With the current growth of blockchain technology, smart contracts are clearly becoming the future of our financial system. Blockchain technology is allowing anyone at any time, and anywhere, to impact entire sectors of a particular market, all with just a few lines of code.
The contribution of Minereum to this great ecosystem will be to try to introduce a new mining approach in the space of the criptocurrencies. This new approach to mining is transparent, fair and shared by all participants for a future increase in value.
Minereum is the first intelligent auto-mining contract Token. Coins are generated on the fly with a mathematical formula. This is a unique characteristic that makes Minereum a unique alternative to other of its kind in the spectrum of the criptocurrencies.
Minereum Smart Contract was deployed in ethereum blockchain, and this process worked as follows: The first phase consisted of compiling as many Ether addresses as possible (4,268 addresses). This was done openly in online forums, and anyone was able to provide their address. The addresses collected were incorporated in the Smart Contract and became what was called Genesis Address, which were codified in the Source Code and visible to all. Each direction was attributed a total amount of 32000 MNE (minerals).
To avoid instant hyperinflation, each address could only transfer a controllable amount of coins.
The minereum mining process is something never seen before. Instead of traditional mining, the availability of coins for each Genesis Address is calculated purely by a mathematical formula on the fly. This formula is only incorporated in the transfer function of Minereum Smart Contract and its only function is to prevent a user from transferring more funds than he is allowed.
The distribution of the minereum is totally fair and transparent, all get the same share of coins, without the need for mines or mining equipment, and mining is done automatically by the code itself. On the other hand as minereum is an Ethereum Smart Contract, the transaction fees of the ethereum network are applied for the minereum transactions. There was no ICO for minereum.
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