When looking for new and potentially interesting Cryptos these days, it’s difficult to find something that either new or possible controversial. What Minerals’ development team is doing, could be classified under both categories. Let’s take a look.
Minerals is inspired by StarCraft, a widely popular RTS game developed by Blizzard. In this game, you need to collect resources(minerals) in order to build your base, gather more troops, etc. It’s a cool name, and the association is easy to comprehend.
The main objective of Minerals (the Crypto) is to avoid instamining, ASIC mining and even solo mining. While that last part seems controversial, we haven’t even gotten to the best part yet. Oh, and they’re also controlling each and every mining pool themselves.
What makes this even more intriguing/controversial, is the fact that no one will be able to download the Minerals wallet before the Proof-of-Work stage is over. Coins can be kept in your mining pool balance however, which is a viable alternative that will probably rub a lot of people the wrong way.
Here’s why I think this is a very interesting, albeit not the best, idea : when people mine a newly launched Crypto, they want to get the coins out very fast, so they can sell them at a very high price on exchanges. This is called “dumping”.
So in theory, there will be no way to dump Minerals before the mining phase is over. This does not mean however, that there won’t be a massive selloff as soon as everyone can get their mining pool balances cashed out.
The only small issue with this plan, is the fact that exchanges will receive the source code, so Minerals can be listed as a trading pair from launch. People can still use an exchange wallet address for pool payouts, and dump their coins. Hence, controversial.
In order to prevent the instamining part of Minerals, the first 100 blocks will only have 10% of the normal block reward. This should, theoretically, give everyone a fair chance on launch. Not so controversial , but rather smart.
There is another twist you should be aware of. Each miner will be limited to a certain maximum hashpower to no more than 300 MH/s. To achieve this, the number of shares that a worker can send to the pool per unit of time, are limited.
I can see why Minerals could be quite a success in the eyes of some people, and a huge warning sign in the eyes of others. Honestly. I would give it a chance by setting an exchange wallet for pool payouts.
Before I forget, here are the technical details about Minerals :
Name: Minerals [MIN]
Block time: 30sec
Blocks 1-100: 150 MIN
Blocks 101-20090: 1500 MIN
Last POW block 20090. (7 days of mining)
Total POW coins: 30,000,000
Block retarget: every block
POS interest: 5% per year
Coins stake after 10 hours
Confirmations per transaction 4
Coins mature after 50 blocks
Premine: 0 (0%)
Minerals will launch June 12th,
Minerals website : http://minerals.pro/
Minerals on BitcoinTalk : https://bitcointalk.org/index.php?topic=641057.0
Minerals on Twitter : https://twitter.com/Minerals_dev
Minerals on Reddit : http://www.reddit.com/r/MineralsCurrency/