By
Eugenia Kovaliova
December 10th, 2018
Blockchain payment platform Minexcoin adjusts parking rates, develops atomic swap exchange, and a new mining algorithm for securing the blockchain to meet all the needs of investors and end users.
The blockchain payment platform Minexcoin recently passed their 6-month milestone on May 1st, 2018. CEO Boris Shulyaev has come forth with info about the MNX project going forward.
Shuylaev talks about a new phase of MNX development. MNX latest developments focus on adjusting the parking rates. MNX holders can currently park tokens and receive at least 70% interest per year.
Parking is a service offered by subsidiary Minexbank and is part of an automatic volatility smoothing algorithm that incentivizes users from selling.
Enormous Amount of MNX Coins Parked
With over 10,000 MinexBank users and 1,000,000 parked MNX coins, an adaptation had to be made. 1,000,000 coins is over 30% of total MNX coins in the market.
The massive supply compared to demand hinders growth as pressure is applied to the coin. To combat this, interest rates are returning to the base rate of 70%. This means users can expect parked interest rates at 0.19% daily, 1.34% weekly, 5.83% monthly, 17.5% quarterly, and 35% bi-annually.
Adjusting rates are stated in the whitepaper, where it is also described how MinexBank will increase or decrease parking payments based on excessive buying or selling pressure. To note, Minexcoin markets itself as a low volatility coin and boasts volatility less than 5%.
Essential Changes for Long-term Growth
Interest rate adjustments were necessary changes in order to achieve the goals Minex outlined in their second Memorandum, specifically achieving MNX price growth of 84.88% yearly.
While investors will be unhappy with the reduction of interest payments, if MNX achieves all of the goals stated in the second Memorandum, investors will quickly gloss it over. Receiving 70% interest on a token that grew 84.88% in price sounds extremely lucrative.
Current prices for MNX tokens are around $11.50. An annual growth rate of 84.88% coupled with the 70% interest from parking would result in $100 worth of MNX becoming $363 after a year. This translates to an effective interest rate of 363% for users parking MNX tokens.
Other goals for the team is further development on their atomic swap exchange, allowing users to instantly swap BTC for MNX without a third party. The MinexMarket, MinexPlatform, and a decentralized computer are all detailed in Minex’s roadmap for the rest of 2018.
MNX is also working on developing a new mining algorithm for securing the blockchain. The computing power that backs Minex’s network is equivalent to 1110 GTX 1080 video cards. Currently, the calculations are for the sake of calculations, but Minex hopes to develop a new algorithm that not only secures the network but contributes meaningfully to the progress of humanity.
