AMA RECAP : CRYPTO CHALLENGERS x MINE NETWORK
Venue : CRYPTO CHALLENGERS
Date :10 SEPT 2021
Time : 02:00 PM UTC.

Guest : Mahmoud El Hallab
They shared detailed information and his opinions about the project MINE NETWORK.

🔴 SEGMENT 1 INTRODUCTION

1. Could you Guys please provide a quick self-introduction for the community?

Moody - Will Never DM You First:
To tell you a bit more about my background :) I’m a Driven Operations Manager with experience in project management, business development with a background in community building and marketing. Active in the crypto space since 2018, I started out as a community manager and branched into different sectors of the blockchain world ranging from Defi, NFT’s, DEX’s and successfully working as an Advisor in all these sectors.

Q2. What are your main features that discern you from other projects and what robust advantages do you have?

Moody - Will Never DM You First:
Mine Network platform will be covering different highlights and exciting features such as:

◾️Standardization
Mine Network will set up the mining power standard for different mining projects, so that the mining power, whether it comes from Mine Network itself or other mining pools, could be clearly identified and tokenized.

◾️pToken Issuance
pTokens will be issued when actual mining power is added to the mining pool on the Mine Network.

◾️pToken Sale
After the pToken issuance, retail miners could buy the pTokens and stake them to earn mining rewards, Once the pTokens are staked, the retail miners will get transferable mTokens.

◾️Mining Rewards Oracle
Mine Network will use Substrate's OCW oracle function to monitor the output of each mining pool, to ensure openness and transparency for retail miners.

◾️Multi-chain DeFi Integration of Ptokens
Mine Network will do its best to make pTokens integrated into multi-chain DeFi Protocols, to create sufficient liquidity for miners!

Q3. Can you provide an overview on how the Mine Network is being used & the Earnings Provided?Can you explain Standardized Mining Pools?

Moody - Will Never DM You First:
MINE Network protocol has an important function - to develop standards for different miningpowers as well as the minimum standardized Hashrate unit. This is the only way through which the MINE Network standard mining pool can become an open and tokenized market that is free to enter and exit.

1. First, we set the standard for the energy consumption ratio for all mining machines. Whether it is MINE Network's self-built mining pool or external pools, all mining machines must have the same energy consumption ratio.

2. Second, assess the energy consumption ratio of the mining pool. When the energy consumption ratio standard is determined, it is necessary to investigate the types, numbers, and total energy consumption ratio of the mining machines. Additionally, the ratio of different machine models, the mining pool environment, infrastructure, power quality, site management, compliance capabilities, etc. are also considered.

3. Third, upgrade the energy consumption ratio of the mining applying pool. When the conditions of the mining machines are thoroughly investigated, it is necessary to set the target energy consumption ratio to strike a balance between machines with different ratios, and finally make sure that the energy consumption ratio reaches the target.

When the mining pool is standardized, the next step is to tokenize the Hashrate. Once the hashrate is tokenized, Mini Miners can purchase the standardized Hash Tokens (pTokens), which were mentioned above. After staking the purchased Hashrate tokens, they can claim the output income of the MINE Network Standard Mining Pool by their possessions 🔥

To tell you a bit more about Mini Miners since they'll actually be earning ⚡️

Mini Miners are the miners of MINE Network Standard Mining Pools. They need to purchase standardized Hash Tokens (pTokens), which were mentioned above. After staking the purchased Hashrate tokens, they can claim the output income of the MINE Network Standard Mining Pool by their possessions. The income of the previous day is only for the Mini Miners with a staking period of more than 1 day. If they have not participated in staking or the staking period is less than 1 day, then the amount of wTokens that can be claimed in the contract is 0. Under this mechanism, if the staking rate is less than 100%, it means that all mining income will be distributed to a part of the Mini Miners. Therefore, miners who stake pTokens will get more rewards than those who don't. 😎

Q4 How long did it take to develop this project? What plans do you have for the future? And what can we expect from Mine Network? If possible could you please share a road map with us?

