MineCoin Central Bank: Algo or Human?

Place/Date: Kyiv, Ukraine - October 12th, 2016 at 7:39 pm UTC · 2 min read
Contact: Daniel Shulyaev, Source: MinexSystem

Minex Systems, invites the community to vote on certain key issues regarding the future operations of Minex Bank. Through this voting process, the development team intends to choose between algorithmic, decentralized and human controlled banking models.

Minex Bank is a critical element of Minex Ecosystem. With functions similar to that of a central bank, Minex Bank is responsible for the support, stabilization and regulation of the exchange rate of MineCoin against other cryptocurrencies. It is also responsible for handling deposits and financing.

The MineCoin development team is currently facing an important question regarding the model of Minex Bank and they would like to get it answered from potential users and holders of MineCoin. They have opted for a voting process to ensure that the trust and transparency in the Minex Ecosystem is maintained throughout the development and implementation process.

The question faced by Minex developers revolves around the most suitable and trustworthy banking model for Minex Bank. The development team currently has two options in front of them, one that calls for all the banking functions to be algorithmic and decentralized and other that requires risk monitoring and important decision-making functions to be controlled by humans.

The voting process is currently live on MineCoin.org, open for individuals and community members. Soon after logging into the voting tab, the user can vote for either one of the two options suggested by the developers. If the users can think of any other viable alternative to both these options, they can present it to the developers on the same platform.

The voting results will be published by Minex on October 31, 2016. Voters offering the “most reasonable” answers will be eligible for MineCoin rewards.

In addition, Minex Systems will be testing its Minex Exchange Light on October 21, 2016. Those interested in gaining early access to the Minex Exchange Light platform for testing can request access by registering on the official page of Minex Exchange. Registered users will receive an email with login credentials for the exchange platform.

About Minex Systems

MinexSystem is a Ukrainian developer of blockchain applications. Currently, the company focuses on the creation of MinexEcosystem, that includes: MinexPlatform, MinexExchange, MinexBank and MinexMarket.

Disclaimer: MinexSystem is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.