Get acquainted with the results of successfully atomic tests between Litecoin and Minexcoin blockchains.
Hello, dear community! Our team continues to moving forward towards our trustless-exchanger. Step by step researching Atomic Swap abilities, today we are pleased to present you a new pair available for cross-chain exchange. It’s LTC/MNX.
As you remember, more recently we showed you the exchange process between Bitcoin and Minexcoin and presented the alpha-version GUI for our future product. Similar to BTC/MNX pair, the Atomic swap with Litecoin uses blockchains in Testnet modes. Coins in Testnet does not have any value and allow developers or testers to test new technologies without worrying about breaking the main chain or risk their assets.
To conduct MNX/LTC cross-chain exchange we’ve expanded the functionality of our framework, so you can also test it. To do it, just use the solution on our official GitHub at this link https://github.com/minexcoin/atomicswap
So far, the LTC/MNX exchange is not available in the GUI, but it will be added there with several new cryptocurrency pairs soon.
You might ask, why did we choose Litecoin? Well, it is one of the oldest coins on the market, which is used widely and popular almost like BTC or ETH. Just to remind you, Litecoin is the second (after Namecoin) fork of Bitcoin developed by Charles Lee in 2011. This coin is a peer-to-peer internet currency that enables instant, near-zero cost payments to anyone in the world. At the same time, Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. Moreover, this coin is considered as one of the few Atomic swap ready cryptocurrencies across the market.
And now let’s see traditional number indicators. On the end of the quarter they are: · The number of MinexBank users is 9740. · The number of Parkings rose to 13 256. · 42 times MinexBank changed its parking rates in the Q1. · MNX capitalization rose to 115,5M in March.
Under the hood, our today’s cross-chain exchange uses two blockchains — MNX and BTC — in Testnet mode. These are alternative chains that are separate and distinct from actual blockchains named Mainnets. Coins in Testnet does not have any value and allows developers or testers to test new technologies (like Atomic Swap) without worrying about breaking the main chain or risk their assets. In the video below we demonstrate how atomic exchange works in a console. It is the first official video of this process)
At the moment Minexcoin team is working on a user-friendly GUI for the Atomic protocol. Since it will be published on our site, a greater number of people will be able to test and feel the convenience of decentralised exchange. These developments will become the basis for the first version of the trustless exchange. We count to release an Alpha version of the GUI in the first part of April. Also during public tests, we will add new exchange pairs like LTC to MNX or DCR to MNX. As soon as the testing period completed, we will focus on the transfer of the necessary modifications to the MNX Mainnet from the Testnet, as well as conduct a SegWit.
MINEXBANK MEMORANDUM for the period of March-September 2018
Dear Minexcoin community members and crypto-market participants.
Being entirely aware of our responsibilities in reaching the main goal of Minexcoin project, namely, consolidation of MNX status as a reserve currency on crypto-market, MINEXBANK appeals to you with this Memorandum.
Since the launch of MNX exchange trading on November 1, 2017, MINEXBANK has consistently implemented an integrated financial policy which made it possible to achieve the following macroeconomic indicators:
In a short time reached the 20 USD/MNX average exchange rate (through the basket of the top ten cryptocurrencies).
Upon reaching the rate mentioned above, ensured the MNX to USD growth rate based on 42.7% per annum. This rate corresponded to the average annual growth of the market capitalization of top ten cryptocurrencies in 2016 – the first half of 2017.
As was promised in the previous memorandum dated October 31, 2017, MINEXBANK reviews the average annual MNX to USD growth rate based on realities of the cryptocurrency market development in the second half of 2017.
