/ tweet like

    To get a reward:

    Add your Twitter account in personal account of the bounty campaign

    Shares crediting:

    Every week

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    BitcoinTalk signatures 36 000 MNC

    Reward:

    • Junior Member/ Member: 30 shares
    • Full Member: 50 shares
    • Senior Member/Hero/Legend: 80 shares

    To get a reward:

    1. Set a signature according to your rank:
    • Signature for Junior Member/ Member:

    [b]Minexcoin — A new era of payments [/b] || [url=http://minexcoin.com/?r=site/ico][b]ICO[/b][/url] || [b][url=http://bit.ly/2mQteWi]DISCUSSION[/url][/b]

    • Signature for Full Member:

    [color=#00aeef][b]Minexcoin — A new era of payments [/b] || [url=http://minexcoin.com/?r=site/ico][color=#00c07b][b]ICO[/b][/url][/color][color=#4C6F8C] || [/color][b][url=http://bit.ly/2mQteWi][color=#8f5db7]DISCUSSION[/color][/url][/b] || [url=http://bit.ly/2oj9r2k][color=#ff0000][b]BOUNTY[/b][/url]

    • Signature for Senior Member/Hero/Legend:

    [table]

    [tr]

    [td][color=#229ecd][size=18pt]| [b]Minexcoin[/b][/size][/color][/td]

    [td][b] A new era of payments[/b]

    [b] [url=http://minexcoin.com/?r=site/i... TO ICO[/url][color=#00c07b] | [/color][url=http://bit.ly/2mQteWi][color=#8f5db7]LINK TO DISCUSSION[/url][/b][/td]

    [/tr]

    [/table]

    2. Add link of your BitcoinTalk profile to your personal account:

    Connect BitcoinTalk:

    (After verification of your signature by administrator, you’ll see a status “confirmed”)

    3. Make at least 20 posts per week

    Shares crediting:

    Every week

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    Translations 15 000 MNC

    Reward:

    Translation of BitcoinTalk Topic: 100 shares

    Translation of the website: 100 shares

    Translation of WhitePaper: 200 shares

    To get a reward:

    Reserve a translation

    https://goo.gl/forms/B7hkjII0n5qV6MmV2

    • Reservation of WhitePaper translation:

    https://goo.gl/forms/ctN6qfy3iBBU3LDd2

    Lists of reservations:

    https://docs.google.com/spreadsheets/d/1F_0uHAaO3W2UXGEDjJ9ENKaRZjBpXg3EosQOshfQN44/edit?usp=sharing

    Shares crediting:

    After receiving a translation and verification by administrator

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    Activity on BitcoinTalk forum 48 000 MNC

    Reward:

    Post with a hashtag “#minexcoin.com” : 15 shares

    To get a reward:

    Every Friday in your personal account click on “Forum activity” button and add link to your BitcoinTalk profile and specify the number of your posts with a hashtag “#minexcoin.com”

    hares crediting:

    Every week

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    Publication of information about the project on other websites 15 000 MNC

    Reward:1 publication: 50 shares

    Requirements:

    • min 500 symbols
    • 2 links to the official website of the project minexcoin.com
    • resource traffic
    • specify your Bounty ID in the publication, so that we can identify that this publication is yours.

    To get a reward:

    Choose “Publications” in your personal account and add a link to the publication. After its approval, lots will be credited.

    Shares crediting:

    Every week

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    Creation of topics on other forums and maintaining their activity 30 000 MNC

    Reward:

    • A topic creation: 50 shares
    • Message in this topic: 10 shares

    Requirements:

    • Specify your Bounty ID in the topic for identification of the author

    To get a reward:

    Choose “New forum topic” in your personal account and add link to a new topic.

    Shares crediting:

    Every week

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    Banner on the website 12 000 MNC

    anner

    Reward:

    Depending on the website traffic, location and size of the banner.

    Specify information about the amount of the reward ([email protected]).

    To get a reward:

    Choose “Banners” in your personal account and add link to your website with a banner.

    Shares crediting:

    Every week

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    Video on YouTube 15 000 MNC

    Reward:

    Video review of the project: 25 mnc

    Requirements:

    Duration: at least 2 minutes

    Number of subscribers: more than 500

    To get a reward:

    Choose “YouTube” in your personal account and add link to the video.

    Shares crediting:

    Every week

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    Interviews with journalists 12 000 MNC

    Reward:

    100 MNC

    Requirements:

    Provide a Skype/chat interview, followed by a publication of an article, audio or video interview.

    To get a reward:

    Contact us: [email protected]

    Shares crediting:

    After material publication

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    Contact details of journalists and analysts 9000 MNC:

    Reward:

    10 MNC

    Requirements:

    Name, previous publications, Twitter, e-mail and telephone/Skype.

