MinePlex is a new generation mobile bank solution that effectively merges traditional financial systems, blockchain, and digital applications.
The market for cryptobanking solutions is currently growing within DeFi. There is an obvious need for greater decentralization in the financial system as so far, the use of digital assets as payment options is still limited in many sectors thanks to outdated baking systems, which are slowly becoming more ineffective. Quite often in most cases, transfers can take days to be settled.
Since the implementation of Bitcoin, digital wallets and DeFi tools have become alternative means of conducting financial activities through the use of blockchain. By 2020, there was an astonishing 47 million wallet holders, proving that the need for secure and dynamic crypto solutions is necessary.
So far, the MinePlex decentralized algorithm has been established in order to accurately and successfully tackle these issues, ensuring a safe and transparent experience for all users. This article digs deep as to what makes MinePlex valuable. It has set in motion an innovative ecosystem, where both traditional financing and the blockchain work efficiently exposing participants to numerous financial benefits.
Table of Contents
Background
Introduced in 2021, ambitious project MinePlex is led by a vibrant team of software developers, financial experts, and blockchain veterans. Altogether, they have years of experience in their respective fields and have been part of numerous successful projects.
Back in March, the platform announced the launch of its very own marketplace, MinePlex Market, where users all over the world can buy and sell digital assets. CEO Sulaiman Al-Fahim is a renowned businessman and philanthropist. He is proud to provide a unique blockchain-based solution, where the market is equipped with highly demanded products. He believes in:
“creating an integrated ecosystem that will simplify the use of banking services as well as digital assets and will be personalised and focused on the convenience for each client”.
Clients are very important to the MinePlex team, as several services and benefits are available to them.
So far, MinePlex has managed to successfully leverage already existing solutions while effectively solving problems plaguing the crypto banking and traditional finance ecosystem, among which are the ongoing threats of security breaches, hacking, malfunctions, and fraud.
MinePlex has rid crypto enthusiasts of the intervention of banks and related systems, especially when withdrawing large amounts of money. The platform’s overarching objective is to ultimately “remove restrictions on the purchase, sale and use of cryptocurrencies” and broaden the influence of DeFi.
What is MinePlex?
Crypto banking ecosystem MinePlex is a new generation of mobile bank solutions that relies on the versatility of the blockchain and crypto. The system effectively merges the traditional financial system, blockchain, and digital applications technology.
Similar to traditional financing institutions, MinePlex has implemented a debit card feature, where users can use digital currencies in their day-to-day operations. Additionally, MinePlex token holders will have unrestricted access to all platform benefits and partnerships with Visa, MasterCard, and UnionPay.
The platform’s crypto bank has become one of the most reliable blockchain solutions of the genre in the market. It is equipped with the classical account log, where payments and transactions of all sorts can be done. Through smart contracts technologies, MinePlex allows users to benefit from currencies exchanges, loans, interbank payments, savings, and much more.
The inbuilt multi-currency wallet allows for an effortless flow of funds throughout the MinePlex ecosystem. It is designed to facilitate the management of all assets for all participants, where one can easily access its portfolio no matter the time and place.
Through the wallet user interface, token holders can actively view a list of all addresses with balances, track the latest cryptocurrency exchange rates, buy/sell cryptocurrency, and oversee all transactions.
As of now, the platform is operational in locations across Europe and America; However, the platform will soon be available worldwide, offering its unique financial services to the masses while climbing the crypto banking ladder.
In the very near future, the MinePlex team aims to implement series of ideas to broaden the platform’s reach and influence. Among them is the implementation and opening of the MinePlex Innovation University to provide training and experience to the MinePlex community on blockchain technology, decentralized finance (DeFi), and advanced technologies.
MinePlex Solutions
MASTERCARD debit card
Mineplex debit card has been implemented to facilitate the everyday use of cryptocurrencies. Payment systems like Visa and MasterCard enable its holders to withdraw cash from any ATM, save on exchange transactions, buy/sell fiat currencies on the platform at reasonable exchange price with low fees, no search for exchanges, and no queues.
Fiat transactions
MinePlex is fully equipped to handle all transactions made through traditional financing. The mobile banking platform offers a wide variety of services using fiat currencies through the safety and transparency that decentralization offers. MinePlex fiat transactions ecosystem protects users, as the bank is unable to unilaterally block cards.
Additionally, participants have the ability to make transactions with significant amounts of money and perform automatic conversions when travelling abroad.
P2P Exchanger
The banking exchanger enables all users to buy/sell digital currencies and stored them in the inbuilt wallet. Since all accounts are tied to a specific wallet, the exchange process is greatly simplified, which allows for users to gain in time. The P2P exchange mechanism empowers all participants to find the best exchange rates, purchase cryptocurrency using a card or bank transfer, and perform profitable cryptocurrency exchanges directly between users through euros and dollars payments.
MINE and PLEX Tokens
MINE – described as the platform’s native token, MINE is utilized as a unit of the computing power of the MinePlex ecosystem. Furthermore, it is used to produce and distribute PLEX tokens and, as well as internal commission payments.
PLEX – MinePlex liquid token, with very limited production. Overall, the PLEX token is produced for every new block or once a minute, according to a predefined issued algorithm in its blockchain. The token was built to be deflationary by nature, due to its size and speed decreasing continuously.
For users to receive shares of PLEX tokens, a plexus of the MINE tokens must be done. The process is similar to stacking; but during the Proof-of-Stake algorithm, the stake itself means the ownership of MINE tokens.
Furthermore, Unlike Delegated PoS, the address itself is delegated, not the tokens. So participants always have direct access to their tokens and can use them or change the delegate (Plexus Pool) at any time.
In general, the plexus process is divided into distinct cycles. Therefore, the rights to confirm or create blocks are distributed several cycles ahead, which is often 5 cycles. So, a complete plexus cycle typically results from sending MIne coins to the stake, while receiving considerable rewards from the PLEX token in a total of 12 cycles.
Conclusion
The MinePlex protocol is a robust and effective solution. The platform is adequately equipped to answer to all of the needs within the market. From P2P exchanger, fiat transactions, and MasterCard benefits, MinePlex is the most efficient combination of both decentralized and traditional financing.
Through its user-friendly app, the platform’s ecosystem is sure to be accessible to all smartphone users. Additionally, MINE and PLEX tokens are the ideal tools to facilitate trading and all related operations within the marketplace.
MinePlex is a unique protocol, as it has successfully managed to keep all its promises by cutting down all expenses, reducing the risk of fraud, and simplifying user identification through its rich database.
