Currencies, both crypto and fiat are always evolving as time goes by. In the start, we just had gold and other precious metals as currency but with time, paper currency backed by Gold started and eventually it took the current form of being an indicator of state’s wealth, power and stability. Whatever currency one may consider, it always has four basic characteristics in its existence and capability.
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Minex Systems, a Blockchain-based specializing in Blockchain development is looking to develop an ecosystem and currency that is the best of both fiat and crypto worlds as that is where the world is seemingly headed these days. MinexCoin aims to become master of all the four basics of a currency eventually and become universally applicable and important.
What are the Four Characteristics of a Currency?
To become a fully functioning currency, a coin whether fiat or crypto has to fulfill these four basic qualities:
Serve as a Means of Saving and Accumulation
This may hold true for many other assets in addition to currency including jewellery, securities, other digital and physical assets. We can store and accumulate them as much as space allows us until they run out.
There has to be a mechanism for this saving feature that can allow to accumulate wealth without fear of losing it. MinexCoin system uses a feature called Minexbank that is responsible for this basic function. It constantly keeps adding to the value through an interest of sorts that encourages “HODLING.” Right now the rate offered by MinexCoin is 70%.
Equivalent of Value
This function of currency allows it to be traded with other entities according to its latest value. The two basic units in crypto are the primary cryptocurrencies Ethereum and Bitcoin. Now what made Bitcoin and Ethereum so viable for this purpose is that they rewarded people who invested resources, time and money in the network.
MinexCoin aims to follow a similar approach by generating a competitive advantage that will allow it to become more viable for cryptocurrencies to be transferred into conventional fiat currencies because of incentives to do so in the MinexCoin system.
Means of Payment
This function requires that the first two functions be fulfilled. All assets need to be considered a Means of saving and equivalent of value before they can become means of payment.
MinexCoin aims to become a means of payment through the complex and evolutionary development of the project. Once the system becomes operational, there will be two products to choose from. They include MinexMerchant and MinexMarket. The first will allow users to make MNX payments easily and the second product will allow ordinary users to exchange goods or services paid in MNX.
Means of Circulation
This is also a primary function of money in which it acts as an intermediary between exchange of goods and services. While we cannot term it old-school barter, in this case money doesn’t stay long in the hands of buyers and sellers and passes from one hand to another quickly. MinexCoin will employ the MinexPlatform to for this particular use.
Future Course of Action
The MinexCoin team is looking to deploy innovative solutions to become widely adopted as the rightful currency of the future. They have a holistic vision of the future of the coin as a universal currency. The team is working right now to release the MinexWallet which will allow the user to harness all the real currency features that are explained here.
For more Information, visit the Minexcoin website at – https://minexcoin.com
