Hi,
According to the "MineCoin on Blockchain & Bitcoin conference" (sept 2016), Minexcoin works as an hybrid by using PoW and PoS.
If so, this means that we will be able to mine the currency in both way. Am I right?
As for PoW, you are absolutely right. You can mine a coin. As for PoS, there is a small inaccuracy. The fact is that we do not use PoS in its pure form. We compare the method of obtaining additional coins by participants of the system through the operation of "parking" Minexcoin. Simply, from the side, the operation of the "parking" is very similar to the PoS and boils down to the fact that in order to get a certain amount of additional coins, you need to "lock in", "park" a number of coins in your wallet. And the algorithm Minexbank, will pay you a percentage for such an operation.
"Freezing" or "defrosting" coins in their wallet, each participant of the system, thus, helps stabilize the price of Minexcoin
Ok, I get that now.
Does time have an impact in the "parking" process and/or the amount of coin?
I mean, I put 1 Minexcoin in "parking mode" will I have the choice of the time that the coin will be in that state or is there a defined (minimum 1 year for example) or the algorithm will take both in the calculation process whatever the amount and the time of parking? (I hope this is clear...
)
I'll try to explain. "Parking" is a kind of deposit, like a regular deposit in a regular bank. The difference is that if you open a deposit in an ordinary bank, then you automatically transfer your funds to the Bank. In the case of Minexbank, you are doing the same. Same options. You determine the amount of your funds that you want to place on the deposit, determine the placement period, and choose the interest rate that suits you more. In Minexbank you do not do the main thing:
YOU DO NOT TRANSFER YOUR MONEY TO ANYONE. They continue to be kept on your wallet.
Example:
You want to "park" 10 MNC. For this,
1. You register with Minexbank.
2. Choose one of three available deposits from "daily", "monthly", "annual".
3. "Park" your coins in your wallet.
What is the difference between the three types of deposits:
Naturally, the interest paid by Minexbank for these three types of deposits will vary significantly. The shorter the term of the deposit, the less income you will receive. So, the basic rates on deposits are as follows:
"Daily" - 45% / year or about 0.12% per day
"Monthly" - 50% per year or about 0,14% per day
"Annual" - 70% per year or about 0.19% per day
Of course, the deposit rates may change. For example, if the price of Minexcoin against the dollar goes down, and will seek to exceed 5% of the corridor, rates will increase in order to reduce the amount of Minexcoin on the market. (I think few people will want to sell falling in the price Minexcoin if "parked" a coin, first you can get, for example, 150% per annum, and secondly, wait for the growth of the coin price).
If the price of Minexcoin goes up, Minexbank will lower the interest rate, thereby stimulating the holders to bring their coins to the market.
Thus, and by the same algorithm, both the Federal Reserve and the European Central Bank are working, and in general, all the Central Banks of the world.
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