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Mintcoin

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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Steem Dollars

What is Steem Dollars?

Steem Dollars (SBD) is a decentralized cryptocurrency designed to operate as a stabilizing coin for the Steemit platform. The coin differs from others such as Bitcoin and Ethereum because it is pegged to USD at a ratio of 1:1. This means that it is stable and people should not have the problem of associating it with the standard fiat currency.

The coin was launched in July 2016 by the Steemit platform founder, Dan Larimer. Dan Larimer is known for his works in the blockchain realms especially for creating BitShares and EOS that raised in excess of 4 billion through its ICO that ended in May 2018.

The Steemit platform is a social media platform that operates like Reddit but differs in design because it is based on the blockchain. This means that there is no censorship or danger of centralized failures. Here is a closer look at the Steem Dollar performance in the market.

  • A closer look at the market performance of Steem Dollars

From the definition and founder’s target, Steem Dollars (SBD) is supposed to be stable and experience little or no variation. The coin appears to have achieved this goal though there have been cases of surges when the demand shoots up. Here is a closer analysis.

When Steem Dollars (SBD) entered the market in July 2016, its value was $1.34. The value swung slightly on both the positive and negative sides of the USD value until May 2017. For example, it hit $0.8 in July, $0.9 in October, and $1.01 in December 2016.

In May 2017, the value shot to $1.9 before falling back to the main trend of around $0.9 in August 2017. Towards the close of 2017, the demand of the coin suddenly shot up pushing the price to unprecedented heights. On December 8th, 2017, the value had risen to hit $7.36. But the growth did not stop there.

On December 21st, 2017, the value had grown to $13.8. This was the highest mark in its history. However, it was not good news because traders would find it hard to steadily market their products. After hitting the peak, Steem Dollars (SBD) value took a downtrend reaching its preferred rate of around $1 by June 2018. Around July 2018, the value was around $1.3 before declining further to $0.98 in October 2018.

What is the problem that Steem Dollars solves?

When Dan Larimer created Steem Dollars (SBD), he was very clear about the major challenges that faced the niche. Larimer had been in the industry since the early years of Bitcoin and had seed seen the industry get shocked by issues that had refused to go away. Here are some of the issues that Steem Dollars solve.

  • High volatility

If you take a closer look at most cryptocurrencies in the market today, the most notable trend is high volatility. The value of the coins can swing to the extremes within minutes, hours, or days. The main cause of high volatility is that crypto coins are not regulated.

In the case of fiat currencies, the number of coins and notes in the market are increased or bought by central banks to control inflation. This helps to keep the supply and price of the coins steady. However, the crypto coins are not regulated and any surge in demand or supply results to price swings. This is the main problem that Steem Dollars (SBD) addresses.

  • Poor adoption of cryptocurrencies in the market

Though the cryptos have been in the market since 2009, the adoption and use in the community has been very poor. For example, if you have coins such as Ethereum or XRP, the stores that accept them are very few. This means that those with native coins have to follow lengthy procedures of converting their coins to fiat before making purchases.

Poor adoption is also fueled by the fear of buying the coins and losing value. Many governments such as the Russian and Chinese administrations have been advising their citizens to stay away from cryptos because of the risk of losing money through high volatility.

  • Centralization of financial services

Even as cryptocurrencies take the center stage of the emerging payment methods, the centralized systems still control the large market share. The main issue with centralized service is that they are run under local laws and also depend on the professionalism of the management.

The rules make processing transactions lengthy and expensive. In addition, users also risk losing their money in the case of mismanagement of their resources by the bank management. Take a situation where a bank is declared bankrupt. People with savings in the institution are likely to lose their funds or have them locked for a long time.

  • Poor motivation for publishers and social media users

One of the main goals of Steemit is supporting the growth of social media. The social media community has for years failed to articulately motivate publishers who create quality content. For example, many people are rarely rewarded when they create quality content that attracts a lot of support on Facebook or Twitter. They only get likes and following. Steemit addresses the problem by creating a method of rewarding publishers and others who discover content in its system.

How does Steem Dollar solve the problem?

Having worked on previous blockchain projects such as BitShares, Larimer calculated the moves for the Steemit well to try and reach as many people as possible. Here are some of the methods he employed at Steemit with Steem Dollars (SBD) to address the above issues.

  • Steem Dollars (SBD) value is tagged to USD

The Steem Dollar (SBD) was created to be a stable coin. This means that users can easily adopt and use it without worrying that the value will fluctuate. It is especially reliable for traders who want to appear stable and reliable for clients in online marketplaces.

The value of Steem Dollars (SBD) is attached to one USD. This means that if you have 1000 Steem Dollar (SBD), it is an equivalent of about $1000. Many people are finding it easy to run direct calculations when running transactions whether on the Steemit blockchain or making payment in the stores.

