About Minereum
With the current growth of blockchain technology, Smart Contracts are clearly becoming the future of our financial system. From creating an Insurance, a token or a complete election voting system, blockchain technology is now allowing anyone anytime anywhere to replace and disrupt complete market sectors, and all of this with just few lines of code. Whole government functions and institutions are now being created with what we call trustless trust, without any central authority in the middle to block it.
Minereum contribution to this great ecosystem will be to attempt to introduce a new mining approach in the cryptocurrency space, this new mining approach is transparent, fair and shared by all the participants with the consideration of containing the supply for a future increase of value.
Token Basic Information
Mining process
The mining process of Minereum is something never seen before. Instead of traditional mining, the availability of coins to each Genesis Address will be calculated purely by a mathematical formula on the fly. This formula is only incorporated in the Transfer function of minereum Smart Contract and its only function is to prevent that a user is able to transfer more funds than what he is allowed to.
How Minereum works
Genesis
Between April 14 and April 15 there was the Genesis Addresses Collection. This process was done openly in Cryptocurrencies online forums, 4268 Genesis Addresses were collected.
Supply
Each Genesis Address was attributed 32,000 coins, as there were 4268 Genesis Addresses, the Total Maximum Supply was set to 136,576,000 MNE.
Mining
Although the Total Max Supply is set to 136,576,000 MNE, this supply will only be reached in about 47 years. This is because of the Self Mining principle of minereum that only allows each Genesis Address to mine 0.00032 MNE per ethereum block.
Smart Contract Deployment
- The first phase will be to collect as many ethereum addresses as possible. This will be done openly in online forums, anyone will be able to provide their address.
- The addresses collected will then be incorporated in the Smart Contract and they will be what we will call the Genesis Addresses, they will be hardcoded in the Source Code and visible for all.
- To prevent instant hyper-inflation, each address will only be able to transfer controllable amount of coins.
Coins distribution
Genesis Addresses will be airdropped for free to community, everyone will get same share of coins per Genesis Address, no need for mining pools or mining equipment, the mining will be done automatically by the code itself.
Transaction fees
As Minereum is an ethereum Smart Contract, ethereum network transaction fees apply minereum transactions.
Team
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This article is writing on 24 January 2020 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: support@coinworldstory.com Or Whatsapp Us- +13098896258
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