Minexcoin (MNX) A new era of payments - Updated Information
MNX Upgrade: MinexBank Apps Update
You asked — we did it: Face ID / Touch ID for iOS and Fingerprint for Android options are available with new MinexBank apps update.
Here in MinexSystems we believe that any actions with money should be both secure and easy to use. This is one of the reasons why we added support of fingerprints and face login options to our mobile MinexBank apps. Now you don’t have to remember your super complicated (we hope) password, just use your finger or face as you’re used to. So update and enjoy!
If you missed the news, just a kind reminder:
MinexBank iOS mobile app: https://itunes.apple.com/us/app/minexbank/id1337630172?ls=1&mt=8
MinexBank Android mobile app: https://play.google.com/store/apps/details?id=com.minexsystems.minexbank
Have a good parking!
Minexcoin Atomic Swap: Mission Complete
MNX releases Atomic Swap protocol to the community. The public test is open.
Since our big announcement about theinternal testing of Atomic Swap technology, our team has been working hard to release it to the community. Today, Minexcoin is pleased to show, tell about, and give this technology on test-driving to you. As a direct result of this,we are entering into technological “arms race” and taking another big step towards the creation of a decentralized exchange with a working and convenient exchange mechanics without 3rd parties involving.
Well, let’s get right to the point. Under the hood, our today’s cross-chain exchange uses two blockchains — MNX and BTC — in Testnet mode. These are alternative chains that are separate and distinct from actual blockchains named Mainnets. Coins in Testnet does not have any value and allows developers or testers to test new technologies (like Atomic Swap) without worrying about breaking the main chain or risk their assets. In the video below we demonstrate how atomic exchange works in a console. It is the first official video of this process)Minexcoin/Bitcoin Atomic Swap
How you can see, XX MNX easily changed on XX BTC just in a few steps. In other hands, you may ask what happens if one of the participants wouldn’t have enough time to make a transaction or just cancel the exchange? The explanation is in the next videoMinexcoin/Bitcoin Atomic Swap Refund Scenario
As we reported earlier, our Atomic Swap technology is entering the public tests phase so that you can test it yourself. First, please check out the protocol’s code that was published on MNX official GitHub. Here is ithttps://github.com/minexcoin/atomicswap. Next, directly at the link, you’ll find an instruction how to launch cross-chain exchange on your machine. Notice, to make a test cross-chain exchange you will need to launch Bitcoin and MNX blockchains in Testnet mode. To do this with MNX, you have to download our latest Wallet version from GitHub and compile it by yourself till an updated desktop version is released.
As MNX Lead Blockchain Developer Roman Hulenko says: “To put an event-driven system in order our code uses the idea of a reactive non-blocking programming approach. It is good for processing a large number of events, which makes our solution functional. Also, it has to be highlighted that Atomic Swap implementation will trigger quality modifications in MNX blockchain itself”.
At the moment Minexcoin team is working on a user-friendly GUI for the Atomic protocol. Since it will be published on our site, a greater number of people will be able to test and feel the convenience of decentralised exchange. These developments will become the basis for the first version of the trustless exchange. We count to release an Alpha version of the GUI in the first part of April. Also during public tests, we will add new exchange pairs like LTC to MNX or DCR to MNX. As soon as the testing period completed, we will focus on the transfer of the necessary modifications to the MNX Mainnet from the Testnet, as well as conduct a SegWit.
“So far we use Testnets only for demonstration of MNX capacities. — says MNX Blockchain Developer Vladyslav Zaichuk. — First and foremost, it is due to the safety of our customers. With the launch of a final product, our trustless exchanger will not only improve the comfort of the exchange processes but will also work as a “supervisor”. Thus, all transactions will be carried out without the third party, but our intermediate link will be entitled to block suspicious transactions, expose the user ratings to avoid scammers, and monitor the security of the system without having access to the user’s assets”.
MinexBank Presents its Second Memorandum
After successfully achieving last year’s goals, Minexbank released an updated Memorandum to the community
MinexBank would like to present thesecond version of its Memorandum — a particular document that claims project’s evolution goals on a specific amount of time. Our team recalls that the first Memorandum was released in November 2017 and was dedicated to starting of MNX trading at the exchanges. Anupdated version is focusing on strengthening coin’s position among other players of the crypto-market and setting goals on the period until September 2018. Here is the full text of the document:
for the period of March-September 2018
Dear Minexcoin community members and crypto-market participants. Being entirely aware of our responsibilities in reaching the main goal of Minexcoin project, namely, consolidation of MNX status as a reserve currency on crypto-market, MINEXBANK appeals to you with this Memorandum.
Since the launch of MNX exchange trading on November 1, 2017, MINEXBANK has consistently implemented an integrated financial policy which made it possible to achieve the following macroeconomic indicators:
- In a short time reached the 20 USD/MNX average exchange rate(through the basket of the top ten cryptocurrencies).
