Minereum – Self Mining Smart Contract Cryptocurrency System?
Minereum is a self-mining smart contract platform currently making headlines across the world of cryptocurrency. Learn everything you need to know about this unique platform today in our review.
What Is Minereum?
Minereum is a relatively new cryptocurrency platform that recently launched its Minereum tokens (MNE) online. The creators of Minereum claim to have created the first self-mining smart contract based on a mathematical formula that allows certain “Genesis Addresses” to continuously generate new tokens.
Within a few weeks of launching MNE, the currency had already gained significant traction and market capitalization. The developers first went public with their project in April 2017. By May 2017, MNE were available on two exchanges online – and the cryptocurrency continues to grow.
As the Minereum website explains, “All great cryptocurrencies have something in common: they have a great mining system. Minereum goes back to the basics and attempts to bring a new mining approach to the cryptocurrency space.”
Because of their unique system, Minereum claims to be “the future of Smart Contract mining”.
How Does Minereum Work?
What makes Minereum different from the countless other cryptocurrencies on the market? Here’s a three part overview:
Between April 14 and April 15, Minereum began the Genesis Addresses Collection process. The process took place openly on cryptocurrency forums online. A total of 4268 Genesis Addresses were collected.
Each Genesis Address was attributed 32,000 coins. Since 4268 Genesis Addresses were picked, that means the Total Maximum Supply was set at 136,576,000 MNE.
Although the Total Max Supply is set to 136 million, this supply will be reached in about 47 years. This is due to the self mining principle of Minereum where each Genesis Address is only allowed to mine 0.00032 MNE per Ethereum block.
Today, you can exchange Minereum on two exchanges: Livecoin and Crypto Dao. In terms of transaction fees, Minereum is based on Ethereum’s Smart Contracts service, which means Ethereum network transaction fees apply for Minereum transactions.
The Minereum Mining Process
Mining in Minereum is similar to mining in other cryptocurrencies. Mining is performed on the fly using a mathematical formula. As mentioned above, the total coins created is 0.00032 MNE per Genesis Address and per Ethereum block.
Each Ethereum block takes an average of 15 seconds to mine. When you run the numbers, that works out to 7866.7776 MNE mined per day.
In comparison, Ethereum creates 5 coins per block, which means there are a total of 28800 ETH generated per day. The Minereum creation rate is 72% lower than Ethereum’s creation rate.
The unique part of the Minereum mining process, obviously, is that everyone gets the same fair share of coins. There’s no need for mining pools or mining equipment, and all mining is done automatically by the code itself.
What Is A Genesis Address?
The Genesis Addresses are the addresses responsible for the initial distribution of coins. Aside from the coins distributed to these addresses (32,000 coins each), no coins will be distributed.
Another unique trait of Genesis Addresses is that they cannot receive coins. If someone tries to transfer coins to a Genesis Address, then the transaction will be rejected, and an error will be displayed in the Ethereum transaction.
All other Minereum addresses, understandably, are free of these limitations. Minereum has published a Google Docs list of all Genesis Addresses.
Who Made Minereum?
There’s limited information about Minereum or its developers available online. The whitepaper is just three pages long, and there’s no “About Us” page or similar page on the Minereum website.
All we really have is the Minereum developers’ email address, which is [email protected]
The company just completed its Token Service on May 25, and the developers first went public with the project in April 2017.
Minereum is a unique service designed to take full advantage of Ethereum Smart Contracts on the blockchain. Stay tuned for more information about Minereum as coins continue to roll out from Genesis Accounts.