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Cryptocurrencies and blockchain technology have revolutionised the modern world. The impact of such technology, continues to revamp entire industries. New ground is being broken as the full potential of blockchain technology and cryptocurrencies develop. Cryptocurrencies are progressing into mainstream uses. However, the full potential for cryptocurrency as a means of payment on a day-to-day scale is yet to be fully realised.
Cryptocurrencies are notably volatile in comparison to traditional financial markets. MinexSystems seeks to differentiate itself from the rest of the pack in this regard through a price regulating algorithm. MinexSystems are leading blockchain specialists, offering solutions which work on the unified MinexSystem ecosystem.
What is MinexBank
MinexBank is an algorithm that controls the volatility of Minexcoin price. The algorithm stabilised the price of Minexcoin, by reducing or increasing interest rates in reaction to the market. Users can get Minexcoin for free as an interest for their own balance assets in MNX, without transferring the funds.
A Milestone for Minexcoin
Minexcoin is about to enter a new chapter in the MNX development. CEO Boris Shulyaev mentioned that MNX project has successfully met all planned milestones for now as it develops into a new phase. The adaptation of parking rates means the interest paid to MNX holders will be equal to coin’s base rate of 70% per annum.
May 1st served as a benchmark for the success of Minexcoin after appearing on the market for six months. This served as a milestone to review the project results and set new goals looking forward. In time, it has been realised that the MinexBank mechanism operates according to the planned parameters and crypto-society, demonstrating interest to the Minexcoin.
Minexcoin previously completed all the goals it set out in its first Memorandum and has also achieved the following macroeconomic indicators:
- In a short time reached the 20 USD/MNX average exchange rate(through the basket of the top ten cryptocurrencies).
- Upon reaching the rate mentioned above, the MXN to USD growth rate was set at the 42.7% per annum. This rate corresponded to the average annual growth of the market capitalization of top ten cryptocurrencies in 2016 — the first half of 2017.
Based on the figures listed above, it is clear to see that the company are breaking new ground in the MNX development. This is indicated by today’s volume of parked coin, which is approaching 30% of the total number of all MNX coins in the market. This means two things, meeting this target requires an adaptation of interest rates to the base annual rate (currently 70%). Additionally, in line with basic economic principles, because of the excess of supply over demand there is a disproportion arise. This, in turn, puts pressure on the course of Minexcoin and hinders its further growth.
With this in mind, MinexBank looks to adjust interest rate policy, which is followed by the parking rates being reduced to the base rate of 70% per annum envisaged by MinexBank Memorandum. The interest rates are as follows:
- Daily 0.19%
- Weekly 1.34%
- Monthly 5.83%
- Quarterly 17.5%
- Half yearly 35%
- Annual 70%
As a reminder to the public Minexcoin have highlighted that parking at the moment has reached 130 000 MNX per month. This increase in the monetary base negatively affects the exhanchange rate of MNX. Reduction of parking payments and adaption of interest aims to sustain the planned growth MNX price of 84.88% per annum.
The company has taken note of the possibility that the market may be affected by a potential down term after the implementation of new rates. Hence the team are looking to focus on neutralising such an impact, by offering access to the new exchange and other mechanisms.