The world of cryptocurrencies is widespread nowadays and to keep that world engine running there is hardware and software needed to keep the speed and
The world of cryptocurrencies is widespread nowadays and to keep that world engine running there is hardware and software needed to keep the speed and the transactions in the digital network. Or well…So it has been so far. That is probably going to change with a new and clever idea that the people of Minereum have developed and that is going to be launch soon enough into the market.
The idea consists in introducing a new mining approach in the cryptocurrency space, this approach is transparent, fair and also shared by all the participants. It’s also based on the Smart Contracts concept, for those who are not related to this term, smart contracts are computer protocol proposed to facilitate, verify or implement the negotiation of a contract on the web, the advantage regarding traditional contract law is that the first ones aim to provide a superior security by acting as a computerized transaction protocol that automatically executes the terms of the contract, or in other words, forces both parts to fulfill the terms of the contract agreed.
The most leading smart contract implementation so far has been the Ehtereum blockchain platform which is an open source, public blockchain-based in distributed computing which facilitate online contractual agreements and which can perform scripts by means of an worldwide network of public nodes. This platform also provides a cryptocurrency token known as the atmosphere which can be transfer switched between accounts in addition to used to recompense participant nodes for computing performed. In this sense, all this concept is applied in Minereum working through four different main stages: The first one is to collect as many ethereal addresses as possible (process is done in online forums); then, the collected addresses are incorporated in the Smart Contract and they are called Genesis Addresses, which are hard coded in the Source Code and visible for all; the third stage is that each address is attributed to a total amount of 0.00032 MNE (denomination of Minerum cryptocurrency) and therefore the total supply will vary depending on the amount of Genesis Addresses (currently 4268) multiplied by 0.00032 MNE and by the total Ether blocks per day (5760) which gives a total amount of 7866.7776 MNE coins generated per day; finally to prevent hyperinflation each address will be allowed to transfer a controllable amount of coins.
Taking into account the number of Genesis Addresses, the availability of coins will be calculated by a formula which is only incorporated in the transfer function of Minereum Smart Contract which will prevent any user to transfer more funds than allowed. In this way, there is no need for mining pools or mining equipment at all, the mining is completely done by the code itself (available on their web page). As any other cryptocurrency MNE can be traded in the market knowing that as the base of the Minereum is Ethereum, all fees of transactions will be the ones of such platform.
Another important release is the App for Android and iOS they will be launching to the end of 2017 which will make the process even easier for everybody. The challenges for Minereum are on the horizon, Ethereum had a successful attack on 2016 on the main real-world smart contract coverage known as DAO where a hacker stole more than 50 million USD through a security hole, that according to Ethereum has been solved but that was definitely a strike for the platform. Nevertheless, is a promising idea that Minereum is creating, just time will tell if it’s good enough to change the crypto world.