Mint is an invasive plant with a network of roots that strengthen over time. Is cryptocoin Mintcoin attempting to replicate nature?
Mintcoin uses considerably less power than mining coins and simplifies the coin creation process for new adopters.
“Mint’s 30-second blocktime allows for lightning fast transactions,” a Mintcoin representative told CCN.com. “One of the first coins with a planned Proof-of-Work to Proof-of-Stake conversion has made mint unique in it’s distribution. This distribution has planted the seeds for an organic, open source community. Mint is proving to be a mature and transparent coin, perfect for everyday use.” Security features, uptime, and support are a top priority of contributors.
Many users prefer POS over POW for various reasons. “The exclusion of dedicated hardware for mining removes a barrier for entry and is less confusing for many users,” the representative said. “Long term mint holders reap rewards for their loyalty in strengthening the network. Fast block times are more practical in many types of transactions in comparison to long confirmation times with other coins.”
It is believed that many mintcoin users are interested in a store of value which shows growth at a higher percentage rate than traditional financial instruments like a bank savings account. Additionally, the act of minting coins keeps wallet users more engaged in comparison to many POW wallets. 30 second block times make sure transactions are processed quickly, the rep said.
“Mint initially was POW and then converted into a 20% annual POS after 30 days,” the Mintcoin representative shared. “This high rate encouraged users to keep mint in their portfolio, minting coins. Holding, obtaining, and using mintcoin is rewarding. Soon the POS rate will change from its current 10% to 5% where it will continue indefinitely. POS rewards are based on weight, number of coins you hold and coin age. Coins are prioritized for minting after a minimum of 20 days coin age.” Security and innovation should go hand in hand.
“Mint’s code base continues to mature and develop as a guide for what works in the consensus-driven POS industry,” the rep said.
Mint transactions are processed quickly and painlessly with 30 second block times. Our community and brand are friendly and trusted. Mintcoin is a truly open source, trusted coin for the people, by the people.
As with any crypto pre-mine, there was a bit of controversy regarding mint’s pre-mine of 700 million coins. “Documentation of how the pre-mine was spent to promote mintcoin shows payments to devs, funds for promotion and giveaways,” the rep said. “The known pre-mine address’es funds were exhausted long ago and previous dev team members connected to the premine have moved on to other projects.”
Images from Shutterstock and Mintcoin.