Minexcoin is a stable, secure, practical, and fast platform that promises to provide a new era of payments. Find out how the platform works today in our review.
1- What Is Minexcoin?
Minexcoin, or MNX, is a global payments system based on a low volatility cryptocurrency.
One of the biggest criticisms about cryptocurrencies is that they’re so volatile, and this volatility makes them unrealistic for use as a cryptocurrency. With that in mind, Minexcoin – and other cryptocurrencies – have launched with built-in stabilization methods in place.
The Minex platform includes an online shopping platform, a digital assets exchange, and an investment platform, among other products. You can use Minex to store your money safely, spend your money with a couple clicks, and obtain guaranteed revenue through proof of stake.
2- How Does Minex Work?
Minex and its Minexcoin currency promise to be a stable and effective currency. Here are some of the core features of Minex and Minexcoin:
Retains Its Value:
Minex claims that the Minexcoin has a “transparent and predictable policy of controllable volatility”, making it a stable asset for retaining purchasing power and forming reserves. The coin also claims to have high liquidity, allowing users to have full control over their portfolio.
Augment The Value:
You can “augment” the value of your Minexcoin by parking your coins. Parking will temporarily suspend any amount of coins in your own wallet in exchange for interest payments. Minexcoin claims users can earn “up to 70% per annum” for the amount of the parked asset.
Use The Value:
Minex has a platform called “MinexMarket” where users can buy and sell any goods and services in exchange for MNX. The Minex market makes trading operations for MNX easy. It also maintains the high liquidity of the coin, because users can instantly spend coins at the market.
Minex allows users to create digital assets and place them on the MinexMarket. “The platform’s community will become the first investor of your project.”
Convert The Value:
The Minex Exchange is a decentralized online exchange where users can freely exchange tokens, currencies, and other digital assets created on Minex.
The MinexWallet allows users to store Minexcoins in a simple, safe app. They can sell and park their coins.
Overall, Minexcoin is a digital currency that allows users to interact with the Minex platform, which is a full-featured network of products and services built on decentralized blockchain technology. The network promises to offer reduced block time and increased block size.
In terms of advantages, Minexcoin transactions claim to be way faster than those of bitcoin.
Another advantage is that Minexcoin is designed with minimum volatility. Of course, a number of currencies promise to offer low volatility, but not all deliver on that promise.
3- What Problems Does Minex Seek To Solve?
The biggest problem Minex seeks to solve is volatility. To solve that problem, Minex will implement a number of stabilization features into the Minexcoin cryptocurrency.
Of course, other blockchain companies have implemented similar stabilization features in the past – and these features aren’t always successful.
The Minexcoin whitepaper, for example, mentions that DigixDAO backs its DGX tokens with an equivalent amount of gold physically stored in a vault in Singapore.
ChronoBank, meanwhile, creates its own labor market where each LH token is pegged to the average worth of a work-hour.
The Minexcoin whitepaper believes that projects like this have “several fundamental flaws”. That’s because they’re pegged to an unstable asset – like gold or a labor force.
With that in mind, Minexcoin implements an “autonomous financial system” that balances the currency. That system leads to two core benefits of Minexcoin:
- Low volatility of the coin (within a 5% range), achieved autonomously through traditional financial tools
- Predictable and controllable annual growth of the coin’s price which correlates with average annual price growth calculated for a portfolio of most popular altcoins (around 33.6%)
That stability is created by an organization called MinexBank. MinexBank will stabilize the exchange rate within a range of 5% of the previous day’s closing price. If the limit values are reached during this period, then MinexBank will change the interest rates for parking payouts, or will intervene to keep the price within the preset range (i.e. they’ll buy and sell tokens).
4- The Minexcoin coin Sale
There’s a total supply of 19 million Minexcoins, or MNX. 5.5 million MNX coins have been pre-mined. 2.7 million coins were available through the ICO, which took place in May 2017. 300,000 MNX are available for bounties. 1.5 million are reserved for MinexBank’s reserve fund, while 1 million are reserved for developers’ and advisors’ capital.
The coin uses the Mars hashing algorithm and has a block size of 2MB, with a block time of 2m45s. The token is based on bitcoin’s source code.
5- Who’s Behind Minex?
Minex is led by Boris Shulyaev (CEO and Founder), Ruslan Babych (CTO), and Vladyslav Zaichuk (Lead Blockchain Developer).
The company, MinexSystems Limited, is registered in Hong Kong under corporation registration number 2569398.
6- MinexCoin Summary
Minex is a cryptocurrency platform with a marketplace, digital assets exchange, wallet, and other features. The platform revolves around use of a digital currency called Minexcoin.
What makes Minex different from the dozens of similar platforms available today? The difference lies in how Minex’s cryptocurrency works. You can earn 70% ROI per year on Minexcoin (during the first year) by “parking” your currency. This currency will then be used to stabilize the value of the coin. The coin’s price will not fluctuate beyond a 5% range (2.5% up or down) per day. If the price fluctuates against that limit, a regulatory body called the MinexBank will step in to balance the price.
MinexBank can change interest rates for investors. Or, it can participate in the market itself, buying or selling Minexcoins to balance the price.
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