All about blockchain project
Modern cryptocurrency solutions are much more advanced than the bitcoin network, which was first published in 2009.
After Bitcoin, hundreds, if not thousands, of new coins were created based on certain ICO projects.
The main advantage of each new coin is its speed, for example, the same Ripple in terms of transaction resolution is hundreds of times faster than the Bitcoin network.
Developers do not stop there, and each time improve existing technologies.
One of the progressive projects is the Minter Network, a cryptocurrency network with a base coin BIP. Let’s look at its main advantages and disadvantages, features and a number of features.
What is a Minter Network
BIP (Minter) is an open source blockchain model based on the Tendermint protocol.
The work uses the Delegated Proof-of-Stake (DPoS) consensus algorithm. The developers of this platform declare their leadership plans, and are actively promoting their project now.
In fact, Tendermint is an engine that allows everyone to create a secure high-speed blockchain.
Minter platform features
- Creating your own digital tokens.
- Creating decentralized proposals.
- Over a period of 5 seconds, 10,000 transactions are created for each of the blocks. Note that Proof of Stake (DPOS) is by far one of the most popular algorithms.
The technical component is provided thanks to the work of the large Russian community of DeCenter, presented in the form of a community – it includes hundreds of thousands of people, among whom you will find developers, experts, investors and just people who love their job.
I would also like to introduce the creator of the Minter network – this is Evgeny Gordeev. He, by the way, is also the main one in the DeCenter community.
You can find information in the media how the idea of creating a new network came about – Eugene, who is an expert in the field of cryptocurrencies, at some point came to the conclusion that modern networks are not suitable for active use by society, and decided to tackle this problem.
Unfortunately, if a person has, say, ETH, and decides to withdraw the coin, then he will encounter a number of difficulties, because the transaction must go through a number of processes, and thus, valuable time is lost.
In his work, the creator was largely guided by the development of the Nobel Prize winner in the field of economics – Friedrich von Hayek and John Maynard Keynes, who was also a brilliant specialist in economics at one time.
These scientists paid a lot of attention to the issue of creating new currencies to build an effective economy – currencies that will differ in instant and absolute liquidity in the market.
At the moment, Minter coin is a very progressive coin that can already compete with NEO, ETH and Waves.
According to the developers, it is even better than the presented coins for a number of reasons.
- The BIP token has priority liquidity.
- The token was created on the basis of the concept that everyone can gain access to the issue and management of their created tokens.
- The system provides a simple ability to manage and use coins. According to the developers, everyone can easily carry out various exchange operations between their assets.
- The network of this token is characterized by a high level of reliability.
According to the plans of the developers, a total of 10,000,000,000 tokens will be launched, they will enter the market within 7 years.
They will be handed out and handed over to miners as a reward.
Interestingly, in the process of creating and controlling new tokens, it is also necessary to indicate the BIP reserves, quantity, ticker, name and% stability of value.
Further, the created coins will be added to Minter’s internal exchangers, which will allow you to instantly transfer money through the main BIP token. The option of exchanging for fiat will also be available.
A speed comparison chart is presented on the project’s official website as an infographic. It perfectly demonstrates Minter network speed.
Bounty program on the site was not implemented, as there is no referral program. By the way, this is also a strong difference between the project and its analogues.
How the Minter Network works
The blockchain network uses DPoS BFT consensus, which was based on Tendermint. Language – Golang, platform – Cosmos.
In other words, the Minter network is based on a reworked template of the current blockchain, all costs are reduced.
According to representatives of the team, now the main problems are
- The slowness of cryptocurrency networks;
- Inflated commissions when withdrawing cryptocurrency;
- Difficulties with the transfer of cryptocurrency;
- Difficulties in creating your own coins for companies and products.
Note that there is nothing new here, the problems are classic, and every ISO project tries to solve them to one degree or another.
Minter cryptocurrency can be used in various areas of social activity – educational programs, mobile games, cafes, shops, shopping projects and so on.
Various programs will be able to easily create their own coins, give them to their customers and customers, and reward them for participating in various promotions.
Now let’s talk more specifically about the technical parameters of the network.
Like Cosmos, based on the Minter blockchain, the network speed is 1000 transactions per second. The interval between creating blocks is exactly 5 seconds.
According to the team, over the next two years, the speed will accelerate to 10,000 transactions per second
- One block time: 5 seconds.
- Maximum transaction size: 10,000 transactions.
- Transaction volume: 180 bytes + header + validator signatures.
- Initial block reward: 333 BIP.
- Subsequent reward reduction: to 115 BIP.
- Signatures of more than 2/3 validators;
- Address generation algorithm: Cryptographic Signature Scheme: Elliptic Curve Digital Signature Algorithm.
About the MApps. Minter network will develop not only in on-chain space. Its features are high speed applications and services, the ability to create your own coins.
Applications and services within the network will be denoted by common MApps.
In particular, it is a micro service that is built into the mobile application and into the site, which allows you to sign transactions, watch balance, poll and re-coin.