    To get a reward:

    Send us a message with a letter subject: “Contact details of journalists”, and in the letter specify Name, previous publications, Twitter, e-mail and telephone/Skype of the journalists.

    Shares crediting:

    After verification by administrator. Once per week.

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    News referrals 9000 MNC:

    Reward:

    10 shares

    Requirements:

    To get a reward:

    1. Copy your referral link in your personal account

    2. Publish a link in your blog or social media pages

    3. After user’s subscription to project’s news, shares will be credited.

    Lots crediting:

    Every week

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    Bugs 15 000 MNC

    Reward:

    Individually (Depending on criticality level of bug)

    To get a reward:

    Report an error in operation of services or programming code to the e-mail:

    [email protected]

    Shares crediting:

    Immediately after bug determination

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    Ambassadors 12 000 MNC

    Reward:

    200MNC/month

    Requirements:

    • Knowledge of the concept and sharing the philosophy of Minexcoin project
    • Activity in blockchain industry for at least 2 years
    • 2 representatives for one language

    Responsibilities:

    • Inform the audience of your language group about the concept and philosophy, concept and operational nuances by communicating on subject-related resources and answering questions via e-mail.

    To become an ambassador:

    1. Inform about your desire to become an ambassador of the project using our e-mail: [email protected]
    2. In the letter specify your personal data (name, sex, age, country, working language, background in the blockchain industry)

    Shares crediting:

    In the end of the month

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    Reserve 15 000 MNC

    We are reserving 15 000 MNC for unforeseen situations and replenishment of drained reward funds.

    If you have any other ideas on how to tell the world about the Minexcoin project and make the bounty campaign more successful, please let us know. Every idea will be adequately rewarded.

    If you have any questions regarding the bounty campaign, do not hesitate to contact us: [email protected]



  • How it was. Evolution of Minexcoin Payment system. (Part 1)

    Like most of the startups, we started our business in a garage. After finding out about cryptocurrencies and mining, we made the first mining rig and put it in the garage. Since it was making too much noise, we needed non-residential premises in order not to disturb people around us. We had no experience in setting up a computer, so we had to learn it along the way. We spent a week for setting up the first rig: first of all, we found out which components were necessary, which of them were the best as for the price/performance ratio, and then gained insight on the software. We’ve faced a lot of challenges. Some of them stuck in our memory. For example, there were no monitor-screen picture, since the motherboard had 6 graphics cards, and the program couldn’t decide which one to use for displaying information. The solution was much easier than we thought: all we needed was to remove a motherboard battery for 10 minutes and then to put it back. And the picture was displayed. The second challenge was unavailability of 280 AMD graphics cards in the country. At that time, it was the most popular model for mining, since its price conformed to the performance. Since the period of the farm intensive development coincided with the excitement for the Ethereum mining, such graphics cards were in short supply. So we had to make a deal with foreign suppliers from the Celestial Empire, but the cards had a 390 index.Now, when looking back at our first experience and realizing how insignificant these problems were, we are treating them with a forbearing smile.

    There were problems at every turn, but we were wrestling with them, and each next rig required less time for its installation and maintaining. Eventually, we got enough knowledge in this field to give other people guidance on how and what to mine.

    Later on, we came up with an idea to create a token, which enables people to own a share in a mining farm. We were mindful of the fact that the interest to mining was growing, and at that time the interest to cloud mining started to increase as well, since this type of mining releases miners from many challenges concerning the hardware. Just by purchasing a contract, user becomes miner. But we decided to use an alternative method and offer a token equal to a share in a mining farm. The advantages of such token were the facts that it had no expiration date, and could be easily bought and sold on the exchange, as well as the fact that it wasn’t pegged to mining of a particular currency. It means that the farm mines the currency that is the most profitable at a particular period of time, and the token owner is not subject to risk of a yield decrease of a particular currency, and any moment can sell a token. The name of the token was MineCoin, meaning “mine the coin”. Together with the growth of our technical experience, our knowledge in the field of blockchain technology and existing fintech solutions on its basis was increasing as well. At the same time, we started to realize the market demand for them. After getting deeper technical and economic knowledge, we realized that this technology is really great, and we can offer a much more useful product than a mining farm token. We founded a startup, called MinexSystems, bringing together experts from various fields, including programming, cryptography, economics, data protection, law, as well started to cooperate with specialized universities of the country. Having the same idea and a lot of enthusiasm, we set ourselves a goal of implementing our ideas and knowledge into highly sought solutions. We decided that all products of our project should have the same word ‘Minex’ in its name (MinexCoin, MinexBank, MinexPlatform, MinexExchange).

