Minter → USA

On Monday, September 16, 2019, we will publish the roadmap of the start of our operations in the U.S. Until then, we are going into silence mode as we are still consulting with our legal team.

#MUSA

Minter USA Roadmap Preview

TL;DR BIP will be listed after SEC’s approval; we’re working to get one.

What’s up, everyone? Below is a short summary of our upcoming U.S. expansion:
• MDF will be responsible for promoting projects in the U.S. The project teams qualifying for the MDF support will enter into multilateral agreements with MDF;
• The best projects will undergo due diligence conducted by our legal team to obtain a special status;
• MDF is also preparing for BIP to be adopted by U.S. exchanges;
• During the preparation of BIP listing, no steps will be made towards increasing trading volumes and activity. All relevant developments—such as MBank and payment processing for the projects—will be conducted in the E.U.;
• The development and maintenance of the blockchain core will be performed by Grom, a U.S. organization led by Mr. Daniil Lashin;
• We are mounting the most serious efforts to approach the SEC with our project.

Now, more details:
The full version of our U.S. roadmap is still in progress, getting reviewed by our legal team. But we can already share the main points:
• As part of the Minter Development Foundation activity, a master agreement is being drafted for all parties in the Minter network that will be entered into by everyone who
a. is willing to get support with creating and promoting their project in the U.S.,
b. is ready to follow specific rules and take specific responsibilities. There will be three categories of participants to the agreement: developers, liquidity providers, and users. This approach highlights those who are ready for transparent cooperation in the legal field. We assume that it is these projects that will be the first to gain most popularity within the Minter network.
• After being carefully analyzed from a legal perspective, the best projects will be awarded substantial marketing support from MDF amounting to hundreds of thousands of U.S. dollars. We kindly remind you that MDF itself abides by all relevant U.S. cryptocurrency regulations and hence has been allowed to open accounts on U.S. exchanges and in U.S. banks. The organization has also already made several successful conversion operations.
• Development of the blockchain core will be led by a new U.S.-based entity called Grom, with Mr. Daniil Lashin appointed as its head. Grom will focus exclusively on issues directly related to the blockchain, associated services, and integrations with other systems.
• Development of trading and payment processing tools will stay within the E.U., where Minter has been granted all necessary licenses & permits or where there is a lack of a corresponding regulatory framework. Products such as MBank will not be released until all final permissions from regulators have been obtained.
• MDF is engaged in listing BIP on cryptocurrency exchanges. At the moment, the priority is given to the U.S. institutions.
• We are not yet ready to reveal our plan regarding communication with the SEC, but please note that up until that moment, we will make no steps towards increasing BIP trading volumes and general trading activity. The popularization of the projects will be our primary objective.
• At MDF, Mr. Eugene Gordeev will continue his research on the concept of the Internet of Money and achievement of economic equality.

#MUSA

Mass Adoption

If everything goes as I’ve planned, by the end of year 2020, U.S. citizens will be able to pay in stores and shops with instant conversion of BIPs and any other Minter-issued coins. And I’m talking about the likes of Starbucks and Whole Foods.

#PING hackathon winners are:
http://pingme.one
http://ping.mnst.club
http://193.124.206.108:3010/ping/

Use PING coins to communicate with your users. This messaging protocol will be added to all wallets as the Inbox tab.

2 000 000 successful transactions on Minter Mainnet!

This is 4 times more than CosmosHub and Irisnet processed in total! Our team want to thank all validators, delegators and developers, who made this possible.

Starting this week, we will be limiting the access to API. Priority will be given to small-size, young projects.

The blockchain allows any team to set up their own node and use their own API chosen among those published on GitHub.

As we use API for trials, maintaining a single point for everyone is not the main goal of the team.

In case you do not have capacity to run your own node, seek partnership opportunities—e.g., with Monster or MinterScan.

BIP’s Market Price

The only appropriate approach towards calculating the market price of BIP is when you can use it to buy other money, goods, or services instantly. By “instantly,” we mean a couple of seconds per automatic exchange operation—think of Bitcoins, gallons of gas, or Big Macs.

Right now, you can go to Monster or 1001 and buy Bitcoin and Ether with BIP without having to “stay in line” or get anyone’s permission. That is the definition of the market price: someone is willing to sell, and you are willing to buy.

