What Is Minter Network?
Minter is a next generation currency that allows users to create their own coin and set its price. The coin created can be transferred and/or exchanged for other coins instantly and limitlessly. Minter allows the creation of coins that are for use every day, coins that are easily transferable and give value providers the ability to be their own banks.
Minter will launch a new cryptocurrency—a Blockchain-Instant Payment (BIP) that will pave way for instant, efficient, and reliable medium of exchange. Minter will aid value providers to create and integrate their own coins into their unique products and services. The minter network will be a platform where the coins created can be exchanged for other cryptocurrencies and with fiat currencies like the USD.
Minter Network Transactions
The transaction fees on the network are low and do not exceed $0.01. This does not depend on the volume of an exchange or even the transfer transaction. This is because with the thousands of transfers per second, validators make good money despite the commission fees being so low.
Minter uses the Tendermint engine on the DPoS consensus algorithm that completes 10,000 transactions every 5 seconds per block. This ensures that there are no delays and no limits or waiting for other confirmations. Just by the press of a button and a transaction is complete.
Minter Network Features
One of Minter’s features is the ability to exchange any coin with other cryptocurrencies or the USD. This gives the ability to transact anywhere in the world. The currency created can also be used to pay for goods and services, which means that it gives individual coins the ability to be exchanged within the network and outside the network.
The unique value put out by different companies and individuals requires different coins deemed fit by their creators. This gives them the ability to dictate the terms of the exchange of value, which, basically, is money.
Validators verify transactions, while users bond their tokens to validators. Bonding is the process by which users entrust or delegate their holdings to the validators. Validators are paid for services in the forms of block rewards or transaction fees. Commission fees are distributed to validators according to their stake. The commission fees are charged per transaction on the Minter network.
Delegators are users of the Minter network. They enjoy access to the speed of Minter transactions, the liquidity of coins, the ease of the said transactions, and usability.
Coiners are those that issue their own cryptocurrencies. They create coins to achieve their business goals. Each coin will be unique to the coiner and their products or services offered.
Minter Apps (MApps)
Minter apps (MApps) are applications developed for the Minter network. MApp is integrated into a mobile app or a site. It will let users sign transactions, create, and recreate coins among other features. Minter will enrich common trends with unique features such as open and permissionless networks, transactions that are fast, and creation of coins.
Minter Network BIP Tokens
Minter network’s native token is called the Blockchain Instant Payment (BIP). The coins created by individual users are backed by BIP reserve. The coins are convertible to BIP or other coins in the network such as bitcoin and Ether.