AMA RECAP — CRYPTOSCREEN INDONESIA with MINEREUM
On 15 October 2020, Minereum conducted an AMA in the Cryptoscreen Indonesia Community. Our guest is Minereum team.
Lots of questions as usual from the Community about Minereum progress. The Minereum team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Cryptoscreen Indonesia community. If you missed the AMA in person, read this recap for a deeper insight into Minereum.
Let’s take a look at the most interesting points of our conversation.
Segment 1: Introduction
Samuel Yabes: Are you ready for the party tonight?
En3r4: Sure, let’s start
Samuel Yabes: Can you introduce Minereum to our community?
En3r4: Minereum is the first self mining smart contract launched back in 2017, launched as an airdrop. The goal was for users not to require any mining equipment to mine coins and no need to be online, the coins are mined automatically 24/7 with a mathematical formula. In 2020 we launched a new V2 airdrop where 1.2 Million addresses participated. Each participant received a Genesis Address with 32,000 MNE, Genesis Addresses are the only addresses that are able to perform the mining of coins in Minereum. Unlike in 2017, in the V2 users require to activate their addresses in order to start mining. After the V2 airdrop was over we launched the Minereum V2 platform which included many new features, including:
• Genesis Addresses DEX
• MNE DEX
• Minereum Staking with up to 1000% reward
• Minereum Crypto Bond with up to 50% Yield
• Minereum Lucky Draw — A 100% onchain decentralized game
However, users can buy Genesis Addresses in the Genesis Addresses DEX, this means they are able to buy addresses that perform the self mining process and mine coins 24/7 while offline
The initial Genesis Addresses were distributed only to the V2 airdrop participants
Samuel Yabes: Products are important. So, what products does Minereum have?
En3r4: Before answering the next question, I just would like to say that we have a page in Indonesian explaining the advantages of Buying a Genesis Address and Upgrading your Genesis Address (in case you have 32,000 MNE from the V2 airdrop), here is the link: https://www.minereum.com/whygenesis_id
Like mentioned, the Self Mining process is the core Product of Minereum. Additionally to that we have few more features:
• Genesis Addresses DEX — Where users can trade Genesis Addresses
• MNE DEX — Where users can trade MNE
• Minereum Staking with up to 1000% reward
• Minereum Crypto Bond with up to 50% Yield
• Minereum Lucky Draw — A 100% onchain decentralized game
Samuel Yabes: Wow this makes it easier for our Community to understand it, and buy Genesis Addresses and etc . So Minereum is very focused on mining, right?
En3r4: that’s correct, self-mining is the term we came up with when we invented it
Samuel Yabes: Can you explain how we get staking rewards up to 1000% ?
En3r4: All details about the MNE Staking can be found here: https://bitcointalk.org/index.php?topic=4495159.msg54757903#msg54757903
In summary Minereum Staking is different than normal staking in other coins, in the Minereum Staking users have to compete for the reward and the overall reward decreases by 1% every day for a period of 365 days.
For example, if:
- The reward of today is 384%
- You participate in the Staking today with 10000 MNE
- By the end of today all the other users participated with 10000 MNE
This means that the total Staking pot is 20000 MNE, and you with 10000 MNE are entitled to 50% of the reward (because you participated 50% of the pot), and so your reward would be 10000 MNE + 192% = 29200 MNE
However if you are the only participant for the day you get 100% of the reward which would be 10000 MNE + 384% = 48400 MNE
Samuel Yabes: Can you explain how Minereum works?
En3r4: The Minereum mining (aka self mining) works like this:
- The only addresses that are able to mine are the Genesis Addresses with 32,000 MNE that were distributed in the V2 airdrop
- To start mining you need to upgrade your Genesis Address to Level 2 or 3, level 2 starts the mining process and level 3 allows you to transfer your mined coins. (alternatively you can buy a Genesis Address and you will get a fully activated Level 3 Genesis Address)
- Once have a level 2 or 3 the process starts, whenever an ethereum block is mined, you get 0.00032 MNE. As there are about 6000 ethereum blocks every day, you get about 2 MNE per day per Genesis Address
-The self mining process will last until all 32000 MNE are mined, this process should take around 50 years after a Genesis Address is upgraded.
Back in 2017, Minereum was the largest airdrop ever, as you can see below, and we want to accomplish again the same, with the launch of Minereum V2:
Samuel Yabes: Minereum Original Token is $MNE. Can you explain the use of the MNE Token?
En3r4: You can use MNE as:
- Store of Value
- Currency
- use it for Staking
- user it to create Crypto Bonds
- use it to create ERC20 Tokens with our Token Creation Service
Samuel Yabes: Where can people buy Minereum (MNE) tokens? And in the future, do Minereum have plans to use their own blockchain?