- Upon reaching the rate mentioned above, ensuring the MNX to USD growth rate based on 42.7% per annum. This rate corresponded to the average annual growth of the market capitalization of top ten cryptocurrencies in 2016 — the first half of 2017.
As was promised in the previous memorandum dated October 31, 2017, MINEXBANK reviews the average annual MNX to USD growth rate based on realities of the cryptocurrency market development in the second half of 2017.
Given a significant growth acceleration of the combined market capitalization in the second half of 2017, MINEXBANK sets a new benchmark for the MNX to USD growth rate (based on the reached level of 20 USD/MNX). It sets at a rate of no less than 84.88% per annum. It means that MINEXBANK will pursue a monetary policy to maintain an average annual growth of USD/MNX rate not lower than 84.88%. If the market conditions dictate a higher level of this indicator, MINEXBANK will not perceive this as a deviation from declared macroeconomic parameters. The interest rates for MNX parking policy will be aimed exclusively at preventing the deviation of the average USD/MNX annual growth rate from the level of 84.88% downwards.
The basic interest rate remains at 70% per annum.
MINEXBANK will achieve announced indicators by using appropriate MNX parking rates, and if necessary, by direct interventions of BTC or MNX.
This Memorandum shall enter into force at the moment of its publication on the Minexbank official website and is valid for six months before the publication of the new Memorandum. In case of extraordinary occasions in the crypto-industry, MINEXBANK reserves the right to revise this memorandum prematurely.
Following the results of the first Memorandum, it can be safely said that the calculations of our system are completely correct. — says Boris Shulyaev, CEO MinexSystems. — Due to the qualitative processing of the colossal dataset and competent analysis, we didn’t “predict” (as it usually the case with crypto-projects), but formulated the goals and indicators achieved by MNX.
To define the objectives for the next six months, — notes Boris, — we analyzed even more data, and qualitatively improved MinexBank system after its test period. The main Minexcoin goal for the stated period is to remain in the growing trend, which showed the market by the end of 2017 (that’s the timeframe we analyzed for the new Memorandum).
Final Bounty Review
Minexcoin finishes bounty withdrawals. 30 April is a deadline to claim your reward.
Dear community, especially Bounty program participants!
According to our long-term agenda, we’re starting to increase marketing activities which were discussed in one of the previous MNX Reports. It’s no secret that this is a time-consuming process where every member of our team has an important role to play — primarily those who work directly with you. For example, bounty managers and support team.
To focus their activities on solving new challenges, we decided to close all the issues on the bounty campaign for several months.
All Bounty participants who didn’t claim their reward can do it till 30 April. Pay your attention that it is a deadline after which Bounty program will be closed. You can claim your MNX in your Bounty account. You can read more detailed info how to do that in our FAQ https://faq.minexcoin.com/article/51-how-do-i-withdraw-from-bounty-account
Thank you for your engagement. We couldn’t have reached this level without you.
Minexcoin - MNX Market Behaviour Update
Don’t miss important announcement from Boris Shulyaev, CEO of MinexSystems. Find out more about latest MNX monetary policy changes.
Dear Minexcoin community,
On May 1, it will be exactly six months since Minexcoin has appeared on the market. This is undoubtedly very important milestone that helps us to evaluate project results and the quality of the work we’ve done, and of course, to set ourselves new goals. Time has shown that the MinexBank mechanism operates according to the planned parameters and crypto-society, indeed, demonstrates interest to the Minexcoin. Here are just a few examples:
- To date, the number of downloaded MNX wallets has exceeded 14,000.
- The number of MinexBank registered users is 10,398.
- The number of active parkings is 16 023.
- The volume of parked coins is 1 030 620 MNX.
- The parking payments amount for the entire period of MinexBank activity exceeded 400 000 MNX.
- The amount of the month parking payments reached 127 500 MNX per month.
Also, I want to remind you results of the first Memorandum. Absolutely all goals declared in this document have been completed, and Minexcoin has achieved the following macroeconomic indicators:
- In a short time reached the 20 USD/MNX average exchange rate(through the basket of the top ten cryptocurrencies).
- Upon reaching the rate mentioned above, the MXN to USD growth rate was set at the 42.7% per annum. This rate corresponded to the average annual growth of the market capitalization of top ten cryptocurrencies in 2016 — the first half of 2017.
We are entering a new phase of MNX development. As you may have noticed from the figures above, today’s volume of parked coins is approaching 30% of the total number of all MNX in the market. For the team and you, dear community, it means two things. Firstly, according to the MNX development roadmap, meeting this target requires an adaptation of interest rates to the base annual rate (it is 70% at the current moment). Secondly, according to the basic economic principles, because of the excess of supply over demand, there is a disproportion arise. It puts pressure on the rate of Minexcoin and hinders its further growth.