Moody - Will Never DM You First:
Mine Network was incubated in Q4 of 2020. Since then we've come a long way on developing the project and launching. What we accomplished so far 👇

◾️Project Establishment
◾️Draft of Whitepaper
◾️Official l Whitepaper Release
◾️Official Website Launch
◾️Community Launch

What do we expect for the future? 👀

◾️Testnet & Mainnet
◾️BTC mining standardization and pBTCM Token Issuance
◾️Liquidity Mining Program for pBTCM/USDT trading pair on Uniswap
◾️ETH mining standardization and pETHM Token Issuance
◾️Liquidity Mining Program for pETHM/USDT trading pair on Uniswap
◾️Integrating pTokens into DeFi protocols on multi-chain

And as a surprise we will have a lot more community activities and content in the coming month so make sure to jump in our chat and keep an eye out!🔥🔥🔥

Q5) Can you share more details about the Mine Network Tokenomics,will there be any use case for Hodl token in wallet in the near future, if so can you share more about it?

Moody - Will Never DM You First:
MNET token fulfills the role of the core utility in the Mine Network ecosystem. Its functionality
includes, but is not limited to:

◾️ Pledge: MNET will be used as a pledge for the mining pools that want to join in Mine Network
network's standardization mining pools.
◾️Preemptive right: The retail miners who have staked a certain amount of MNET tokens
have the preemptive right to purchase the first sale of pTokens.
◾️Governance and Voting: MNET token holders can create and vote for proposals.
◾️Token Burning: A certain percentage of transaction fees and commissions are burned in
the form of MINE tokens.
◾️Liquidity Reward: The market makers providing liquidity for pTokens and MNET tokens
on DEX will be rewarded with MNET tokens.

As you see above there are many incentives and rewards to holding your $MNET tokens long term! 🤑

You can read more about the tokenomics here https://docsend.com/view/k82cb5nqwsxdp3eh

🟡 SEGMENT2 TWITTER QUESTIONS.

Q1) MINE Network is the first decentralized standard hashrate token protocol that solves the liquidity problem of miners on multi-chains. May i know this platform is specially built for miners? What is the benefit for normal investors? @SojappanteND

Moody - Will Never DM You First:
First of all thanks for your question @SojappanteND ✌️

Our platform focuses on Mining but it’s not specially just built for miners. At Mine Network, we believe that mining should be accessible to anyone in the world. Because of that vision, we work to educate the crypto space more on mining and how easy it will be to mine through the Mine Network.Our platform will be very user friendly and provide many benefits to Mini Miners that join our Mining Network.

The benefits would be that through staking their pTokens they can claim the output income of the MINE Network Standard Mining Pool which would mean they can earn an income everyday! Instead of having to deal with all the heavy duty operation costs that come into mining, you can simply join by a simple few clicks! 😍💪

Q2) I saw they issued two tokens pTokens and wTokens.What is the significance of 2 tokens in one platform? Is there any staking program to hold one token and earn other?if yes how can we holders rewarded?.
@ElKunMUfergie

Moody - Will Never DM You First:
In MINE Network, tokens that are anchored to the standard Hashrate unit are called pTokens. Examples are pBTCM, pLTCM, pETHM, etc. They are the proof of ownership of the standard Hashrate. pTokens represent the corresponding amount of Hashrate in the MINE Network standardized mining pool. For example, pBTCM anchors 1Th/s standard Hashrate and holding 5 pBTCM tokens means having 5 Th/s of MINE Network BTC standard mining pool and the corresponding income rights after staking those pTokens.

The pTokens can be bought and sold on CEXs or integrated into single and cross-chain DeFi protocols (like DEXs, lending protocols on Polkadot, Ethereum, HECO, Binance Smart chain, etc.), which increases the liquidity and Cash flow for miners who are using MINE Network to tokenize their Hashrate ⚡️

wTokens are tokens issued on the MINE Network blockchain and anchored to the tokens produced by MINE Network standard mining pool at a 1:1 ratio. You can consider wTokens as the income certificate in the mining products of the MINE Network standard mining pool. wTokens include wBTCO, wETHO, wLTCO, wFILO, etc. which respectively anchor BTC on the Bitcoin chain, ETH on the Ethereum chain, LTC on the Litecoin chain, and FIL on the Filecoin chain and so on in a 1:1 ratio. 🔥

Since different mining projects adopt varied chains, only by issuing mapping assets anchored 1:1 like wTokens, MINE Network can write all mining income of Mini Miners to the blockchain and achieve automation. 🤖

Q3) I think I’ve read something about you changed your token ticker from $MINE to $MNET? So can you explain the reasons why you changed it? and just curious why not make two tokens instead? @SherwinMathewT1

Moody - Will Never DM You First:
After careful consideration, we have come to the conclusion that $MNET is a much better ticker for Mine Network, as the name is more reflective of the creation of a broad network of miners around the world. Uniqueness is important for the whole community to avoid confusions on exchanges, Launchpads and token trackers 💪😎

Q4) How does Mine Network handle government regulations and boundaries? And What mechanisms / strategies do you use to keep users motivated and present on your platform? What can the Mine Network platform guarantee or promise in terms of the security and privacy of its users? @Sophiamangak

Moody - Will Never DM You First:
For general security of the network:

We will be using NPoS Consensus 🔥

The code of the Mine Network is written based on the Substrate blockchain development tool, and so it can be considered as a Polkadot-based project. Naturally, similar to what Polkadot has done, Mine Network adopts the NPoS (Nominated Proof of Stake) consensus mechanism.