  • The Steem Dollars (SBD) is run in conjunction with other coins in the same network

Steemit blockchain was the first to run a system with multiple cryptocurrencies. The Steem Dollars (SBD) is used as a stabilizing coin to help traders and people who want to make savings operate without worrying that their coins will lose value. But the Steemit development team argues that Steem Dollars (SBD) could not operate on its own. Other coins that work together with Steem Dollar (SBD) on the Steemit platform include Steem Power, and Steem.

Steem is the primary coin on the Steemit network that can be compared to others such as Bitcoin and Ripple. Note that unlike other coins, Steem is released on a daily basis with 75% going to authors and curators of content in the network. Only 10% of the coins go to reward block founders.

The other coin that works together with m Steem Dollars (SBD) is the Steem Power. This token symbolizes the amount of voting power that users have in the Steemit network. The more the Steem Power you have, the more the voting authority you have to upvote or downvote content on Steemit network. Note that you can only increase your Steem Power by purchasing Steem coins.

  • The application of proof of stake protocol

One of the main causes of centralized mining and limited adoption of cryptocurrencies is the application of computing based proof of work protocol. Dan Larimer opted for Proof of Stake protocol because it does not require users to generate high computing power to mine the network.

The only thing that nodes need to do is staking the Steem Dollars (SBD) in the Steemit platform. This means that you can easily get rewarded by simply purchasing the Steem Dollars and holding them. The protocol ensures that the coins are spread evenly to avoid the danger of 51% attack.

  • Targeting a niche with a lot of following

To help the crypto niche to grow rapidly, Steemit targeted a niche that has a lot of following. Today, almost everybody has some presence on social media. By using one of the Steem Dollar (SBD) sister coin, the Steem Power to read publishers and curators of content in the network, more people are likely to join the crypto niche and start using the native coins.

What makes Steem Dollar better than it’s competitor?

When Steem Dollars (SBD) entered the market, the rate of new tokens generation was approaching the peak. Therefore, the founder and his development team had to craft winning strategies to remain competitive. Here are some of the things that make Steem Dollars (SBD) better than competitors:

  • The Steem Dollars (SBD) operates on proof of stake protocol that requires less power to mine. It also helps to ensure that more users can join and use the network with standard CPUs and GPUs.
  • SBD coin allows users to join and own the network. Like other cryptocurrencies, the Steemit platform is owned by people who join and use the network. This means that you do not simply join the system to send value or upvote content, you also own it.
  • The system provides users with a reliable network for sending value across the globe. Because the network operates on a peer2peer basis, sending of value is direct and easy. The transactions are near instant and there are no limitations on the value you can send.
  • It is a reliable method of sending value without compromising personal privacy. When users join the network, all the details such as personal and transaction info is encrypted to ensure that no third party can easily acquire it. This implies that unlike banks where a lot of people have access to your transaction details, it is only you who have access to the personal account.
  • The Steem Dollars (SBD) has been demonstrated as a reliable method of operating in the crypto world without worrying of price volatility. Whether you are saving money or pricing items on your store, there is no worry that the value will fluctuate and result to losses or scaring away clients.
  • The Steem Dollars (SBD) operates together with two sister tokens, Steem Power and Steem that help Steemit to reach a wider niche. This means that users who want to save money, publish or curate content can operate in the network without having to look for alternative tokens from other platforms.

How can Steem Dollar be categorized?

Steem Dollars (SBD) is a unique coin designed to help blockchain reach a larger community in the society. The token has managed to address the issue of high volatility in crypto niche and made more traders to adopt it because they can convert, link and operate just like standard coins.

What is Steem dollars’ vision on security?

The Steem Dollar’s vision on security is ensuring that all its users can save, send funds, or operate in the native network without worrying of attacks. The token was released at a time when DAO Child attack on Ethereum had just resulted to split in the Ethereum blockchain. Therefore, the development team at Steemit opted to use the following methods to keep the network secure:

  • The platform uses advanced encryption.
  • The Steemit employs proof of stake protocol to facilitate even distribution of coins.
  • The development comprises of some of the top minds in the niche. They regularly review the network and release new updates to keep the platform secure.

Examples of Steem Dollars use cases/ applications

In his view, Dan Larimer argues that any cryptocurrency can only be successful if more people appreciate and apply it in their daily lives. Here are the main use cases of Steem Dollars (SBD).

  • Steem Dollars (SBD) can be used for paying goods and services.
  • You can use the coin as a method of saving your money.
  • The Steem Dollars (SBD) is a reliable method of sending funds across the globe.
  • Paying for government services in countries that support Steem.
  • Convert SBD to Steem Power to vote content on Steemit platform.
  • Use it as a gift to friends and family.

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