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Ukraine based Minexcoin has developed a four-step strategy to becoming “real money” by studying the origin of money.
4 main functions
Money has four essential characteristics, and Minexcoin has already achieved the first one. Minexcoin has a plan to integrate the other 3 within the MNX system to achieve “real money” status.
The first function is a way to accumulate wealth. Users worrying about hyperinflation are not likely to adopt that currency. MNX achieves this through their Minexbank offering. Minexbank offers to users “Parking” where holders of MNX can receive 70% annually in interest.
The second thing a successful currency must do is establish an equivalence of value. Users would not be able to value goods and services being sold in a standardized way without this. To make this a reality for MNX, a competitive advantage must be created.
The two most known cryptocurrencies are Bitcoin and Ethereum. Bitcoin is king in the cryptocurrency sphere, and Ethereum is used as a benchmark against all other altcoins. Minexcoin must make their ecosystem better than both cryptos to become a household name.
MNX offerings has 10-100x less fees than BTC and ETH
Minexcoin is making this happen through several things in their network. Bank cards will allow MNX users to pay where other cryptocurrencies wouldn’t be accepted. ATMs will allow users to transfer fiat into MNX and vice versa in the real world. A trustless exchange with atomic swap technology will allow MNX to be converted into any other crypto. Minimal or no fees are charged for all of MNX’s offering.
What fees that are charged are tens, if not hundreds, times less than Bitcoin or Ethereum’s, according to the team.
The next function is one that can’t be achieved until MNX is considered both a means of saving and equivalence of value. Becoming a means of payment, where money is used to eliminate debt, will occur in a gradual development for MNX.
Once equivalent of value status has been achieved, MinexMerchant and MinexMarket will be introduced to users. The first offering alongside MNX’s core API will allow merchants to accept MNX payments. MinexMarket is a platform for people to buy or sell goods or services, all payable in MNX.
The last function of real money is a means of circulation. This function builds upon the latter, only possible when a currency becomes equivalent to goods and services. When currency is passed from person to person, this also means that goods and services are circulating in the market.
MinexPlatform is MNX’s answer to achieving this. Scheduled to release in the third quarter of this year, the platform will be used mainly by developers and startups. This will encourage new uses for MNX and keep the currency flowing.
MinexWallet to bring it all together
MinexWallet is also another key component in MNX’s plan and will be a step forward to gaining the missing functions. This is Minexcoin’s next release, launching before the release of MinexPlatform.
To learn more about Minexcoin, visit their website here. Connect with Minexcoin on Facebook and Twitter. Chat with the team and community members in their Telegram channel. For a look at their code and to suggest edits, visit them on Github. Minexcoin also has a Medium and Youtube Channel.
via CCN https://www.ccn.com
May 20, 2018 at 11:01AM
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