Mining is an elegant solution and is at the heart of great cryptocurrencies. Now, a cryptocurrency with self-mining is about to change the way we think about mining and cryptocurrencies. Minereum is the first self-mining smart contract and promises to bring a novel approach to mining and cryptocurrencies, which has never been seen before.
Minereum is the first ever self-mining smart contract
Minereum started with Genesis, from which between April 14-15, 2017, they collected what was termed as “Genesis addresses.” These were Ethereum wallet addresses that were collected openly in online cryptocurrency-related forums, which resulted in 4,268 Genesis addresses being collected.
After the Genesis phase ended, each Genesis address was attributed 32,000 coins and since there are only 4,268 addresses, the total number of coins (Minereum) were set to 136,576,000.
This number of coins are the maximum number of Minereum coins that will ever be created, however, since the self-mining contract only allows for each Genesis address to mine 0.00032 Minereum (MNE) per Ethereum block, the total supply will only be reached in 47 years.
What sets Minereum apart from other cryptocurrencies
Minereum as a currency is different from other cryptocurrencies. While other cryptocurrencies require computer infrastructure, electricity and related investments to create new coins, Minereum can self-mine using the Ethereum Blockchain and the smart contract functionality that is built in there.
A Minereum representative tells us:
“Mineruem is the first self-mining smart contract. 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.”
Cointelegraph has learned from the Minereum team that, at the moment, the supply of Minereum is around 500,000. In an emailed communication, a Minereum representative commented about the inflation rate of the currency. “As a comparison example, Ethereum generates 5 ETH per block. Minereum in total generates 1.36576 MNE per block (0.00032 MNE * 4268 Genesis addresses), so Minereum has an inflation rate 72 percent lower than Ethereum.” The currency is currently trading on livecoin.net under the symbol MNE.
Ethereum Token Creation Service
The Minereum team is planning to launch a set of services that would be exclusive to the coin. In the coming week, the focus of the people behind Minereum would be on the launch of the Automatic Ethereum Token Creation Service. The Token Creation Service will allow anyone to create an ERC20 token with just a Minereum transaction.
A Minereum representative gave us more information about this service:
“All the MNEs received from purchases will be automatically destroyed and, therefore, taken out of circulation. After the Token Creation Service is live, we will start focusing on our next big service.”
This next service has not yet been announced publicly and was not initially part of our roadmap plans, however, after the Token Creation Service is live we will reveal more details. The service is intended to bring Minereum to the common people, rather than only to the crypto community. The Minereum forum and Twitter account will have updates when new services are released.
Minereum brings transparency and ease of access
Minereum’s unique selling point is its novel mining process. This process is based on the premise that there will be a totally fair and transparent distribution of coins, with everyone getting their fair share. The fee charged is based on Ethereum network transaction fee as Minereum is an Ethereum smart contract.
More technical information is available on the Minereum forum and in a white paper that they have released. It would be interesting to see how users adopt this new token and how the project develops from this point forward.
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