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Minereum’s Self Mining Token Can Generate ERC20 Tokens And More

By

Jeremy

Nation

WriterETHNews.com

The Minereum team developed a token linked to a self-mining executable distributed code contract, which is the first of its kind to surface.

According to developers, Minereum utilizes a mathematical formula to mine itself "on the fly.”

Launched in April 2017, Minereum gathered 4268 Genesis Addresses which can create 32,000 coins each, for an overall fixed maximum supply of 136,576,000 MNE. No additional MNE will be created, and Minereum developers suggest that it should take around 47 years to reach the total supply through mining. To work along the suggested timeline, the Genesis Addresses that perform mining are only rewarded with .00032 MNE per Ethereum block. In contrast to the Ether generated each time a block is mined, Minereum's website states that MNE's creation rate is 72 percent lower than Ethereum’s, which will offset inflation.

A document provided by the Minereum team fully lists the Genesis Addresses, which have two specific stipulations on how they operate. The first is that Genesis Addresses cannot be recipients of coins; coins transferred to these addresses will be rejected, and an error will be logged in the Ethereum transaction. The second stipulation is that if a Genesis Address attempts to make a transfer of more funds than are available, the transaction will generate an error and fail to go through.

A Minereum representative told ETHNews that it is ready to integrate with a changeover to Proof-of-Stake from Proof-of-Work block verification. "As long as Ethereum blocks keep being generated in the Ethereum network Minereum will work with Proof-of-Work, Proof-of-Stake, or any other proof concept that the Ethereum team decides to implement."

Minereum's roadmap details upcoming applications for the MNE tokens, all of which only accept MNE. Once tendered, tokens received from purchases will be destroyed, effectively removing them from circulation. Concepts include the creation of Ethereum tokens with exclusive Minereum mining processes and an automatic Ethereum token creation service. Minereum’s representative told ETHNews that it wants the "ERC20 token generation service to be as simple as possible" and "will allow the creation with a simple Minereum transaction.”

"This Minereum transaction will automatically trigger the Source Code generation, compilation, and deployment on the Ethereum network. The user will then be able to configure the details of the Token by himself - Token Name, Token Symbol, and Supply."

A flowchart provided in Minereum's roadmap shows a visualization of the Token Creation Service:

Now, traders can obtain MNE through the Livecoin and Crypto DAO exchanges.

Minereum's representative divulged to ETHNews that a bigger project will soon be announced after the Token Creation Service goes live. "This new service... will be essential to deliver Minereum (and cryptocurrencies in general) to the main public and not only to the crypto community."

ETHNews will continue to provide coverage of these developments.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.

ETHNews is commited to its Editorial Policy

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