Place/Date: Kyiv, Ukraine - May 15th, 2018 at 5:16 pm UTC · 5 min read
Contact: Alexey Marinich, Source: Minexcoin
Evolution underpins the entire universe. The ability to natural development determines how successful the species will be: their survival, adaptability, reproduction, etc.
The most interesting is that Evolution theory is true not only for living organisms. Even human-made things, more or less, are constantly evolving. Let’s look around: your smartphone, car, or laptop are constantly being modified and fine-tuned. Moreover, the money in your wallet goes through this process too.
In the world of economics, money is a universal equivalent serving as a measure of the value of any goods and services and capable of directly exchanging on them. To qualify as “real money” this equivalent must have four essential functions. It must be:
These four functions are interrelated. To become full-fledged money any asset has, step by step, acquire each of these characteristics, or put simply, has to evolve. The more functions it has, the more real money “choose-any-thing” becomes.
This function is the basis for most assets – securities, jewelry and even utility-tokens. Under the inflation, money isn’t very suitable for preserving value. It needs either a mechanism or an instrument allowing to accumulate wealth without fear of losing the value.
In the MNX system, a product called Minexbank (or an autonomous algorithm for smoothing the volatility) is responsible for this function. One of its tools is called “Parking.” Because of it, each MNX holder is free not only to keep assets but also to receive interest for “hodling.” At the time of publication, the interest rate is about 70% per annum.
This function allows you to refer the value of goods and services as monetary units (as the distance is measured in meters or kilometers). The two most understandable examples from the crypto-world how it works are ETC and BTC.
The first, as already mentioned, is the equivalent of the value in the Ethereum platform. The second, because of its history and nature, is usually considered as a benchmark for all other cryptocurrencies. Based on its value the altcoins price is calculated, it uses for transferring and exchanging to the fiat currencies.
According to the Minexcoin team, to acquire this function, MNX needs to generate a competitive advantage, namely, to make MInexcoin more comfortable and profitable than BTC as an instrument to input or output crypto into the fiat currencies.
In the Minexcoin ecosystem, several products are playing a role of the equivalent of value. Own bank cards will make it possible to pay with MNX even where payments by digital assets aren’t provided.
ATMs and a Trustless exchanger working on Atomic Swap technology will allow any person to quickly buy or exchange their fiat money or digital assets into MNX or other cryptos. That is, MNX creates a gateway between the digital and the real worlds.
Due to this function money is used by economic entities to liquidate all kinds of debt on their financial commitments. On the simplest scheme, it works like this Goods > Debt > Money. By the evolutionary model, until your asset is considered as a Means of saving and Equivalent of value, this function will be unavailable to it.
Minexcoin solves this problem by the gradual and complex development of the project. As soon as the coin becomes the equivalent of value, users will be presented with two products – MinexMerchant and MinexMarket.
The first, with the help of the core API, will allow merchants to quickly and conveniently accept MNX for payments. The second product will be a marketplace where ordinary people can exchange goods or services paid by MNX.
This function assumes that money is an intermediary in the exchange of goods and services, which ensures the circulation of goods on the market. In contrast to the inconvenient barter, in this case, money does not stay long in the hands of buyers or sellers. Money passes from hand to hand performing this function fleetingly.
To become a Means of circulation MNX will use a product named MinexPlatform. Scheduled for the third quarter of 2018, it will be a kind of a platform for developers or startups.
Thanks to the power of the MinexSystems team and the possibilities of the coin itself, the business will receive a tool for creating any digital values based on MNX.
MNX has only the first function of four so far, but the plans of its developers are ambitious. A holistic vision of Minexcoin system allows this project to play a long game step by step approaching the concept of cryptocurrencies to the concept of money.
Their next step is the release of MinexWallet which, by the way, is the basis to garner all the missing functions of real money by this project.
Is it possible for the team? Well, yes because first products have already been successfully brought to the market and the team continues to expand.
At the same time, minimal or even no fee commissions for the whole family of products promise to make this ecosystem outstanding. According to the team, average MNX commission will be tens, if not hundreds, times less than in Bitcoin or Ether networks.
Disclaimer: Minexcoin 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. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high risk tolerance. Only participate in a token event with what you can afford to lose. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.