Minereum is open source self mining smart contract based on Ethereum blockchain. Digital currency is based on blockchain technology. In fact, birth of digital currency is due to mining system. Mining is needed to be performed in order to facilitate transactions on the blockchain and to ensure that the computation done behind creation of each block in the blockchain is correct. The major drawback of the mining system is, it uses expensive machinery and consumes a lot of electricity.
How it works
Minereum (MNE) brings a new minning approach to the cryptocurrency space. Instead of traditional mining, the availability of coins to each Genesis address will be calculated purely by mathematical formula on the fly.
The Self Mining principle of Minereum allows each Genesis Address to mine 0.00032 MNE per Ethereum block. There are 4268 Genesis Addresses which are collected through the Genesis Address collection between April 14 – 15, 2017 openly in Cryptocurrencies online forums. Total Max Supply is set to 136,576,000 MNE, this supply will only be reached in about 47 years. White paper is available for detail description.
As Minereum is an Ethereum Smart Contract, Ethereum network transaction fees apply for Minereum transactions.
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