All other prices—including the official rate that has been voted for and the one observed at MBank—are just benchmarks with their own additional conditions. MBank is set to enable projects to sell their custom coins accepting various payment methods, and the official price is needed for autonomous atomic swaps.

The team is engaged in the most complex objectives, i.e., it works on the ecosystem where any project could put their money to work in the most convenient way, including automated interaction with other blockchains. We do not and never will aim to create exchanges or exchange services of our own, impact the price, have market makers under control, or be involved in any manipulation.

Someone with relevant experience in the fields outlined above can pitch their project and apply for a grant. We are absolutely certain that proper trade-focused software can improve the processes for both developers and users.

https://bip.dev/

The main page now shows how many BIPs you will get for 1 BTC and a bonus to the average price.

🤖 Validators Watcher — a bot for notifications of events occurring with validators.

To start, just send the bot a public address of the required masternode (Mp...)

The following notifications are available:
▪️ Delegation
▪️ Unbond
▪️ Turn on/off the masternode

⚙️ Developed at Raccoonlabs

While everyone argues about which stablecoin is better, we are developing algorithms that will enable anyone to issue their own fiat currency-pegged coin in the Minter network. As usual, with instant transfers and exchange operations, absolute liquidity, and even delegation.

You will be able to mint your own buck, pay your partners with it, delegate what’s left, and get over worrying about exchange rate fluctuations.

Sounds like a fantasy come true? The real magic begins when you can create your custom coin backed by a stablecoin reserve.

Stay tuned.

Four is our lucky number

There are four main stages of development of the Internet of Money as we see it today:
– BIP, a basic coin of the Minter Network, like a bit in the on-line world. Serves to handle all-purpose tasks;
– Custom coins, BIP-reserved, instant liquidity in the Minter Network, atomic swaps via IBC;
– Pure stable coins, BIP-reserved, algo-driven. Pretty similar to custom coins but linked to off-chain prices of any currencies, goods, or services—e.g., USD, oil, the minimum wage in the E.U.;
– Bucket stable coins, BIP- or any custom coin-reserved, algo-driven. Can be used to hedge against macroeconomic events, e.g., the crisis of 2008.

Eventually, all coins will be swappable to any sort of electronic money, including fiat currencies, with the help of a global network of liquidity providers.

Autonomy is our major goal, and it’s achievable by the diversity of coins, so anyone on the Internet of Money will have access to all sorts of common and specific monies just like we have a choice of information in the Wikipedia or YouTube today. So once you get on-line, there will be no need to look back or experience any limitations.

While many crypto news media outlets are panicking about whether Telegram Open Network will launch, the Minter team is actively trialing all new developments—for example, this alpha version of the wallet.

We would like to kindly remind you that Telegram’s cutting-edge feature has always been the high quality of their products. Hence, there could be no doubt that the project will see the light of day in time. Few realize that what we are talking about here is not a particular blockchain but the entire decentralized Internet. The Internet, where the TON blockchain itself and its native GRAM coin are simply one moving part of the mechanism which is set to gain autonomy from the rest of the world.

Looks like we are on the same page with the SEC.

https://finance.yahoo.com/news/sec-commissioner-hester-peirce-says-182020019.html

Less than a month from now, the Telegram Open Network will launch. A slew of news related to the project is mounting as it has already entered the public testing phase, started a smart contract development coding competition, and saw the addition of its TON Wallet to the alpha version of Telegram Messenger (it was removed in today’s upgrade).

What is Telegram Open Network testnet from a validator’s perspective? Find out in @CATnode’s recent review: https://dcntr.org/ton-validator-perspective

🍃 Mint Digest #5
A fresh past week events review

Minterscan & Zen
• ☯️ Zen Karma reward rules
• Projects that have already received Karma: MSCAN, MINTERTOOL, E100CARD, MPAY
• About stopping the signature of blocks and temporary lottery freeze

Partners
• New features in PINGme

Project News
• Validators Watcher — a bot for notifications of events occurring with validators
• Updated Exchange from Monster Node
• Interchain started providing API
• First IMO from Public Node
• Now you can buy a TIME for Bitcoin
• WillMint — a platform that connects developers and users
• CAT validator launches full node on TON network
• Affiliate program from 1001BTC Exchanger

Important from Minter's Life
• Meetup's record and its brief summary
• Minter Team spoke about future stablecoins
• Mbank now displays the size of the bonus received when you're buying a BIP
• Massive unbond of 12 million BIP on September 25 may be related to upcoming IMOs
• Telegram Developer Contest

🍃 See ya!

