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May 21, 2020

AMA with Minter on Hotbit

We are honored to invite Dan Reitman, the director of Minter Global OÜ, and Dan Zappo, the Content Manager, to our AMA.

On-Line Interview

Please tell us what Minter actually is. What’s so special about it?

Minter is a fast, modern, high-functional blockchain, built upon the Tendermint engine with the delegated proof-of-stake consensus algorithm. Its main feature is the ability to create user coins with absolute liquidty within the network. It means, that any user can not only create their own unique coin, but also convert their coins to any other with a simple procedure, without the need for the exchanges. Coins can be freely sent, converted, delegated for rewards or used in projects.

Our main features and advantages are:

  • DPoS consensus (2/3 of validating strength);
  • Transaction speed (under 5 seconds);
  • High capacity (up to 10,000 transactions per block);
  • Multisigs;
  • Creation of custom coins by any network user;
  • Absolute liquidity of all the coins within the network;
  • Rewards for validation and delegation;
  • Low fees.

On May 15, your mainnet turned one. What achievements can you share?

The main achievement of the Minter team and community this year is that within a minute you can send crypto to anyone (your friend, mother or colleague, even if they don’t have a wallet), and the recipient can spend it as they please – buy or order food, top up their phone, purchase an Xbox card or clothes at the nearby store, donate to the street musician, etc.

As for the blockchain and the network, a lot of interesting things have happened this year:

  • The network is supported by 64 validators;
  • Over 6,000,000 blocks are signed;
  • Over 7,000,000 transactions are made;
  • Over 1,300 custom coins are created;
  • A lot of updates of the system are made;
  • Tens of projects are launched that are used by normal people every day;
  • We consider our BIP Wallet to be one of the most convenient and easy to use crypto wallets;
  • Minter is added to multiple ratings, services, catalogues and exchanges;
  • We have organised multiple hackathons, resulting in beautiful and unique projects you can try right now.

You can read our annual report soon on our official channel: https://t.me/MinterTeam

How big is your community?

In the first year, around 60,000 users joined Minter. In brief: tens of developer teams and projects that have already launched. Countless channels, chats, and topic-specific communities that see hundreds and thousands of messages every day.

Talking about the blockchain itself, there are over 11,000 delegators who have staked over 1.8 billion BIP to date and 122,000 addresses with non-zero balance. We’re constantly working on attracting new audience, and we hope that by the end of this session, we’ll be able to proudly call the Hotbit community our friends!

If I were to use Minter right now, what could I do with it? What projects are already out there?

This is a great one, thanks for asking. Unlike those who create blockchains just for the sake of it, in Minter, we already have projects that are fully operational. We could go on and on here, but let’s just take a look at the list of the most interesting Minter-powered projects we’ve prepared for you guys instead:

Excited? You may find more at willmint.co.

Please tell us about your plans and goals for the near future

Rewards are our top priority in the short run. We’re 100% sure that easy-to-understand and user-friendly reward systems coupled with lightning-fast spending options are a huge potential market. In plain English, it means that after yet another flight, a customer would get airline miles that they can later swap for a cup of coffee at Starbucks, saving the rest for some in-game purchases or shopping at their favorite grocery store.

Here’s something you could try out quickly right now. If you hold BIP or other coins issued on the Minter network, you can send them to literally anyone (even your Mom who’s probably never heard of crypto), and they will be able to spend them on whatever they want. Just like that, without setting up wallets or knowing what blockchain even is. Simply use one of the Minter push services—for example, minterpush.com.

Next we’ll focus on facilitating, improving, and automating systems of rewards and finding new ways of how you could put them to use. Upcoming plans: smart contracts; trustless services (a.k.a. sidechains); atomic swaps; redesigned, user-oriented wallets; integrations with cool projects; and new services.

Got Rewards? Minter.

Open Q&A Session

Are there any plans to burn some of the tokens to maintain the price?

There are currently no such plans in sight so as to introduce the coin burning mechanism as we all know it. Yet you may still think of an alternative, which is fines imposed on the validators for missing blocks. Hence, each time any one of the masternodes fails to put its signature, supply gets slightly decreased.

