What is Mintcoin?
Mintcoin is a decentralized and open-source cryptocurrency created with the primary goal of helping people run transactions in an eco-friendly way. The coin uses proof of stake (PoS) protocol to reduce the demand for power like other proof of work (PoW) coins.
When it was launched in early 2014, the coin used to run on proof of work (PoW) consensus before shifting to proof of stake protocol. To advance the principle of anonymity, the coin’s founder opted to remain anonymous. Maintaining total privacy helps founders operate without worrying about third-party seizures.
- The performance of Mintcoin in the markets
When Mintcoin entered the market in February 2014, its value was $0.000025. By November of the same year, the price had sunk deeper to $0.000012. The value remained low until May 2017 when it started rising steadily due to growing demand.
On June 14th, 2017, the value had risen sharply to $0.00027 before taking a bearish trend to hit a low of $0.000086 in October. Starting from November 2017, the price rose sharply to hit a high of $0.0028 by early January 2018. However, the positive show did not last long as the price dropped to $0.0005 by 10th Feb before rising marginally by the close of the month and resuming to the downward trend.
By Early October, the price had reached a low of $0.00012 but started showing some signs of recovering. The commitment of the development team to improve the network has made the community believe that the coin will finally grow to deliver a high return on investment.
What is the problem that Mintcoin solves?
When Mintcoin was launched in 2014, the crypto niche was reeling from serious issues that threatened to halt its growth. To help the industry remain on the growth path, here are some of the issues that Mintcoin solves.
- High cost of power required for crypto mining
Many pioneer coins in the market were designed to operate using proof of work protocol. One notable thing about the protocol is that it requires a lot of energy to execute transactions. The miners in the system who help to confirm transactions have to generate a lot of hashing power to solve complex mathematical problems for a reward.
If you take the case of Bitcoin, you will notice that conservation activists have been complaining it is using a lot of power. For example, it is estimated that the global power used by all Bitcoin nodes is more than $2.55 gigawatts. Annually, the Bitcoin system uses more than 22 terawatts-hours which is almost the same quantity that Ireland needs in a year.
When the energy requirement of all the coins that use proof of work protocol is consolidated, it might be enough to run more countries for many years. The concerns for high power consumption have become a serious issue in all areas because of the diminishing fossil fuels.
In the crypto niche, the argument is that mining can be achieved through alternative technology to help conserve energy for other uses. These are the alternatives that Mintcoin explores.
- Centralization of mining
Mining in cryptocurrencies is the process of confirming transactions for a reward. This means that nodes spread in a crypto network have to solve complex mathematical puzzles in order to add new blocks to the public ledger and get rewarded with native coins.
As the mining difficulties of cryptos that use proof of work algorithm goes up, the industry has crafted a way of generating more hashing power through advanced equipment such as ASICs. But the biggest problem with ASIC mining equipment is that they are expensive and, therefore, only available to the rich. This implies that bulk of the coins in the market will fall in the hands of a few individuals or mining pools.
The centralized nature of the coins also raises the danger of more players planning to attack the system if they control majority coins in the network. This is referred to as 51% attack.
- Poor adoption of cryptocurrencies in the market
The first release of blockchain network in 2009 by Satoshi Nakamoto was received with great enthusiasm. About ten years later, the number of crypto networks in the market had grown to hit more than 1600. However, it is interesting to note that these coins have not penetrated into the society as one might anticipate.
Most people in the society are yet to associate with cryptocurrencies because they are complex to understand while others follow their governments’ warnings. For example, the US, the EU and Russian administrations among other countries have been warning their citizens against investing in cryptocurrencies because they are highly volatile.
The Mintcoin wants to address the issue by ensuring that everyone can easily access and use the coins. It targets to remove the perception that the cryptos are all negative and people should only stick to fiat.
How does Mintcoin solve the problem?
The Mintcoin development team understood that the issues facing cryptos were complex and required a multi-dimensional approach. Here are some of the methods adopted by the team to address the above issues.
- Use of proof of stake consensus algorithm
The main cause of high power requirements in mining is the application of proof of work protocol in cryptocurrencies such as Litecoin and Bitcoin. Indeed, even Mintcoin used proof of work consensus algorithm within the first few weeks of establishment.
The next alternative that uses less power is proof of stake (PoS). Instead of requiring nodes to generate high computing power, PoS protocol requires network users to simply hold some stake. After its adoption by Mintcoin, it means that you can mine the network using a standard GPU or CPU if you buy some stake.
- Complete decentralization
Most issues raised by the community can be addressed through complete decentralization. Mintcoin operates as a completely decentralized network. The network allows users to run transactions without using centralized organizations such as banks and credit card companies.
When a user initiates a transaction such as sending value on the Mintcoin system, it is taken by miners in the system across the globe. Then, they follow back to establish whether the user has ample coins to use in order to prevent double spend.