Also will be released SDK for JS, Android, iOS, bot kit for Telegram – all on the source open source.
It is important to note that the SDK and the network API undergo rigorous tests and checks, have a number of variations, and are easy to launch and use.
Minter supports off-chain user names, which provides an easier way to convey value and interpret language.
What does the network have at the moment
- BIP wallets for Telegram, web version, Android, iOS.
- Blockchain in the testnet without smart contracts, the ability to create coins.
- A calculator to calculate the possible price of created coins within a certain number of coins in reserve.
- API for masternodes and blockchain SDK for iOS, PHP, JS, Android.
- Monitoring the status of the Minter nodes list, network testnet, list of pools.
Minter Network Roles
Currently, each user on the network can play one of the following roles
- Validator who confirms transactions and receives rewards.
- The coiner who creates custom coins uses the network as a backend for business purposes.
- A delegator who simply enjoys ease of use and high transaction speed, high liquidity of coins. The same group trusts its accumulators through the Bonding process.
The basic role of the end user is also provided, which can simply use the processes of transfer and exchange of coins.
At the time the network was started, the permissible maximum value of the validators did not exceed 16, of which 4 nodes are included in the Genesis Block and belong to the developers.
4 new nodes are added every month, respectively, as a result, the number of validators will be increased to 256. It is estimated that this will happen in about 5 years.
Why are restrictions necessary? The developers set themselves the goal of preventing the problems that are usually associated with the development of the complexity of minting.
It is also important to ensure a high level of Minter’s speed.
At the same time, users have the opportunity to delegate their coins to validators. Unlinking from the Minter validator is carried out within a month from the moment of application submission.
Validators are awarded in two formats
- For blocks;
- Transfer fees.
It should be borne in mind that for each of the transactions a commission is provided, which is divided between the validators by their steak.
Everyone can become a validator, for this you need to use the official client of the node, without additional software.
So, on the basis of the Minter network, in addition to a quick transfer of funds and a simple convenient interface for ordinary users, it is possible to issue their own crypto asset.
Everyone can create their own coins and use them for their intended purpose. The characteristics of the owners are determined independently, depending on the tasks and goals of the ICO.
Network users have access to fast transfers, high liquidity and a comfortable interface.
They can use the MApps applications and services, which will further improve the user experience.
In fact, each BIP holder has the opportunity to become a delegator.
As part of the delegation of Minter, after binding the balance to the validator, the user will be able to combine the 2 balances for the purpose of the validation process of transfers, which will allow him to increase the size of the remuneration.
Developers position console Minter Network as the most interesting and progressive part of the project, thanks to which action management in off-chain services and in the blockchain network is available.
It has a number of features that we will consider here
The ability to send and receive any coins. You can conduct cryptocurrency transactions with your customers, friends, partners, relatives very quickly and almost without commission fees.
Ability to create and manage checks. You can not only carry out various operations, but also receive receipts that will confirm the transfers made.
The ability to delegate and revoke tokens. You can delegate your tokens for subsequent payments. If, for some reason, you change your mind about giving control to the validator, then simply submitting a request for feedback will be enough.
Ability to launch masternode and control. The interface makes it easy to work with masternodes.
Creation of new tokens. You can create your own cryptocurrency based on the Minter network. Almost any person can understand the process.
Office Perpetual Coin Offering. This feature will allow you to understand the principles of ICO. In particular, establish the Constant Reserve Ratio (CRR) indicators, place reserves, indicate the volumes of the primary issue.
Ability to vote in DAO developers. The system offers everyone to become one of the top validators, the rating is conducted according to the amount of funds. This will allow further gaining the right to vote at the DAO voting.
Account management. Each user can edit previously entered data, in particular – email, name, password change.
Good support. If users have any questions about using the system, they always have technical support at their disposal, you can get answers to any questions.
Everything is very simple, it can be done in two ways.
- Enter the phrase phrase;
- Create a wallet.
The first way, as you already understood, is suitable for developers, the second – for other users.
That is, you just need to generate a Minter wallet, which takes only a couple of seconds, after which you will get access to all the features of the service.
Coins in the Minter Network
The Minter network has a great opportunity to create custom coins, which will be provided with a reserve based on the BIP cryptocurrency.
Coins can be converted to BIP with good speed and vice versa, they will have real value, provided with a reserve of BIP, economic formulas.
Thanks to the reserve, instant liquidity is provided for all users, that is, any token is exchanged for another within a couple of seconds and without intermediary chains.
As we wrote above, Minter is part of Cosmos, these coins can also be exchanged for ETH, BTC, and other types of cryptocurrency in the future.
Atomic swap technology is applied. Thanks to these advantages, Minter is a good platform for creators and project founders.
Note that earlier the creation and management of its cryptocurrency has never had as many opportunities as on the basis of Minter technologies.
This is a good opportunity for business projects that are developing in the field of gaming credits, loyalty programs, rewards for customers.
Coins can also be used as a steak for validation.
