AMA RECAP : CRYPTO MINERS X MINE NETWORK

Venue : @Crypto_miners_Community
Date : 26th AUGUST 2021
Time : 1PM UTC

Guest : Mr.Mahmoud El Hallab (Head of operations )
Mr. Mahmoud shared with us a well detailed insight into the Project and Unique features of Mine…

SEGMENT 1️⃣ — INTRODUCTION

WOLVERINE :
Hello community, welcome to a special AMA session with Mine Network.

Now let's welcome our special guest from Mine Network Team here to join us.

Moody -:
Hello everyone! I’m Moody, Head of Operations at Mine Network! ✌️✌️I’m very excited to be hosting an AMA with your community today!

WOLVERINE :
Hello moody welcome here.☺🤝

So let's start without making much delay!😁
Introduce yourself please. How did you get to be involved in crypto & Mine Network ?

Moody -:
To tell you a bit more about my background :) I’m a Driven Operations Manager with experience in project management, business development with a background in community building and marketing. Active in the crypto space since 2018, I started out as a community manager and branched into different sectors of the blockchain world ranging from Defi, NFT’s, DEX’s and successfully working as an Advisor in all these sectors.

I've joined Mine Network because I was really inspired by the project and what we're trying to accomplish. And I'll be using today to explain a bit more about all the wonderful things about Mine Network to you 🔥😎

WOLVERINE :
That was a cool start! So Moody can you give a brief explanation about 'Mine Network’? What popped up in your mind to create such a platform in this space?

Moody -:
Mine Network is the First Multichain Hashrate Token Protocol that solves the liquidity problem of miners on chains, like:

▪️Bitcoin
▪️Etherium
▪️Litecoin
▪️Filecoin

Moody -:
Mine Network will standardize the mining power from different mining pools for different mining projects and then issue hashrate tokens.

In simple words, we will give everyone the ability to be a mini miner! We created this platform to make it easily accessible for anyone to enjoy the benefits of Mining and earning daily income without having to go through the hassle of traditional mining like owning mining equipment.

WOLVERINE :
Sounds great 👌So what are your main features that discern you from other projects and what robust advantages do you have?

Moody -:
When it comes to Mine Network, we have many features that are unique to us and give us robust advantages. These features are the following:

▪️Standardization
Mine Network will set up the mining power standard for different mining projects, so that the mining power, whether it comes from Mine Network itself or other mining pools, could be clearly identified and tokenized.

▪️pToken Issuance
pTokens will be issued when actual mining power is added to the mining pool on the Mine Network.

▪️pToken Sale
After the pToken issuance, retail miners could buy the pTokens and stake them to earn mining rewards, Once the pTokens are staked, the retail miners will get transferable mTokens.

▪️Mining Rewards Oracle
Mine Network will use Substrate's OCW oracle function to monitor the output of each mining pool, to ensure openness and transparency for retail miners.

▪️Multi-chain DeFi Integration of Ptokens
Mine Network will do its best to make pTokens integrated into multi-chain DeFi Protocols, to create sufficient liquidity for miners!

WOLVERINE :
Can you provide an overview on how Mine Network is being used & the Earnings Provided?can you explain Standardized Mining Pools?

Moody - Will Never DM You First:
MINE Network protocol has an important function - to develop standards for different mining powers as well as the minimum standardized Hashrate unit. This is the only way through which the MINE Network standard mining pool can become an open and tokenized market that is free to enter and exit.

First, set the standard for the energy consumption ratio for all mining machines. Whetherit is MINE Network's self-built mining pool or external pools, all mining machines must have the same energy consumption ratio.

Second, assess the energy consumption ratio of the mining pool. When the energy consumption ratio standard is determined, it is necessary to investigate the types, numbers ,and total energy consumption ratio of the mining machines. Additionally, the ratio of different machine models, the mining pool environment, infrastructure, power quality, site management, compliance capabilities, etc. are also considered.

Third, upgrade the energy consumption ratio of the mining applying pool. When the conditions of the mining machines are thoroughly investigated, it is necessary to set the target energy consumption ratio to strike a balance between machines with different ratios, and finally make sure that the energy consumption ratio reaches the target.

Regarding the earnings question :)

When the mining pool is standardized, the next step is to tokenize the Hashrate. Once the hashrate is tokenized, Mini Miners can purchase the standardized Hash Tokens (pTokens), which were mentioned above. After staking the purchased Hashrate tokens, they can claim the output earnings of the MINE Network Standard Mining Pool by their possessions 💪

WOLVERINE :
Impressive! 👌so how has the experience and background of your team been effective in the success of your project so far?

Moody -:
At Mine Network we have a broad professional team from different backgrounds all over the world! We have recruited some of the best and most experienced people in the crypto space to ensure that Mine Network will be a success!

