The story of the MinePlex project unfolded this year. Its mission is to combine the stability and liquidity of traditional financial instruments with the security and transparency of Blockchain technology and cryptocurrencies.Several products are being developed within the MinePlex project. The first product is MinePlex Banking – a mobile crypto bank. The MinePlex Banking mobile app gives access to fiat accounts in euros and dollars, money transfers within the country and globally.The second product is the cryptocurrency wallet that supports the native tokens MINE and PLEX (please find information on these tokens below). By spring 2021, the MinePlex team plans to add support for more than 20 major cryptocurrencies.The tried element of the MinePlex ecosystem is the P2P platform. This
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The story of the MinePlex project unfolded this year. Its mission is to combine the stability and liquidity of traditional financial instruments with the security and transparency of Blockchain technology and cryptocurrencies.
Several products are being developed within the MinePlex project. The first product is MinePlex Banking – a mobile crypto bank. The MinePlex Banking mobile app gives access to fiat accounts in euros and dollars, money transfers within the country and globally.
The second product is the cryptocurrency wallet that supports the native tokens MINE and PLEX (please find information on these tokens below). By spring 2021, the MinePlex team plans to add support for more than 20 major cryptocurrencies.
The tried element of the MinePlex ecosystem is the P2P platform. This service will be available in the form of the mobile application as well. According to the project’s roadmap, the users will be able to purchase cryptocurrencies using a bank card or bank transfer. Also, the platforms will allow to sell cryptocurrencies for fiat and withdraw fiat to a bank card.
Finally, the fourth product is the MinePlex MasterCard debit card which gives access not only to classic features but also serves as a pass to the world of cryptocurrencies. The MinePlex card is linked to the multi-currency wallet that will allow holders to use their cryptocurrencies for purchasing goods and services. Due to this feature, users will be able to withdraw cash from any ATM around the globe. In the future, the team also plans to issue Visa and UnionPay cards.
Contrary to a common bank, MinePlex uses the blockchain part of the project for such regular operations as fiat transfers. This part is covered by the MinePlex blockchain that works on the Liquid Proof-Of-Stake (LPoS) algorithm and smart contracts. The financial “core” of the MinePlex blockchain are two tokens: MINE and PLEX.
MINE and PLEX: how one complement another
MINE is the intrinsic token of the platform. It is the unit of the computational power needed for validating transactions on the blockchain. It is a stablecoin – its price is stable and equals 1 cent. This token is essential for paying fees. The token MINE could be compared to “gas” on the Ethereum blockchain with more features. Also, MINE is necessary for generating new PLEX coins.
On the other hand, PLEX is the “liquidity token” with limited emission. Its price is dynamic and is determined by supply and demand. That very token is listed on exchanges. Similar to Bitcoin, it is built on the deflationary mechanism: its price only grows with time. The initial price of PLEX is 20 cents.
If the initial supply of MINE tokens equals to a bit more than 259.2 billion and its supply is constant, the PLEX tokens could be mined only by generating new blocks on the MinePlex blockchain. That being said, the development of the blockchain is divided into 4 steps and the PLEX emission norm reduces on each step. The final emission of PLEX will be approximately 414.7 billion tokens.
As for MINE, its initial emission will be distributed in the following way:
- 10% (approximately 26 billion tokens) for the MinePlex Banking reserve fund that will be used for the staking service;
- 20% of the emission will be distributed among users by selling;
- 70% of the emission will be placed on the special smart contract that is essential for exchanging MINE and PLEX.
MinePlex staking distinctive features
The important distinctive feature of the MinePlex blockchain, in comparison with PoS-networks, comes from the fact that in the Proof-of-Stake algorithm the proper blockchain functioning is guaranteed by validators that use network’s coins received from minority holders, and this process is called staking (as mining in Bitcoin). When coins are used for staking, holders lose access to them. To use these coins, users need to get them back from staking that could take from 15 to 30 days.
In the Liquid Proof-of-Stake algorithms, which is used in the MinePlex, users delegate the address itself and not the coins. Therefore they still have access to their funds 24/7 without any limitations.
It is noteworthy that the LPOS algorithm was initially used by the developers of Tezos. Thanks to this innovation, Tezos blockchain attracted the biggest number of validators (around 1000) and Tezos was recognized as the most decentralized network with the PoS algorithm.
To generate one block, the protocol chooses from the total number 1 PP for creation and 30 for block validation. PP could be a holder of at least 1 million MINE tokens. First of all, the more MINE coins PP has, the bigger is the passive income from staking. Secondly, the bigger are the PP’s funds, the higher is the probability that this PP will be chosen for the generation of a new block. Thirdly, by participating in the block generation, PP blocks the funds for 5 cycles that serves as an insurance deposit in case of misconduct of some PP.
How to use the income from MinePlex holding
MINE tokens could be compared to a deposit unit for generating stable income, while PLEX could be seen as money or valuable assets.
For example, let’s imagine a user who has 100 000 MINE tokens on his account ($1000). He is the participant of PP. The price of the MINE token is constant and equals 1 cent. So every month the user received PLEX tokens for approximately $200. The user can exchange PLEX to MINE and reinvest tokens or withdraw it and spend. If we calculate the return on investment taking into account the compound interest, the user’s funds will reach $4,5 million in 5 years.
Every user can choose different ways in accordance with their own goals:
– Lock the full profit;
– Use income for purchases;
– Exchange PLEX to MINE, reinvest in deposit and increase return on investment.
The deposits in MINE coins can start to bring income from the 6th month.
How to get MINE tokens
To participate in staking a user needs MINE coins which can be received in the following ways:
- Participate in the MinePlex partnership programme. For this, a user needs to open an account and purchase one of the seven “starter packs” with prices ranging from $99 tо $7499. The packs could be bought with fiat, BTC or USDT. In return, the user gets MINE tokens in the amount equivalent to 10% of the pack’s price and the bonus tokens for attracting new users.
- Purchase tokens on the Mineplex OTC platform from MINE holders. Orders could be placed in BTC, USDT and PLEX.
- Exchange PLEX tokens. PLEX tokens could be received by participating in PP or bought on the MinePlex OTC platform.
In such a way MinePlex unites cryptocurrencies and the financial world. In a common bank, the dollar deposit will bring almost nothing. On the MinePlex the return is up to 20% monthly. The liquidity in this ecosystem is provided by the PLEX token.