Everything changes. That’s the one true constant and when it comes to technology, that constant has remained the driving force behind many a breakthrough and evolutionary development. Change determines the adaptability of anything. Those impervious to it have no hope surviving be it a living creature or non-living. With living creatures, the effects of change can be seen in their physiological and intellectual development, while non-living things are constantly being improved upon, upgraded, and modified.
The Value of Money
One of the most important changes of our time is currently underway in the economic sector. As the universal measure for the direct exchange of values, goods, and services, currency have had to undergo a series of changes in order to qualify as the definitive vehicle for exchanging values. These changes have yielded four essential and interrelated values, which every asset must acquired in order to be regarded as a fully-fledged currency. These are values must provide a means of saving and accumulation, offer equivalent of value, be a means of payment, and finally must have definitive circulation.
Means of saving and accumulation
During periods of inflation, fiat currency are often unfit for preserving value, requiring some sort of mechanism or instrument to store values instead. This is why precious stones are highly valued during this period due to the fact that their values are often fixed regardless of the economic upheaval going on.
With this in mind, leading blockchain company, MNX system, has developed an autonomous algorithm for smoothing the volatility called Minexbank. Minexbank boasts of an innovative tool for holding asset. This tool, known as “Parking”, enables MNX holder to retain their assets, while also receiving interest for “hodling”, which currently stands at a 70% per annum interest rate at publication time.
Equivalent of value
MNX comes with a unique system for users to peg down the value of goods and services as monetary units using cross-chain transactions to peg the value of one crypto to a “benchmarked” crypto before exchanging to fiat. The ecosystem comprises of several innovative products, playing critical roles in ensuring liquidity and fluidity of exchange on the network. Physical bank cards ensures that users can still transact using MNX even in places where they no longer have access to their digital wallet.
Using trustless exchanges and ATM terminals through an Atomic Swap technology, users will be able to transact businesses or exchange fiat and digital assets without requiring third-party mediation. Through this technology, MNX is creating a gateway between the digital and the physical world.
Means of payment
For centuries now, the sole function of money has remained the liquidation of debts from financial commitment, meaning that if an asset is not considered as a means of saving and of equivalent of value, it no longer had any function.
Minexcoin eliminates this age-old problem through its intricate development of its platform. Users on the platform are automatically presented with two enterprising products as soon as their coin becomes equivalent to its value – MinexMerchant and MinexMarket. The Merchant service allows merchants to seamlessly accept MNX for fast and convenient payment of goods and services through the platform’s core API. The marketplace, on the other hand, is a ecosystem for ordinary users to directly exchange goods or services through Peer-to-Peer channels via MNX.
Means of circulation
The barter system remains one of the most inconvenient mode of exchanging values due to the fact that not all assets can liquidate at a moment notice, nor is it circulation guaranteed. Fiat circumvented this problem by ensuring that it can quickly pass from hand to hand to perform its functions fleetingly.
To ensure that MNX becomes as liquid and convenient as fiat, MNX will be launching the MinexPlatform in the third quarter of 2018. MinexPlatform will be a springboard for developers and startups for creating digital values based on MNX using open source tools developed by the team.
For more Information, visit the Minexcoin website at – https://minexcoin.com
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