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MineCoin

MineCoin ‘Central Bank’ Claims to Solve Cryptocurrency Volatility

Bitcoinist
by Bitcoinist
8 years ago
·
Posted in Altcoin News, Altcoins
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Minex, the team behind MineCoin, has announced a new “ecosystem.” Aimed at decreasing price volatility, the firm said the platform will make “MineCoin as [sic] a new payment unit based on blockchain technology.”

Disclaimer: This article is sponsored by Bitcoin PR Buzz. Bitcoinist is not affiliated with the firms represented by Bitcoin PR Buzz and is not responsible for their products and/or services.

Referencing the growing interest in blockchain from major institutions like Banco Santander, Barclays and UBS, Minex argued that cryptocurrency’s volatility posed the main obstacle to mainstream adoption.

“The volatile nature of Bitcoin and other cryptocurrencies has prevented them from being widely adopted as a medium of value transfer,” the team told press.

“This has prevented many merchants from accepting cryptocurrency payments from their customers,” they continued.

The Central Bank of MineCoin

MineCoinIn an attempt to solve the issue of volatility, the organization has begun work on the “Minex Bank.” Acting as a “central bank” using MineCoin as its “reserve currency,” the platform employs what developers call a “response algorithm” that regulates the MineCoin supply in response to demand.

Aiming for a balance that provides “the best of both worlds,” Minex claimed to be “working closely with reputed economists” to make sure the “Bank” combines aspects from both the legacy finance system and the rising cryptocurrency ecosystem.  

Developers provided press with the following list of features provided by the Minex Bank:

  • Increasing the supply of MineCoin (from reserves) during the period of high demand
  • Buying excess MineCoin when the supply is far more than demand
  • Allowing Minex Community to maintain their MineCoin deposits and getting POS
  • Regulation of interest rates for POS based on market analysis
  • Offering smart-MineCoin loans to community members by a computer algorithm based on an assessment of borrower’s financial activity in Minex Ecosystem.

The Minex Bank is the latest in a growing list of projects in development, with the team working on a “Minex Platform,” “Minex Exchange,” and “Minex Market.”  

The company expressed confidence in its upcoming platform. “Experts from the banking sector and cryptocurrency community believe that upon realization of the current model,” they said, “Minex can become the market leader in blockchain technology platforms.”

Based in Kyiv, Ukraine, the Minex team is led by a team of three people: CEO Boris Shulyaev; CTO Ruslan Babych; and blockchain developer Vladyslav Zaichuck.


Images courtesy of Minex.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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