Once they confirm that everything is okay, the transaction is added to the next block and attacked into the public ledger. Note that once the block has been added to the blockchain (public ledger), the transaction cannot be reversed. This means that if you mistake the recipient address, the coins you wanted to send will be lost permanently.
- Availability in multiple platforms
To make more people easily access the MINT coins, the development team targeted to make them available in many exchanges. Some of the exchanges that support the coin today include Cryptopia and BitBox and SouthXchange. Note that buying the coin will require you to start by registering for a trading account, depositing your funds, and creating an appropriate crypto pair.
What makes Mintcoin better than it’s competitor?
The competition in the crypto niche has been very stiff. In about ten years starting from 2009 when Bitcoin was launched, over 1600 coins have hit the market. Therefore, every new network has to define its competitive advantage to outdo others and grow over time. Here are some of the things that make Mintcoin better than competitors.
- The Mintcoin is considered a stable network because it has been in operation since 2014.
- The network is cheaper to use because transactions are completed without involving centralized and profit-seeking organizations such as banks.
- Sending value on the Mintcoin network is faster and more convenient because they are completed on a peer2peer basis.
- The Mintcoin platform allows users to operate anonymously without worrying of third-party seizures.
- When you join the Mintcoin platform a node, you are considered one of its owners. This means that you will be called to vote when governance issues such as change of protocol and the addition of new features are being made.
- The platform allows users to join and get rewarded by simply holding a stake in the native network. This means that you do not need a lot of computing power, your carbon footprint is low, and the network can be mined with standard GPU and CPU.
How can Mintcoin be categorized?
Mintcoin is a truly decentralized cryptocurrency that is designed with a clear goal of addressing the high cost of mining power. Its design and early shift from proof of work to proof of stake helped to redefine its commitment to eco-friendly operations.
Examples of Mintcoin’s use cases/ applications
The Mintcoin’s vision on security it to become a highly secure and decentralized network that nodes can rely on for all their financial needs. The development team was concerned that the high cost of power and centralized mining were key pre-determinant of the risks that faced many crypto networks. To achieve the vision on security, here are the main strategies employed at Mintcoin.
- The system encrypts user details and their transactions to ensure they remain anonymous all the time.
- Mintcoin system uses proof of stake protocol that helps to evenly distribute MINT coins and avoid the danger of 51% attack.
- The development team progressively reviews the protocol and releases updates to help seal gaps and reduce vulnerabilities.
What are the Mintcoin use cases?
One of the main methods used to establish the user value of a cryptocurrency and its native network is the application. Like other coins in the market, Mintcoin has been focusing on winning more people to help advance the use of cryptos in the market. Here are some of the Mintcoin applications:
- Use Mintcoin to pay for transaction fee on its native network
If you want to run a transaction on the Mintcoin system, the transaction fee is paid using MINT coin. Note that the transaction fee is smaller than what banks charge or the top networks such as Bitcoin and Ethereum since their value is still high.
- Trade Mintcoin in the crypto markets that list it
When the cryptocurrencies entered the market, they opened a new line of trade that closely resembles the forex trading system. One cryptocurrency you can trade in the crypto markets is the Mintcoin. You only need to identify an exchange that lists the coin, register for an account and start trading.
Note that just like forex trading, it is important to focus on learning the tricks of crypto trading before starting to operate in the markets. This should include how to interpret trends, types of cryptocurrency pairs, and the right times to make trading moves.
- Pay for government services in the market with Mintcoin
When cryptocurrencies hit the market in 2009, many governments were irked by their popularity. They felt that they were created to interrupt the orderly outlook of the finance systems. However, things are changing as governments start appreciating the positive side of cryptos.
Some administrations such as Singapore, Switzerland, and Arizona are even allowing users to make direct payment for services with cryptocurrencies such as Mintcoin. For example, Arizona residents can pay taxes using cryptocurrencies.
- Use the Mintcoin and its platform to invest in crypto markets
If you want to save or invest funds, one of the top options in the crypto niche is the Mintcoin. The good thing with the coin is that it is encrypted and no third party can easily know about your financial history. Besides, investing in cryptos such as MINT could help to increase the chances of getting good return on investment (ROI) if the value grows.
- The Mintcoin coin is a good method of sending value across the globe
Instead of sending funds across the globe using the banking system which is risky, slow, and expensive, a better option is to use a crypto such as Mintcoin. As a decentralized network, it implies that users send value on a peer2peer basis. Therefore, transactions are faster, cheaper, and secure.
- Pay for goods and services
As more stores come out to support cryptocurrencies, you will be able to pop into a store nearby and make direct payment using Mintcoin. Note that even if the store of choice only accepts another coin, you can still make a purchase by converting your Mintcoin to the supported coin.
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