My attention was brought to a very new altcoin, called MidasCoin. After seeing an immense response from the mining community, and by offering an interesting mining algorithm, I do think it’s worth talking about. Care to find out more?
It doesn’t happen too often where a new cryptocurrency is introduced, and there are a lot of impressive services available at or shortly after launch. I’m not talking about third party services either, but services built by the team before launching their coin.
As you may have judged from the name, MidasCoin has something to do with gold. All coins are backed by actual gold , which is held in reserve with a minimum guaranteed daily increment. The starting gold reserve for MidasCoin is 20,000 grams, with a minimum daily increment of 333 grams for the first 12 months, 666 grams for months 12-24, and 1500 grams for months 24-36.
In order to determine the actual value of MidasCoin, divide the gold reserve with the total amount of coins to be issued over a 36 month period (there is no coin supply cap set, more on this below). The value per MID is recalculated every 10 seconds , based on the daily increment. (As you can see from this image, the value updates on page refresh)
That is not the only tie between MidasCoin and gold however. At MidasPay.io, which is part of the Midas Payment Network, you can purchase 24K gold bars(certified) in exchange for MID. As it stands right now , 1 bar of 1 gram of 4K gold would cost you 380.5 MID. Keep in mind this value will fluctuate, as we mentioned before.
Other goods you can purchase with MidasCoin include reloadable Virtual Credit Cards, a physical Midas Debit Card, card credit for both the virtual and physical credit cards, and heavier gold bars (5 grams and 1 oz). Pretty impressive if you ask me, I really like it.
The MidasCoin Debit Card can be accessed and managed through the MidayPay platform. Coins can be sent over from your MID wallet to your debit card instantly, and used at over 39 million points of acceptance worldwide. For those of you wondering, the MidasCoin Debit Card is of the Mastercard type.
A demo video on how to manage your debit card can be seen below :
Even though all of the above is fine , it’s always a good thing to get more merchants on board. Through the MidasPay Merchant API, anyone in the world can start accepting MidasCoin payments in a matter of mere minutes. To find out more about this API, click here.
I did mention MidasCoin has an interesting mining algorithm, which is called Scrypt Proof of Mining. Fortunately for most of us, this mining algorithm is compatible with current Scrypt mining hardware, including ASIC devices! There is a twist though.
Instead of using “excess hash power” to secure the network, like pretty much any Scrypt coin does, MidasCoin uses 95% of all hashpower to secure another blockchain. In the event of an attack on the network, which be detected automatically, the necessary hashpower will be directed to the block generation node and null the attack.
As an additional bonus, the more hashpower received by the Proof-of-Mining network, the bigger the increase of the MidasCoin Reserve Fund. As we mentioned before, the more this fund increases, the higher the value of MidasCoin.
For more information on Proof-of-Mining, check out this page.
Mining MidasCoin is not the only way of obtaining some MID though. If you manage to refer people to MIdasPool, the official (and only) mining pool, you will earn 2.5% of all your referrals’ mined coins. MidasPool also operates on 0% fees by the way.
In order to pay for the bounties put up by the MidasCoin team, there is a Taxation per transaction. Currently, this taxation is 1%, but this number will decrease every 12 months, until it reaches 0.25%, which will be the lowest and final Taxation.
Time to take a look at MidasCoin’s technical specifications :
New innovative Scrypt PoM (Proof of Mining) distribution Algorithm
Compatible With current Scrypt Mining Devices (including asics)
Block generation target: 2.5 minutes
Network difficulty retarget: Digishield – each block.
Starting Block Reward of 50 MidasCoin, decreasing every month following a custom reduction formula
Total coins: 7,611,236 issued in 36 months of enhanced distribution, followed by a fixed block reward of 2 Coins/block: No cap
Wallet Connections Ports: Normal: 9554 RPC: 9553
Coins backed by REAL GOLD held in a gold reserve with a minimum guaranteed daily increment
Monthly Block Reduction rate based on a custom scheme.
1% starting taxation on every transaction as a clean and transparent revenue model towards Midas Payment LTD’s investors.
Taxation decrease as block rewards decrease, going down 0.25% every 12 months until it reaches a flat 0.25% transaction tax after 36 months
Official Mining pool (Midaspool.com) with 0% fee and Referral system
Impossible to Instamine in the beginning. Minable only through the PoM official pool Midaspool.com. Solo mining is voluntary contribution to network stability and will not produce any rewards (except our gratitude)
Mining support for X11/X13, SHA256 and more in the future!
Absolutely No IPO and 0 Premine, not even a single block.
What strikes me as most interesting in that list, is the upcoming support for other mining algorithms. We will definitely be keeping an eye on this, as well as other things related to MidasCoin, and keep our readers informed accordingly.
MID has also received a 5/7 rating on CoinsSource’s Trust Index :
To find out more about MidasCoin, you can use the following sources :
Website : http://midascoin.io/
BitcoinTalk : https://bitcointalk.org/index.php?topic=760755.0
Twitter : http://twitter.com/midaspay
Reddit : http://reddit.com/r/midascoin