The full name of the token looks like Blockchain Instant Payment.
It represents a very predictable interest for end users, as it can easily compete with the leading coins in the cryptocurrency market.
If ordinary coins are slow, network complicated, then in BIP such shortcomings were eliminated initially.
Transfers in the network last only 2-3 seconds, in terms of transaction volume can reach 10,000 per second.
Equally important is the size of the commission, which is less than 1 cent and in some cases is completely absent.
Users can use their names as addresses. Note that today the BIP cryptocurrency is a competition for the accepted global payment solutions.
For example, the PayPal network is characterized by high commission fees, which is done for the purpose of security for customers.
Bank transfers in speed are significantly inferior to cryptocurrencies, since between them in the process there always appears a chain of intermediaries.
If we take the cryptocurrencies themselves, for example – Ethereum, Bitcoin, then these can be said to be the whales on which the cryptocurrency industry rests.
Now their developers are thinking about how to reduce the size of commissions and increase speed in the framework of payments. Casper and Lightning technologies are being actively tested.
But according to experts, the release and application may take more than one year, and all this will only be in the distant future.
The advantage of the BIP token lies in the initially correctly set tasks – to achieve fast and cheap transfers.
In fact, this is the main business model of the project. At the same time, BIP is a reserve currency for new coins created on the basis of Minter, and, as it were, transfers its capabilities and advantages to them.
This provides instant and absolute liquidity – all tokens can be exchanged at market prices in just a couple of seconds.
The calculations are based on the formulas of the best economists of the time, including the Nobel laureate Friedrich von Hayek.
As we mentioned above, the maximum number of tokens is 10,000,000,000. The distribution will be completed upon reaching a height of 43,702,611 blocks.
This will happen in 7 years. The Genesis block will include pre-mining 200 million BIP for the first validators, users and coiners.
Half of the indicated volume will be distributed by airdrop, another half will be transferred to partners who will be the first.
The remaining tokens will go to the validators as a reward for the blocks. Taxation will amount to 10% of the mining rewards issued, the same amount from commissions.
They will be distributed in equal shares between the DAO and the developers.
Distribution is as follows.
Minter Network Team
Now the development team consists of 20 people. This includes frontend and backend specialists, blockchain developers. Their identities can be explored in the White Paper project.
Note that this is one of the rare cases when a development team is presented in an open form.
Many projects do not reveal the personalities of the creators at all, which in the modern world is a huge minus.
The developer and venture investor E. Gordeev are responsible for the financial component of the project. He enters the project as a manager.
The team itself is represented in the libertarian structure, that is, there are no presidents, directors and other leaders in it, each is clearly responsible for his part of the work.
Further development and research will be carried out at the expense of 10% taxation and commissions.
In this case, there is a complete coincidence of the interests of the team, validators and end users – the volume of transactions and the final price of the BIP token depend on the level of effort.
At the same time, top-ranking validators will be able to change teams if they have 2/3 of the votes. Promotion Minter will be on DeCenter, headquartered in Cyprus.
Note that the network is offline, under the name Minter Network LLC., With registration on the island of Nevis.
It is important to note that island law protects corporate property well.
How was the ICO Minter Network
Initially, the first blockchain project on the Tendermint engine was the Cosmos project.
One of the features of Tendermint is the linking of consensus and network levels, which as a result gives developers the opportunity to create blockchains and launch applications.
Universal engine runs more slowly.
Thus, when the Cosmos network was launched, it provoked a positive reaction in society.
Note that the price tag for Atom cryptocurrency over the years of action made x70, which indicates real performance. For this reason, Tendermint was chosen as the engine.
In the summer of 2019, it became known that the company offers to buy tokens only to a certain circle of investors.
Transactions from 5 million beeps are executed with the support of Minter Global, a well-known European broker. At the same time, all KYC / AML standards are followed. We are talking about investments for a period of 1 year.
In just 3 summer months, tens of millions of tokens were distributed as grants. Now the developers’ top priority is distribution in North America.
But in October, a full-scale company will be launched. Priority projects in English and Spanish, with appropriate geography.
There is no information about the amounts and details of the distribution of tokens in the network, so it will not be possible to more accurately answer these questions yet.
It is hoped that the developers will later share this information by creating a personal report.
How to get a BIP token for free
So, is it possible to somehow become the owner of tokens, buy BIP cryptocurrency, not as an investor-legal entity, but as a private acquirer (with corresponding correlations of amounts)?
In fact, there is such an opportunity, and it consists in the transfer of coins. For example, you ask the validators 100 BIP for a certain compensation.
This can be 0.005 BTC or another amount, based on BIP Minter prices. By the way, if we take the rate against the dollar for today, then the price for 1 BIP is 0.04 dollars.
Currently, free token distribution is possible only within the framework of ongoing projects, if there is a partnership agreement with the Minter project. Other methods do not work.
Let’s look at the available options in more detail.
Oddly enough, the referral program based on the project has not been submitted, which means that it will not work to get tokens for free in the presented way.