We are also supported by wonderful amazing people that are contributing so much to Mine Network and we consider them part of our team ❤️

Please check our website at https://www.mine.network/ to learn more about our team and their expertise!

WOLVERINE | Crypto Miners:
Great! We're also expecting a lot from your team🔥

Can you share more details about the Mine Network Tokenomics? will be there any use case for Hodling token in wallet for the near future? if so can you share more about it?

Moody -:
MNET token fulfills the role of the core utility in the Mine Network ecosystem. Its functionality
includes, but is not limited to:

▪️Pledge: MNET will be used as a pledge for the mining pools that want to join in Mine Network
network's standardization mining pools.
▪️Preemptive right: The retail miners who have staked a certain amount of MNET tokens
have the preemptive right to purchase the first batch of pTokens of a respective minting
period.
▪️Governance and Voting: MNET token holders can create and vote for proposals.
▪️Token Burning: A certain percentage of transaction fees and commissions are burned in
the form of MINE tokens.
▪️Liquidity Reward: The market makers providing liquidity for pTokens and MNET tokens
on DEX will be rewarded with MNET tokens.

As you see above there are many incentives and rewards to holding your $MNET tokens long term! 🔥🔥

You can read more about the tokenomics here https://docsend.com/view/k82cb5nqwsxdp3eh

WOLVERINE :
Totally cool ! 🔥So how long did it take to develop this project? What plans do you have for the future? And what can we expect from Mine Network? If possible could you please share road map with us?

Moody -:
Mine Network was incubated in Q4 of 2020. Since then we’ve come a long way on developing the project and launching. What we accomplished so far 👇

▪️Project Establishment
▪️Draft of Whitepaper
▪️Official l Whitepaper Release
▪️Official Website Launch
▪️Community Launch
▪️Introduced our super cool Mascot Jasper to the community
▪️Fundraising Launch

What do we expect for the future?

▪️Testnet very soon & Mainnet
▪️BTC mining standardization and pBTCM Token Issuance
▪️Liquidity Mining Program for pBTCM/USDT trading pair on Uniswap
▪️ETH mining standardization and pETHM Token Issuance
▪️Liquidity Mining Program for pETHM/USDT trading pair on Uniswap
▪️Integrating pTokens into DeFi protocols on multi-chain
▪️Listing on DEX & CEX

And as a surprise we will have a lot more community activities and content in the coming month so make sure to jump in our chat and keep an eye out

SEGMENT 2️⃣ — Twitter Q & A

WOLVERINE :
Q1) @beta34690987

MINE Network is the first decentralized standard hashrate token protocol that solves the liquidity problem of miners on multi-chains. May i know this platform specially build for miners? What is the benefit for normal investors?

Moody -:
Thanks for the questions @beta34690987!

Our platform focuses on Mining but it’s not specially just built for miners. At Mine Network, we believe that mining should be accessible to anyone in the world. Because of that vision, we work to educate the crypto space more on mining and how easy it will be to mine through the Mine Network.Our platform will be very user friendly and provide many benefits to Mini Miners that join our Mining Network.

The benefits would be that through staking their pTokens they can claim the output income of the MINE Network Standard Mining Pool which would mean they can earn an income everyday! Instead of having to deal with all the heavy duty operation costs that come into mining, you can simply join by a simple few clicks! 🔥

WOLVERINE :
Q2) @cummies17

I saw they issued two tokens pTokens and wTokens.What is the significance of 2 tokens in one platform? Is there any staking program to hold one token and earn other?if yes how can we holders rewarded?.

Moody - :
Thanks for the question @cummies17!

In MINE Network, tokens that are anchored to the standard Hashrate unit are called pTokens. Examples are pBTCM, pLTCM, pETHM, etc. They are the proof of ownership of the standard Hashrate. pTokens represent the corresponding amount of Hashrate in the MINE Network
standardized mining pool. For example, pBTCM anchors 1Th/s standard Hashrate and holding 5 pBTCM tokens means having 5 Th/s of MINE Network BTC standard mining pool and the corresponding income rights after staking those pTokens.

The pTokens can be bought and sold on CEXs or integrated into single and cross-chain DeFi protocols , which increases the liquidity and Cash flow for miners who are using MINE Network to tokenize their Hashrate

wTokens are tokens issued on the MINE Network blockchain and anchored to the tokens produced by MINE Network standard mining pool at a 1:1 ratio. You can consider wTokens as the income certificate in the mining products of the MINE Network standard mining pool.

WOLVERINE :
Q3) @channi32693247

Mine Network is The first totally limitless and scalable hashrate mining protocol. There is a feature called mining power standardization. How is it benefittable to mining pool out side the network?

Moody -:
Great question @Channi32363247!

