What is Minereum (MNE) Crypto Beginner’s Guide
Minereum is a decentralized, blockchain-based self-mining smart contract platform. The platform supports cryptocurrency in the form of Minereum tokens, known as MNE. Its developers have created the first self-mining smart contract that the cryptocurrency world has yet known. These smart contracts are based on a mathematical formula that allows “Genesis Addresses” to generate new MNE tokens.
All cryptocurrencies depend on reliable and stable mining systems; mining is how cryptocurrency is generated, and people who are interested in participating in the creation of digital tokens have the opportunity to perform the mining themselves. Minereum aims to take this and bring a new mining approach to cryptocurrency participants, by making the mining process easy and available to anyone. Instead of traditional Proof of Work or Proof of Stake systems, Minereum’s blocks have code that takes care of the mining, so users don’t have to. This makes mining achievable by anyone.
Minereum was launched in April 2017 and MNE is listed on two exchanges, Livecoin and Crypto Dao. Already, the platform and its token have gained significant popularity and are continuing to grow. As it gains more and more users, Minereum may be the future of smart contract mining with its unique and viable system.
The Genesis Addresses
Genesis Addresses are the addresses that are responsible for the initial distribution of digital currency. Besides the coins that are distributed to these addresses, no other MNE tokens will be distributed or created. These addresses also can’t receive new coins. Each Genesis Address is allowed to mine 0.00032 MNE per Ethereum block.
The Genesis process took place in an open and transparent manner on online cryptocurrency forums. In total, 4,268 Genesis Addresses were able to be collected. Since each Genesis Address was attributed 32,000 coins, the total maximum supply of MNE has been set at 136,576,000.
The Minereum Mining Process
Although Minereum supports a new system of mining, its system is similar to other cryptocurrencies and will be familiar to users who have mined tokens before. Minereum’s mining is performed instantly using an established mathematical formula. Each Ethereum block, which the mining is based on, takes about 15 seconds to mine, which amounts to over 7,800 MNE created per day.
The unique aspect to Minereum’s mining process is that everyone receives the same share of coins and the system is completely fair. There is no need for mining pools or equipment, and anyone can participate even if they have no technical knowledge or experience, because all of the mining is done automatically by the block code itself.
As the crypto world expands, the act of mining is often reserved for a few people who have the knowledge and the hardware to perform it. Minereum aims to change that by allowing anyone and everyone to create their digital tokens, and tries to mend the disconnect between cryptocurrencies and the public. With the first self-mining smart contract and codes that conduct the mining so participants don’t have to have any knowledge or tools, Minereum introduces a completely new mining approach to the cryptocurrency world, one that looks out for common people and enables the public to participate.