    ‘Minex’ means Minimum expenses, reflecting one of the main advantages of the blockchain technology application.

    The initial concept of a minexcoin payment system differs from the one you see now. Its elements were added step by step, until the entire system was built. While developing the concept, we were facing some challenges, and the solutions showed us the right way. But we will tell you more about it in the second part.

    How it was. Evolution of Minexcoin Payment system. (Part 2)

    https://blog.minecoin.org/how-it-was-evolution-of-minexcoin-payment-system-part-2-5c0c7a2fcb64



  • How it was. Evolution of Minexcoin payment system. (Part 2)




    The first element of the ecosystem was MinexBank, but rate volatility control wasn’t its initial function. Even after the development of other elements, its core function hasn’t changed; it is proved by the project positioning in media at the beginning of the ICO.

    Bridge between economies

    At that time, the main function of the bank was to become a bridge between the existing fiat system and crypto economy. Using debit cards, we planned to reduce the barrier between these two economies. With the help of debit cards people could buy anything for minecoins in any place where Visa or MasterCard is accepted, and do it on the same day when they got a card. The operation principle is quite simple: if you replenish the bank account with the minecoins, the funds are automatically converted into the national currency of the holder; if the holder wants to buy a product or service for the minecoins, he replenishes the account in national currency and the bank automatically converts it to the minecoins at the current rate.

    ATMs

    The pace of the process of blockchain technology implementation into the economy is influenced by the speed of circulation of new digital money. Special ATMs for such coins would reduce the costs of using the terminals of fiat banks and would increase the circulation speed of the cryptocurrency assets. But at the same time, there was a probability of full or temporary failure of bank to service the network of crypto coin ATMs because of the actions of national financial market regulators. Considering these aspects, we tilted toward our own ATMs.

    Crediting

    As well as today, at that time crypto economy was developing rapidly. Many people started to build their own mining plants or buy ASIC. Many of them had access to cheap electricity, necessary premises, and specific knowledge, but in order to develop the farm, they needed financing. To take a loan in bank is not an option, since on the one hand high interest rate would make business less cost efficient, and on the other hand bank can turn down an application for credit, just because it doesn’t understand what mining is. As the result, there was a lack of financing sources.

    So the next function of the bank was crypto economy financing. Crediting was divided into two types: large credits (for mining farms, hardware and software crypto projects) and microcredits (consumer crediting).

    The main task of microcredits was to give those, who have no access to traditional banking services, an opportunity to get financing. A distinctive feature of regular microcredits is high interest rate, but we aimed reducing it by cutting costs due to decision making automation. Analysis of loan debtor should be carried out on the basis of his activity in Minex Ecosystem, i.e. analysis of the volume of coin circulation within his minecoin account, history of created/bought/sold assets on MinexExchange, and other features. It would help to determine the level of financial solvency and probability of credit default. To reduce the credit default, the legal presence of bank was necessary. But we also faced the problem of credibility of potential depositors to the bank. Since without quite long history, credibility level would approach zero, and we understood that.

    Deposits

    Holders of funds on the accounts could choose on their own how the bank should use their funds. Unlike traditional banks, where it is the bank that makes decisions on how to use money, we offered a choice. Bank clients could keep money on deposits — in such a way this money would be used for financing the above mentioned projects and microcredits, while clients would receive interest due to interest payments on the loans; the second option was a simple freezing of funds without giving the bank the right to use them.

    Conclusion

    Summing up, it can be said that initially MinexBank wasn’t designed as an algorithm for volatility control, but rather as a regular banking institution with updated functions.

    Reasons why we decided not to create an analogue to a regular bank, even a blockchain-based one:

    1. To use bank as an intermediary in the process of crediting and acquiring is a short term outlook, rather than a prospect for many years to come. We believe that the future belongs to P2P payments using mobile gadgets. That is why we came to a conclusion that a simple substitution of one intermediary by another one, even by a blockchain-based one, would be ineffective.

    2. Another problem that pushed us for the decision made is human factor risks.

    In this post, we’ve shared our thoughts occurred during the creation of MinexBank. Taking into account the fact that the idea of volatility control occurred much later, in order not to break the chronological order, later we will tell about the arguments that have formed a basis for the decision to give such a function to the bank. And in the next post we are going to talk about MinexPlatform, and why we believe it to become a catalyst for economic development and innovations in the world.

    How it was. Evolution of Minexcoin Payment system. (Part 1)

    https://blog.minecoin.org/how-it-was-evolution-of-minexcoin-payment-system-part-1-f3510a5c0b09






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