Although mining pools have lowered the entry barrier to mining, there are thousands of mining pools with no real standard, which makes the market unorganized and difficult to grow rapidly. Standards offer scaling potential to every market. The mining market is low on standards and needs to be accessed by projects targeting this problem to bring mining ecosystem to a new level of acceptance.

Through the Mine Network, these mining pools will be standardized and join the Mine Network DAO. In this way, MINE Network DAO will use USDT or other stablecoins to directly pay the mining pool, obtain the ownership of its mining machines, and package it into MINE Network's self-built mining pool. 😎This will create liquidity for the mining pools to join our network!

WOLVERINE :
Q4) @batmatic2

How does Mine Network handle government regulations and boundaries? And What mechanisms / strategies do you use to keep users motivated and present on your platform? What can the Mine Network platform guarantee or promise in terms of the security and privacy of its users?

Moody -:
Thanks for the question @Batmatic2 😊

For general security of the network:

We will be using NPoS Consensus 🔥

The code of the Mine Network is written based on the Substrate blockchain development tool, and so it can be considered as a Polkadot-based project. Naturally, similar to what Polkadot has done, Mine Network adopts the NPoS (Nominated Proof of Stake) consensus mechanism.

As a widely applied consensus for blockchain projects, NPoS is built under the Substrate frame- work. Two main players in this system are validators and nominators. Validators are node operators who produce blocks and confirm transactions, while the nominators delegate their MNET tokens to validators to obtain staking rewards.

Under the NPoS mechanism, the Mine Network will further issue more MNET to reward validators and nominators. However, the ination rate will be kept within a reasonable range to make sure that the network is secure and stable. Mine Network won’t be having any issues with government regulations and we will be focused on expanding in countries where the environment would be mining friendly.

So, to ensure that the income and the cost data are open and transparent, MINE Network DAO will disclose relevant data daily. Moreover, a professional third-party audit institution will release an audit report every month. The data, including total Hashrate, daily output, operating costs, electricity costs, etc., will use the on-chain oracle OCW mechanism in Substrate for on-chain data storage and on-chain recording.

WOLVERINE :
Q5) @wormz29

I think I've read something about you changed your token ticker from $MINE to $MNET? So can you explain the reasons of why you changed it? and just curious why not make two tokens instead?

Moody -:
Yes that’s true @wormz29! Thanks for staying up to date with Mine Network!

After careful consideration, we have come to the conclusion that $MNET is a much better ticker for Mine Network, as the name is more reflective of the creation of a broad network of miners around the world. Uniqueness is important for the whole community to avoid confusions on exchanges, Launchpads and token trackers
SEGMENT 3⃣ — Live Q & A

He മലയാളി:
-Are you planning to promote, your project in different countries where English, is not good???
-Do you have a local community, for them to better understand your project??,

Moody -:
First question! Thank you @killer_been1

Yes for Mine Network we are planning to focus on expanding globally hence we will be targeting many regions, even the non-English speaking ones!
We at Mine Network believe that mining should be accessibele to everyone no matter in what region they are!

To tackle this issue we will be diving in many communities from all over the world ❤️

Ramsy:
Does your project in the future have a system of burning or buying back tokens? What will you do to make your tokens valuable and competitive in the market?

Moody -:

2nd Question! Thanks @Ramsy_03

We know nowadays the community advocates for Token burns! We at Mine Network also believe in this concept 💪

In order to reduce the inflation rate of the Mine network, the team will also regularly repurchase tokens from the secondary market and destroy them💥 The cost will be covered by our revenue 😎

⭕Chi Chong⭕:
Security is always top priority for every user. Kindly give us some information about your security mechanism. Have you done an audit or are you planning for??????

Moody -:

Third question! Thanks @Chichong1

We believe an Audit shows authenticity and security to are project hence it's one of the most important things for us! We are currently planning to do an Audit for Mine Network soon!

Aulgvrl 🏵:
How can I be a miner on your network? What are the hardware requirements?

Moody -:

Fourth Question thanks! @Hadehalexa

There isn't any Hardware requirements. All you have to do is purchase pTokens and stake them. You'll directly start earning mining rewards after Day 1 on our platform!

FreddyCoughan:
Can we mining BTC and ETH with your platform?

Moody -:

5th Question, Thanks @cryptsteamers.

We will be starting with pairs for BTC then slowly moving to ETH, LINK, LTC, FIL and many other pairs to mine in the future! We hope to expand and grow Mine Network pools into all minable tokens! 🔥

— AMA CONCLUDED —

Follow MINE here for the Latest Updates…💎

Twitter : @mine_blockchain

Telegram : https://t.me/mine_blockchain

Announcement : https://t.me/mine_blockchain

Wiki : https://wiki.mine.network/

One pager : https://docsend.com/view/cz6ghyv3i67t5seu

Whitepaper : https://docsend.com/view/d9jijm9qqvbavcen