Should we hope something big like bitcoin blockchain in the project in the next few years

One area we're focused on and are working hard to cover by the end of this year already is algocoins (or algorithmic stablecoins) that will enable members of our community to multi-send BTC/ETH/XRP to hundreds of receivers in five seconds, spending no more than a couple of cents in total.

For more details, please refer to this post.

What is MinterEVM used for? What are its benefits?

One of the possible use cases is crypto-backed lending, paving the way for DeFi that's been asked about quite a lot today.

There's already a community-built prototype system that automatically issues short-term loans in BIP with ETH and USDT as collateral. Once Minter 2.0 is live, MinterEVM smart contracts will be running all processes independently.

Another application is liquidity enhancement. To learn more about this one, refer to our latest blog post on Medium.

List some important milestone that your minter team hope to achieve in next 2 -3 years. What is minter planned route in 2020? What is minter doing to attract developers ?

A couple months ago, the team held a hackathon devoted to the development of Push solutions (one of them I mentioned earlier in the session today).

Here's a video application of one of the teams that took part in the fifth, and last, stage and finished 2nd (it was awarded 200,000 units of BIP, network's native digital coin).

As you can see, in these difficult times for the world, supporting Minter community's developers continues to be our top priority. The main tool we've equipped in doing so is hackathons, contests, and grant programs.

Could you explain, what's the minimum requirements for becoming a Node Validator of Minter platform? & How Rewards are basis on?

So the Minter blockchain has a limited number of available slots for validators. At genesis (or launch), there were just 16 of them; however, four additional slots open each 518,400 blocks. For the list of masternodes currently validating the network, see here.

Based on how much BIP is delegated to the masternode ranked last, you can calculate the approximate amount you'll need in order to get in.

The block reward started at 333 BIP and is moving all the way down to 0 BIP (which will happen in about 6 years from now or so) and is distributed among active validators in proportion to the value of their stake.

Can you tell us Which major problems are there in Market which can be effectively solved by Minter Platform? Why should any Developers Create their coin & project on Minter Platform services?

The main business problem that is targeted by Minter is the segregation of audiences in different businesses. There are multiple loyalty programs integrated by both online and offline businesses, but what they lack is interoperability. We tackle this issue by providing a way to create instantly liquid, interoperable coins, that can operate across multiple businesses and allow coin issuers to tap into each others clientele pools.

I see that BIP wants to develop an extremely diverse ecosystem. What is the main direction of BIP's activity, what do you consider a priority for promoting the entire ecosystem?

We focus on the applications for loyalty programs and rewards, offering a b2b solution for businesses. This way we will benefit from the marketing efforts of the projects that choose to integrate Minter, tapping into their audience.

From technological and commercial perspectives, how can traditional companies be integrated into the blockchain? What are your plans for traditional companies that continue to exist with their own systems?

It is already fairly common among the traditional companies to integrate loyalty and reward programs. While Minter differs from the traditional reward systems by using blockchain to track loyalty points, there is no need for the integrating businesses to even think about it. What will differ, however, is the interoperability – integrating businesses will have to adjust their approach to become a part of an open ecosystem.

We all talk about Positive points/Pros/Good Points & Features of any Project, no one Project tell about there Cons. So can you tell us Honestly the Cons & Lacks of MINTER ?

It may be hard to spot problems in the system you are so closely engaged in, by I’ll try. Opinion exists that too many new BIPs are created with block rewards. Since the core team is focused on development, marketing and listing efforts were not in the spotlight until recently. This approach may have affected the mass adoption – but that is exactly why we’re here today, I guess.

The financial markets, cryptos market ... all fell due to the covid-19 epidemic. Does this affect your project development plan?

Not much. As a tech company it was not too much of a hassle for us to turn to distant work, so the development itself was not affected. As for the general market situation, the epidemic and the crisis have surely affected most businesses, but we believe this will create demand for the new ways to attract and interact with their customers – and we will be ready to offer them this opportunity.

🍪 Join Minter chat and Hotbit chat!

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May 21, 2020, 10:38
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