Post
Topic
Re: [ANN] Minereum - First Self Mining Smart Contract - ARTEMINE ICO NOW LIVE
by
ampleclarity
on 17/09/2017, 12:31:38 UTC
I'm trying to understand what Artemine actually does but this is my understanding... Minereum/Artemine allows you to create a token on the ethereum network in a unique way. Instead of creating a token directly on the network with a set number of tokens, you can create a token that is mineable alongside the ethereum network. Now what's cool about this is...So let's say I want to create my own token using MNE or ART, I can create a starting supply of 10 million coins, and then have each ETH block mine 50 tokens per block. I can then set rules so the block splits every 10,000 blocks and then end result would be 20 million coins...This is why a "genisis block" is emphasized in the whitepaper. If I started a token, I would also have to choose a "genesis block" to start the mining process. I could start now at the current block or whenever...but you can't create a MNE/ART token on a past block....that just wouldn't make sense. Now once you create a token that is being mined, you can then choose a way to distribute those tokens that are mined. That's where this gets really clever. Who gets those mineable tokens? Well there are a million possibilities. You could have them sent to wallet holders with a proprietary wallet (staking)...you could have them sent to the developers to fund the development of the project, etc.