Given a significant growth acceleration of the combined market capitalization in the second half of 2017, MINEXBANK sets a new benchmark for the MNX to USD growth rate (based on the reached level of 20 USD/MNX). It sets at a rate of no less than 84.88% per annum. It means that MINEXBANK will pursue a monetary policy to maintain an average annual growth of USD/MNX rate not lower than 84.88%. If the market conditions dictate a higher level of this indicator, MINEXBANK will not perceive this as a deviation from declared macroeconomic parameters. The interest rates for MNX parking policy will be aimed exclusively at preventing the deviation of the average USD/MNX annual growth rate from the level of 84.88% downwards.
The basic interest rate remains at 70% per annum.
MINEXBANK will achieve announced indicators by using appropriate MNX parking rates, and if necessary, by direct interventions of BTC or MNX.
This Memorandum shall enter into force at the moment of its publication on the Minexbank official website and is valid for six months before the publication of the new Memorandum. In case of extraordinary occasions in the crypto-industry, MINEXBANK reserves the right to revise this memorandum prematurely.
Dear members of Minexcoin community and the cryptomarket participants.
While entirely recognizing our responsibility to reach the main goal of Minexcoin project, namely, securing MNX with the status of reserve currency on cryptomarket, we at MINEXBANK would like to address you with this Memorandum.
From the moment of starting MNX trade at the stock exchanges on November 1, 2017, MINEXBANK is going to consistently process complex financial policy which aims to ensure the following macroeconomic indicators:
Reach the exchange rate of 20 USD/MNX in the nearest future – average rate through the basket of the top 10 cryptocurrencies.
Provide increasing exchange rate of MNX to USD upon reaching the above-mentioned rate by the end of 2017 on the basis of 42,7% annual growth. This level corresponds to average annual growth of market capitalization of the top 10 cryptocurrencies in 2016 – the first part of 2017.
Next revision of the MNX growth rate to USD will be effected on March 1, 2018.
After March 1, 2018, the average annual growth rate of MNX to USD would be revised upwards based on realities of cryptocurrency market development. This is characterized by the significant growth of joint market capitalization in 2017 as compared to 2016.
The base annual parking rate of the MNX will be reviewed every 6 months based on the assessment of changes occurred in the cryptocurrency market for the expired period. Based on the analysis of the growth rate of the cryptocurrency market for the last 6 months, the base annual parking rate is set at 85% now.
Special reservation: first three months from November 1, 2017, will be the period of creation and development of the MNX exchange market. The market will be formed in stages due to different terms of trades launching on various exchanges. In addition, there will be a process of testing and debugging the algorithm of Minexbank’s operation in real conditions (the development of a database and response tools). Therefore, deviations from the real macroeconomic parameters declared in the Memorandum are possible in first three months.
MINEXBANK will seek to achieve the above-mentioned indicators using corresponding parking rates of MNX or with direct BTC or MNX interventions, if necessary.
The total volume of preliminary MNX emission is 5 500 000 MNX.
MINEXBANK’s reserve is 1 500 000 MNX out of the above-mentioned amount.
With the increase of the MNX volume in the market due to additional emission (work and miners’ reward) a gradual replenishment and increase of the reserves amount will be required. This growth will be ensured by a progressive percentage of deductions in favor of MINEXBANK for each unit unraveled by the miners:
Blocks 1 – 900 001 = 20%
Blocks 900 001 – 1 800 000 = 30%
Blocks 1 800 001 – 2 700 000 = 40%
Blocks 2 700 001 – 3 600 000 = 50%
Blocks 3 600 001 – 4 500 000 = 60%
Blocks 4 500 001 – 5 400 000 = 70%
After the coin issue is completed, starting from block number 5 400 001, miners will deduct a fixed 70% in favor of MINEXBANK.
We’d like to pay special attention of the MNX market participants to the following circumstance. MINEXBANK’s activity will be aimed at keeping the MNX quotes to USD within the 5% range of fluctuations relative to the representing the estimated growth rate of 42,7% per annum from the rate of 20 USD/MNX.
MINEXBANK urges all market participants to refrain from making deals outside the 5% corridor of the exchange rate fluctuations in order to avoid possible financial losses.