Blockchain as many of us might be familiar with is the database of the internet used to manage and store transactions as well as information.The blockchain technology is characterized by transparency, efficiency, speed,security and traceability and one of the greatest innovations of the blockchain technology is CRYPTOCURRENCY.
Crytocurrencies are digital currencies built on cryptographic protocols that makes transactions secure and difficult to fake, the high point of cryptocurrencies is that it is free from the manipulation of a central authority.Cryptocurrencies are built on the blockchain technology which empowers instant, secure and anonymous payments all over the world and the whole idea of crypto currency is to promote financial freedom.
The demand for and use of cryptocurrencies has birthed the need for means of productio,purchase and storage of these cryptocurrencies.
CRYPTOCURRENCY MINING
Cryptocurrency mining is the process where by transactions for various forms of cryptocurrencies are verified and added to the blockchain digital ledger, in other words, in the process whereby bitcoin and other cryptocurrencies are produced.
This process is undertaken people called miners, it is a competitive and decentralized process and the system rewards the miners for their services.
One might want to think that mining is a profitable venture and a way for individuals to own and earn cryptocurrencies , it is supposed to be but a number of factors have made it difficult or impossible and many individuals have lost faith in the mining network.
PROBLEMS OF CRYPTOCURRENCY MINING AND MINING PROJECTS
CENTRALIZATION: when it comes to cryptocurrency mining, the use of Application Specific Integrated Circuit(ASICs) tends to complicate the mining process as the power it posesses makes impossible for mining to be done without it once a coin’s ASICs is released. This actually poses a serious problem for miners as the ASICs are created and distributed by only a few manufacturers making the space highly centralized
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TRANSPARENCY: Cloud mining which is the process of mining crypto currencies using a remoted data center with shared processing power without thw miners having to manage the hardware may have to an extent curbed the problem of centralization, miners and inverstors are still not benefitting from the mining process as it has created the problem of transparency.
COST: Mining crytocurrency costs a lot of money ranging from the cost of machinery to equipment , to workspace and uses tonnes of electricity
THE MINEDBLOCK(MINING AS A SERVICE) SOLUTION
MINEDBLOCK is a blockchain project that empowers investors take advantage of mining by using resources from a large scale mining operation, mining multiple crypto assets without having to buy, configure and maintain the mining equipments.
The vision of this project is to become a major player in the cryptocurrency space, owning a significant part of infrastructure needed to process transaction and mint new cryptocurrency assets. This development will enable investors reap a significant ROI.
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MINEDBLOCK APPROACH
Minedblock sets out to provide solutions to the above highlighted problems in the mining sector using the following approach
SECURITY: Minedblock will store newly mined crytocurrency assets in a fully encrypted cold storage until it Is time for the earnings is to be distributed
MULTIPLE CURRENCY MINING: Minedblock will oppen opportunity for several cryptocurrencies to be mined, investors can decide which one the want to mine and also maximize profits
ZERO CONFIGURATION: Minedblock has put in place structures that would manage the whole mining process such that investors will not have to bother about configuration.
ABSOLUTE TRANSPARENCY: Adequate and effective communication is the bedrock of trust and transparency and as such minedblock is committed to communicating every plan and action to its community.
PORTFOLIO GROWTH: In addition to growth from the use of Minedblock, the company will make regular deposits of ethereum into investors wallets.
Minedblock is also making use of the Preference shares strategy to reward its investors by making each ST20 MBTX equal to 1 prefernce share of the company as 95% of the company will be owned by the preference share holders. Each preference share holder is entitled to a share of the revenue produced by 75% of the mining service.
MINEDBLOCK TOKENOMICS
Minedblock operates a dual token model comprising the security Token(MBTX) and the Utility Token(MBTU). The Security Token enables a passive income while the Utility Token enables access to pay as you go mining service
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FEATURES OF MBTX
Polymath ST20 Token
Passively earn a share of 75% of profit
Fully Complaint Security Token
Monthly Profitshare Payments
Will be tradeable on security exchange token
Buyer Limitations exist
FEATURES OF MBTU
Erc20 utility tokens
Rent or buy private mining hardware
Pay for periodic management fees
Profits paid directly to your own wallet
Freely Tradeable
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MINED BLOCK TEAM
Greg Wales(co-founder and CEO)
Matt Ruff (CSO)
Paul Bishop (Co-founder and COO)
Ruhin Khan (Marketing consultant)
Rishabh Anand(Advisor)
Gangandeep Singh(Advisor)
The collective (community management)
For more information about this project , visit:
Website: www.minedblock.io
Facebook:https://m.facebook.com/MinedBlock/
Twitter: https://twitter.com/Mined_Block?s=09
Telegram :https://t.me/MinedBlockOfficial
Reddit: www.reddit.com/r/minedblock
Bounty0x username :vheobong