Hey Steemit!
We are the blockchain-product company and in our first post we want to introduce our products and to present a Memorandum for MinexBank to you. But first things first.
MinexBank is our flagship product today. Basically, it's an autonomous algorithm for controlling the volatility of our own payment system named MinexCoin. This is an altcoin built on familiar Bitcoin GUI with current parameters:
Ticker: MNX
Total amount: 19 000 000 MNX
Block rewards: 2.5 MNX
Hashing algorithm: Mars (Equihash based)
Block size: 1 MB
Block time: 3 min
Revision of complexity: 2 days
MinexBank’s work resembles the actions of central banks that maintain the cost of their national currencies. It uses unique software that automatically correlates volatility indicators of MNX cryptocurrency with two main instruments - interventions and a tool named Parking. If you’re interested, you could get more information on our official website minexcoin.com.
As for the Memorandum, this is a document that proclaims project’s evolution after ICO that had finished in August. This document will be useful for those who are looking for the mid- and long-term investments
MINEXBANK MEMORANDUM
for the period of 2017-2018
Dear members of Minexcoin community and the cryptomarket participants.
While entirely recognizing our responsibility to reach the main goal of Minexcoin project, namely, securing MNX with the status of reserve currency on cryptomarket, we at MINEXBANK appeal to all with this Memorandum.
From the moment of starting MNX trade at the stock exchanges on November 1, 2017, MINEXBANK is going to consistently process complex financial policy which aims to ensure the following macroeconomic indicators:
Reach the exchange rate of 20 USD/MNX in the nearest future – average rate through the basket of the top 10 cryptocurrencies.
Provide increasing exchange rate of MNX to USD upon reaching the above-mentioned rate by the end of 2017 on the basis of 42,7% annual growth. This level corresponds to average annual growth of market capitalization of the top 10 cryptocurrencies in 2016 - the first part of 2017.
Next revision of the MNX growth rate to USD will be effected on March 1, 2018.
After March 1, 2018, the average annual growth rate of MNX to USD would be revised upwards based on realities of cryptocurrency market development. This is characterized by the significant growth of joint market capitalization in 2017 as compared to 2016.
The base annual parking rate of the MNX will be reviewed every 6 months based on the assessment of changes occurred in the cryptocurrency market for the expired period. Based on the analysis of the growth rate of the cryptocurrency market for the last 6 months, the base annual parking rate is set at 85% now.
Special reservation: first three months from November 1, 2017, will be the period of creation and development of the MNX exchange market. The market will be formed in stages due to different terms of trades launching on various exchanges. In addition, there will be a process of testing and debugging the algorithm of Minexbank's operation in real conditions (the development of a database and response tools). Therefore, deviations from the real macroeconomic parameters declared in the Memorandum are possible in first three months.
MINEXBANK will seek to achieve the above-mentioned indicators using corresponding parking rates of MNX or with direct BTC or MNX interventions, if necessary.
The total volume of preliminary MNX emission is 5 500 000 MNX.
MINEXBANK's reserve is 1 500 000 MNX out of the above-mentioned amount.
Developers' compensation is 1 000 000 MNX.
Developers have decided not to bring their coins to the market until the end of 2017.
Hence net money supply is 3 000 000 MNX while MINEXBANK reserve is 50% out of the net money supply. This testifies high level of the Bank procedures' durability provided to stabilize MNX market.
With the increase of the MNX volume in the market due to additional emission (work and miners' reward) a gradual replenishment and increase of the reserves amount will be required. This growth will be ensured by a progressive percentage of deductions in favor of MINEXBANK for each unit unraveled by the miners:
- Blocks 1 - 900 001 = 20%
- Blocks 900 001 - 1 800 000 = 30%
- Blocks 1 800 001 - 2 700 000 = 40%
- Blocks 2 700 001 - 3 600 000 = 50%
- Blocks 3 600 001 - 4 500 000 = 60%
- Blocks 4 500 001 - 5 400 000 = 70%
After the coin issue is completed, starting from block number 5 400 001, miners will deduct a fixed 70% in favour of MINEXBANK.
We’d like to pay special attention to the MNX market participants to the following circumstance. MINEXBANK's activity will be aimed at keeping MNX/USD quotes within the 5% range of fluctuations relative to the representing the estimated growth rate of 42,7% per annum from the rate of 20 USD/MNX.
MINEXBANK urges all participants to refrain from making deals outside the 5% corridor of the exchange rate fluctuations in order to avoid possible financial losses.”
Looking forward to hearing your thoughts and thanks for reading and sharing!