Based on these facts, MinexBank starts the process of adjusting interest rate policy. In 16 days after the publication of this message, the parking rates will be reduced to the base rate of 70% per annum envisaged by MinexBank Memorandum (https://minexbank.com/memorandum). Namely to such interests:
Half yearly 35>#/p###
However, I want to reemphasize that parking payments at the moment have reached 130 000 MNX per month. Such a volume of monthly increase in the monetary base negatively affects the exchange rate of MNX, that does not satisfy investors’ expectations. Reduction of parking payments and adaptation of interests to the base rate are aimed to achieve goals outlined in the second Memorandum, namely the sustainable planned growth of the MNX price of 84.88% per annum.
Of course, we take into account the fact that market might be affected by short-term negative trends after the implementation of new rates. Therefore, I’d like to focus that our team is completing work on mechanisms to neutralise such an impact. By the way, access to new exchanges is just one of them. The more detailed information you will get from our future publications.
I am sure that these innovations will have a positive impact on the further MNX development and will be perceived by the community with understanding. As always, we’re trying to conduct a completely open policy and to engage in dialogue every participant of the project. If you have any questions, our official channels are open to you 24/7. I believe, only with the full support of the community, we will be able to achieve all the global Minexcoin goals. Thank you and stay tuned!
This text comes into force from the moment of its publication on April 24.
Boris Shulyaev, CEO of MinexSystems
successfully Atomic Swap tests between Litecoin and Minexcoin blockchains.
Minexcoin (MNX) / Litecoin (LTC) Atomic Swap
Hello, dear community! Our team continues to moving forward towards our trustless-exchanger. Step by step researching Atomic Swap abilities, today we are pleased to present you a new pair available for cross-chain exchange. It’s LTC/MNX.
As you remember, more recently we showed you the exchange process between Bitcoin and Minexcoin and presented the alpha-version GUI for our future product. Similar to BTC/MNX pair, the Atomic swap with Litecoin uses blockchains in Testnet modes. Coins in Testnet does not have any value and allow developers or testers to test new technologies without worrying about breaking the main chain or risk their assets.
To conduct MNX/LTC cross-chain exchange we’ve expanded the functionality of our framework, so you can also test it. To do it, just use the solution on our official GitHub at this link https://github.com/minexcoin/atomicswap
So far, the LTC/MNX exchange is not available in the GUI, but it will be added there with several new cryptocurrency pairs soon.
You might ask, why did we choose Litecoin? Well, it is one of the oldest coins on the market, which is used widely and popular almost like BTC or ETH. Just to remind you, Litecoin is the second (after Namecoin) fork of Bitcoin developed by Charles Lee in 2011. This coin is a peer-to-peer internet currency that enables instant, near-zero cost payments to anyone in the world. At the same time, Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. Moreover, this coin is considered as one of the few Atomic swap ready cryptocurrencies across the market.
MNX App Update: New Functions
Discover new features of MinexBank Android app.
Hi, community! We are pleased to present you the new update for MinexBank Android application. The convenient widget, redesigned validation interface and optimized work are waiting for you.
Let’s start with the most interesting — the Widget. It is a simple application extension which provides you with a quick view of actual MinexBank Parking rates and the MNX price. It can be permanently opened, for example, on the widgets page in your smartphone. Here’s how it looks:
To add it to your phone’s screen:
1. Tap the Home button.
2. Press and hold on an empty space.
3. Tap Widgets.
4. Tap and hold a widget.
5. Drag the widget to your Home screen.
The second update focused on aesthetics. We changed the design of validation process to match the latest version of the Android. Now it looks like this:
And last but not least, our development team refactored the app’s architecture, checked a code once again and optimized the work of the MinexBank. So update it and enjoy at a higher speed:
Minexcoin block explorer upgrade
Meet new Minexcoin block explorer
One of the satellite products of every blockchain project is the block explorer. Yes of course you can use the basic one, but why not to make it more convenient for any user?
So we’ve upgraded our explorer and hope you’ll find it useful.
We’ve rebuilt an architecture of this service which has increased web-client speed and servers stability. Here’s the list of what we’ve done:
- hash rate is displaying on the main page now as a graphic or by digits
- network difficulty is displaying on the main page too (also as a graphic or by digits)
- new adaptive layout optimized for correct display in different conditions
- prepared explorer API (both public and private)
- reworked the code structure, responsible for working with blockchain
- moved to a new database (best suited for blockchain solutions)
- improved search technology (block height, block hash, transaction hash, etc)
- developed an amazing blockchain synchronizer
- added current charts for price (with convenient settings)
- added parking rates display
- added richlist
- added tabs with extended information about transactions and blocks
- added transaction scripts view (meta data)
- added the switch between dollar and MNX view
…and many many more UX/UI improvements!
We hope you’ll enjoy the new explorer.
If you find any bugs or experience any inconvenience, don’t hesitate and contact our support at [email protected]