#summary

Minter Network is getting bigger. Validators are responsible for the health of the network. Four slots for new validators open each month, but it can be difficult for beginners to figure out how to set up a masternode.

We believe that this kind of information should be publicly available. So we wrote a manual on how to run and set up your masternode from scratch. The manual is available on Github under MIT license.

https://github.com/minterscan/minter_validator_manual

Thanks to Anatoly Ustinov from U-node and Daniil Lashin from the Minter Team for their help in compiling the manual.

We invite all competent experts to discuss and supplement this manual. This is Open Source, we'll be glad to pull requests.

#dev

A Book

I decided to write a visionary book called The Future of Money, in which I will provide my forecast of what money landscape shifts we can expect in the next 10–30 years.

It is more about challenging myself. First, I will need to seriously weigh everything and put a multi-dimensional future in an understandable format. Second, I will have to write in English. And last but not least, the book must be interesting for readers.

Why money? The answer lies in the fact that money is perhaps the most confusing tool of everyday use. No one ever thinks about how it works, but everyone needs it.

In all my endeavors, it is often vital for me to lay out the direction of work through a noscript from which I can develop a story. A story to be told to the community of people with whom I work on a product as well. I have already set the direction: the book will cover the future of money. But if I was going for a concise noscript, I would consider Money 2.0—an implication that all the previous monies were only the first version.

And if you think that I want to simply pick up a pen and start writing, you totally miss the point. I will try to make this book using GitHub, with pull requests so widely seen within this specific environment, so that anyone can add their knowledge and correct my mistakes. All the fact-checking and proofreading will be paid with a project coin, thereby proving in practice that private money is already working today.

I am going to donate all proceeds from the book to the Minter Development Foundation, for the benefit of the development of the Internet of Money.

#money20

It’s super-easy to beat scams. There are only two things you need to do:
– Never transfer money to unknown addresses
– Never buy coins issued by unknown projects

There is no one who could force you to do otherwise. It is your signature that sends your funds to an address or a coin.

If everyone practices such hygiene, scammers will simply have no one to scam. That’s it.

MORG and GROM coins serve a technical purpose and are intended for authorization on minter.org and grom.org, respectively.

“Low” Coins

So-called “low” coins—the ones that have a CRR lower than 50%—should not be automatically labeled as dangerous. For instance, with TIME (33%), one can observe that provided a certain saturation threshold has been reached, and creators have chosen an appropriate course to follow, the price increases and decreases become moderate. The example of KARMA (10%) perfectly illustrates that if a coin is necessary, it will not fluctuate that much. In the case of KARMA also, we can see that almost no one tries to purchase it with speculative intentions, fearing the rate will drop as many own it. The development is matched by practical necessity.

As the network grows more popular, the focus will shift to low coins that yield good returns for creators in terms of mining and price growth. We expect that it is 20–40-percent coins that will become a real hit with the industry, provided they have millions of BIPs in initial reserve. It is hard to scam people on those, and participants eyeing long-term commitment will not be taken aback by fluctuations in the first couple of months.

The main drawback of low coins lies in the fact that validators’ slashes have a significant impact—e.g., with 10-percent-CRR coins, one loses approximately 5% of reserve on a missed block and 22% on double-signing.

Low coins are the ones to enjoy mass adoption by end consumers, in games and services where users will not even be aware of mining and other tech features underpinning the Minter blockchain.

Stock up on reserves and create low-CRR, short-ticker coins: that is a precursor to success. From there, the harder you work, the more users will believe in you.

And always model using Calculator: https://calculator.minter.network/

Do the rewards fall? Yes.

Take a look at a spectacular graph of this whale who is re-delegating with Monster Node: https://explorer.minter.network/address/Mxadf825cb1d2eb71fa7982d2857ca31b889a4843f?active_tab=reward

Formally speaking, going down from 140,000 BIP to 120,000 BIP per day in four months is a fall, but I think you will agree that it is not as drastic as it might seem.

A 15-percent decline over four months is a healthy indicator.