Artemine takes off from where its predecessor, Minereum left off with Self-Mining Smart Contracts – the revolutionary cryptocurrency mining process. With this version, the people behind the self-mining smart contracts are taking the next logical step to evolve the revolutionary self-mining technology further.
They will try to improve on the features and processes employed with Minereum, making version 2.0 the new norm in cryptocurrency self-mining.
The Traditional And The New
The self-mining smart contract goes in a conceptually opposite direction to the traditional mining practice in the blockchain, and brings efficiencies to the blockchain that traditional mining hasn’t been able to achieve.
Maybe an explanation of what mining in cryptocurrency actually is might be in order…
As you may know, cryptocurrencies are made for transactions just like your fiat currency is, and when there are transactions there has to be authentication. Mining in any cryptocurrency ecosystem is the process by which these transactions are authenticated and written to the blockchain ledger.
There are some intensely complicated computational puzzles to be solved while authenticating and adding these transactions to the blockchain, which requires some serious processing muscle.
The traditional mining process requires computational infrastructure and electricity to do the mining process and create new coins.
Artemine, on the other hand, can self-mine using its smart contracts in the Ethereum blockchain, thereby ensuring fair and transparent distribution to every user.
How Does Artemine Work?
It all starts by collecting as many Ethereum addresses as possible in the blockchain, which will be done openly and anyone can contribute their address.
These addresses will form the Genesis addresses that will be directly coded into the source code of the smart contract in the blockchain. Once this is done, attribution of a certain quantity of coins to these Genesis addresses is done, which then self-mines for a certain specified period of time.
A mathematical formula integrated into the transfer function will determine the amount of coins in the Genesis Addresses on the fly, and it prevents the user from transferring more funds than the address is allowed to.
This becomes the basic core on which the self-mining Artemine works.
Artemine Is Improving Minereum
The new self-mining framework has improved on some of the principles that have already been established by the version 1.0 of the coin.
In the earlier version, each Genesis address was allocated 32,000 MNE Tokens, but the ICO participants of Artemine can determine the amount in the Genesis address based on the amount they contribute in the ICO.
While it wasn’t possible in its predecessor, version 2.0 allows the participants to transfer the holdings in the Genesis address instantly in exchange for ETH to other addresses, as long as the recipient address doesn’t contain any ART Tokens.
Finally, in version 2.0 the participants can sell their Genesis address if they deem fit to do so.
Public Mining is a new feature in Artemine, allowing anyone other than Genesis address holders to mine coins, and they have set the mining rate to be deflationary, making it more difficult to mine coins as time passes.
This is improving the self-mining framework in leaps and bounds compared to its forerunner and ensuring that the drawbacks are addressed to further the utility and future of self-mining technology in the blockchain.
Talk about taking a step in the right direction!
A New Revolution On The Block
Artemine is definitely poised to be the new revolution on the blockchain, improving upon the principles of self-mining the team has set with version 1.0.
With iterations and improvements, self-mining is soon going to be the more efficient norm backing any great cryptocurrency of the future.