En3r4: You can buy MNE token here:
Uniswap (web3 browser required)
https://uniswap.exchange/swap/0x426ca1ea2406c07d75db9585f22781c096e3d0e0
Livecoin.net
MNE/BTC: https://www.livecoin.net/en/trading/MNE_BTC
MNE/ETH: https://www.livecoin.net/en/trading/MNE_ETH
MNE/USDT: https://www.livecoin.net/en/trading/MNE_USDT
Minereum DEX (web3 browser required)
https://www.minereum.com/v2/mnetrade
For buying MNE Genesis Addresses (web3 browser required)
and no, we don’t have any plans to bring Minereum to its own blockchain, ethereum does that pretty well already, so we will just keep it as it is
however, we would like if the ethereum gas fees would be lower like months ago, because they are too high right now as everyone knows.
Segment 2: Questions from the Twitter
Question 1: What are the main benefits that MINEREUM offers to developers? Why should developers consider MINEREUM as the first choice?
En3r4: well minereum is not a development platform like ethereum, however developers can develop around Minereum for trading and automatic swaps on uniswap
Question 2: Can you tell us a bit about the community behind Minereum? How important is it for decision making?
En3r4: we have a community since 2017, and we are around 15000 strong, counting only from the telegram users, but also have twitter and bitcointalk. We occasionally make polls in the community to help us make the right decisions aligned with the community interests
Question 3: Minereum has grown so quickly in such a short time. What do you consider to be the main reasons for this rapid growth?
En3r4: That’s true, market price and the community had a very rapid growth. The main reasons we believe are the commitment of our team to deliver high quality and innovative blockchain technology, for example with the self-mining concept, which is unique to Minereum, during this year we delivered multiple features, so it has been a non stop year for Minereum
Question 4: From what I read on your website, Minereum token has multiple purposes, but within your platform what is the main use it has and what makes it unique and special, in relation to the other existing ERC-20 tokens?
En3r4: The Minereum self-mining feature is quite unique. We are the only ERC-20 token allowing users to mine coins without any mining equipment and without the need to be online. Not only compared to other ERC-20 tokens but also compared to all the other cryptocurrencies out there. No other cryptocurrency offers this as far as we know
Question 5: For each platform, the factors that attract more users are: low transaction fees, high levels of security, and ease of operation. Can you ensure these requirements for users?
En3r4: all of them except the low transaction fees, as this depends on the fees of ethereum
Segment 3: Free/Live Questions
Telegram User: Minereum has bad reputation from community since your 32K MNE airdrop cannot be traded. How do you respond to this problem? And how you deal with community frustrations?
En3r4: I would like to address this one: I wouldn’t say Minereum has a bad reputation, but you are entitled to your opinion. In general we deliver what we promise and we always keep the community informed. As an example, when the V2 airdrop was launched, we clearly explained that you would receive a Genesis Address with 32,000 MNE that would mine about 2 MNE per day, and if you click on more information you see there more details about fees, 50 years duration and so on. So this information was always available. The problem is that airdrop participants normally don’t read all details, but we understand that. You can see here the old official airdrop page which is still live how it was before (except the buttons to participate), all the information is there: http://v2.minereum.com/
Telegram User: Minereum is a project based in the Cryptocurrencies Mining, so can why is a better option use Minereum instead of mine BTC or ETH using the typical methods?
En3r4: Good question, as you can see in this page we explain the benefits of upgrading or buying a Genesis Address:
English: https://www.minereum.com/whygenesis
Indonesian: https://www.minereum.com/whygenesis_id
The advantages are clear:
- No need to buy mining equipment
- No need to be online
- No need to pay electricity costs
- You are sure how many coins you will mine
- When you upgrade your genesis address you are paying a one time fee that will allow you to mine for 50 years, while when you buy mining equipment it becomes less and less relevant overtime until you have to have more costs again to upgrade your mining equipment
Telegram User: Could you please explain more about your tokenomics? What is the total supply and what types of plans do you have regarding tokens being opened in the future?
En3r4: There total max supply is about 38 Billion coins, however these are all the locked Genesis Addresses Level 1s that are not able to mine or transfer coins
The circulating supply is much lower, only about 6 Million coins right now, you can see the basis for this calculation in this page where it explains everything: https://minereum.com/mining
Telegram User: The whole mining process of Minereum is designed to last about 50 years, is that an expiration date for Minereum? What will be its utility after that?
En3r4: The 50 years mining duration start counting per Genesis Address as soon as they are upgraded. That means if you start mining today, the mining process of your address will finish in about 50 years. But if you start mining only in 50 years, your mining process will finish in about 100 years from now. In other words, there will never be an expiration date for minereum, as long as the ethereum blockchain keeps working.
Telegram User: Where does the project name come from? What does it mean for you and why did you choose that name for your project?
En3r4: Simple: Mine + Ethereum = Minereum
Samuel Yabes: Thank you for answering questions from our community. Before ending the AMA, do you have anything to say to our Community? Before us open Chat again.
En3r4: Yes, thank you for your time and for all your questions, find more information in our website https://minereum.com follow us on twitter https://twitter.com/minereumtoken and join us on telegram @minereumtoken to get all the latest updates!
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