Explore MinePlex's transition to Tendermint Core, introducing two new tokens, XMine (MPX) and CrossFi (XFI) for a powerful financial ecosystem.
The future of the digital financial ecosystem MinePlex is set to change dramatically with its plans to shift to the new Tendermint Core architecture in a phased rollout. The transition is accompanied by the launch of two new tokens, XMine (MPX) and CrossFi (XFI), with target average payback of an MPX coin set at approximately 12 months. This upgrade, combined with MinePlex’s existing payment solutions, promises to provide users with a comprehensive, user-friendly, and secure financial ecosystem.
The success of the dual token business model in the MinePlex ecosystem has already been proven on the previous version of the blockchain with its MINE and PLEX tokens, with MINE being the base token for staking, and PLEX being the utility one. By the beginning of 2023, the PLEX token was listed on 8 crypto exchanges, and the MinePlex blockchain 1.0 had bridges to Ethereum (ETH), Binance Smart Chain (BSC) and Polygon (MATIC). The need for the current transition to Tendermint Core is due to an increase in users and insufficient throughput and low scalability of the Tezos architecture. The Tendermint Core architecture has numerous benefits, including unlimited scalability, high throughput, and a fraud-resistant Byzantine Fault Tolerant consensus protocol.
The tokens of the new MinePlex blockchain have similar functionalities. MPX is a non-volatile token that represents MinePlex’s blockchain computing power and is used to pay transaction fees and generate new tokens on the network through staking. XFI is a volatile utility token that provides access to MinePlex’s ecosystem services and products.
As the MinePlex 2.0 blockchain utilizes the DPoS (Delegated Proof of Stake) consensus protocol, MPX holders can choose a validator and delegate tokens to start XFI mining. Each new block of XFI tokens is then distributed proportionately among the delegators based on their MPX stakes.
According to MinePlex´s development strategy, the average payback of an MPX coin is about one year. However, since the XFI coin rate will be market-based and traded on exchanges, the payback and profitability of MPX can both decrease and increase.The initial MPX emission is 4,000,000,000, and the last MPX will be minted when the XFI token emission ends.
The primary objective of the project is to promote the adoption of blockchain technology by offering accessible and user-friendly financial tools that make it easy to use cryptocurrencies, just like traditional currencies.
MinePlex has been audited by Certik, a well-known cybersecurity firm. The platform also secured $100 million in financial backing from GEM, a digital asset investment firm. To offer a seamless fiat experience, MinePlex has partnered with a major Brazilian bank, which allows users to issue VISA and MasterCard cards and access conventional banking services.
MinePlex offers a wide range of products and services that provide advanced payment solutions for users worldwide. The MinePlex Wallet App for iOS and Android allows users to store and manage MinePlex ecosystem tokens and cryptocurrencies in one place. The Explorer tool provides users with blockchain data and analytics, such as price and turnover of MinePlex ecosystem tokens, transaction tracking, and wallet and pool information.
MinePlex Payment platform provides businesses with crypto-acquiring capabilities and payment solutions, including payment pages for accepting online payments in fiat and cryptocurrency, POS terminals, and tools for creating payment pages. MinePlex Finance, a new generation financial mobile platform, provides bank account and financial services online in euros, pounds sterling, and MinePlex tokens. Additionally, MinePlex Marketplace enables users to buy goods directly for ecosystem tokens, with a unique product staking tool that allows users to acquire items for a fraction of their cost.