Cryptocurrencies are becoming more accepted as people get used to them. It also means that a lot of them are popping up. Not all of them, however, are as ambitious as Bitcoin. Take MineCoin for example.
Minex, an investing platform based out of Ukraine, recently announced that they would be opening up their platform to outsiders and allowing people to get MineCoin, the fuel of the network, via subscription. This will be necessary if they want to participate in using the Minex network.
What makes Minex different?
The big question is why people would want to use the Minex network. The main reason is that investing nowadays can be very risky. This can be traced to the fact that a lot of financial institutions are centralized. This means that if something bad happens to the central parts of the financial network, then a lot of people would be negatively affected.
Investors live in constant fear that stock exchanges could be hacked, that the companies they have invested in being taken over, that their banks are robbed, and more. In addition, centralized networks keep their data in one place, making it very vulnerable to data breaches and hacks. It can make people rather hesitant in putting their money into investments.
Minex hopes to remove that worry by using crowdfunding and crowd-investing techniques to give investors control. Most importantly is that it uses the blockchain technology so that people can make investments, activate smart contracts, among others.
The project’s infrastructure is fully functional to ensure smooth and efficient operation. It already has a decentralized exchange, a decentralized bank, and a payment system. All of the network’s functions are fueled by the network’s proprietary MineCoin and operates on a global MineCoin cryptocurrency network.
Investing in MineCoin
With the benefits of using the Minex network clear, a lot of people will want to get their hands on their own MineCoin. MineCoin is a MARS algorithm-based cryptocurrency, which makes it additionally secure. MineCoin is used by the Minex platform to create digital stocks. These digital stocks can then be used to raise funds by organizing a sale on the decentralized exchange.
After a successful round of fundraising, the digital stocks will then be made available on cryptocurrency exchanges where investors can trade their digital stocks at market value. MineCoin is the currency of choice when dealing in the Minex platform so it will be necessary for participants. The network’s own decentralized bank can convert MineCoin into fiat currency if the investor plans to cash in.
The announcement from Minex means that people can start subscribing to get MineCoins and to participate in the cryptocurrency’s ICO. There will be an initial release of 150,000 tokens, but more will be available as the Minex platform starts to go public.