As a widely applied consensus for blockchain projects, NPoS is built under the Substrate frame- work. Two main players in this system are validators and nominators. Validators are node operators who produce blocks and con rm transactions, while the nominators delegate their MNET tokens to validators to obtain staking rewards. 🔥

Under the NPoS mechanism, the Mine Network will further issue more MNET to reward validators and nominators. However, the ination rate will be kept within a reasonable range to make sure that the network is secure and stable. 🙏

Mine Network won’t be having any issues with government regulations and we will be focused on expanding in countries where the environment would be mining friendly. 😎

Q5) Mine Network is The first totally limitless and scalable hashrate mining protocol. There is a feature called mining power standardization. How is it benefittable to mining pool out side the network?@elliekingcash

Moody - Will Never DM You First:
Although cloud mining pools have lowered the entry barrier to mining, there are thousands of mining pools with no real standard, which makes the market unorganized and difficult to grow rapidly. Standards offer scaling potential to every market. The mining market is low on standards and needs to be accessed by projects targeting this problem to bring mining ecosystem to a new level of acceptance. ✅

Through the Mine Network, these mining pools will be standardized and join the Mine Network DAO. In this way, MINE NetworkDAO will use USDT or other stablecoins to directly pay the mining pool, obtain the ownership of its mining machines, and package it into MINE Network's self-built mining pool.

🟢 SEGMENT 3 TELEGRAM LIVE

Q1-Primordium HENTO:
Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?

Moody - Will Never DM You First:
Thanks for your question Primordium!

Yes for Mine Network we are planning to focus on expanding globally hence we will be targeting many regions, even the non-English speaking ones!
We at Mine Network believe that mining should be accessibele to everyone no matter in what region they are!

To tackle this issue we will be diving in many communities from all over the world ❤️

Q2-Dennis $Bake -> $50:
Do you have a Token Burning plan to increase Token value and attract Investors to invest?

Moody - Will Never DM You First:
Thanks for your question Dennis!

We know nowadays the community advocates for Token burns! We at Mine Network also believe in this concept 💪

In order to reduce the inflation rate of the Mine network, the team will also regularly repurchase tokens from the secondary market and destroy them💥 The cost will be covered by our revenue 😎

Q3-Julian 1989:
How safe is your platform? Has there been any Audit so that its safe from bugs and smart contract is fully audited

Moody - Will Never DM You First:
Thanks for question Julian!

We believe an Audit shows authenticity and security to are project hence it's one of the most important things for us! We are currently planning to do an Audit for Mine Network soon!

Q4-SUPERMAN:
What are the benefits of mining Bitcoin, Litecoin, Ethereum, and Filecoin through Mine Blockchain mining pools over the conventional mining using a hardware miner?

Moody - Will Never DM You First:
Thanks for your question Superman 🚀

One of the biggest benefits is that there isn't any Hardware requirements. All you have to do is purchase pTokens and stake them. You'll directly start earning mining rewards after Day 1 on our platform!

Q5-Cậu Vàng:
i have some doubt to trust you. Can you share your telegram, Twitter, website and social link where are we find you next..thank you?

Moody - Will Never DM You First:
Thanks for your questions Cau!

You can find all our social below !

Website (https://www.mine.network/)
Whitepaper (https://docsend.com/view/d9jijm9qqvbavcen)
One Pager (https://docsend.com/view/cz6ghyv3i67t5seu)
Tokenomics (https://docsend.com/view/k82cb5nqwsxdp3eh)
Twitter (https://twitter.com/mine_blockchain)
Telegram (https://t.me/mine_blockchain)
Medium (https://mineblockchain.medium.com/)
Wiki (https://wiki.mine.network/)

😊❤️

Thanks everyone! I had a great time hosting the AMA with your community today! If you have anymore questions please hop into our Telegram group and we’d be happy to welcome you into our MINE Family

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