Hi, everyone! It’s Daniil Lashin here. As 2020 nears its end, I’ve got some great news to share.
There’s an important message in the genesis block of Minter Mainnet. It reads, Minter, the Internet of Money (IoM).
We’ve chosen loyalty points as the first area that we’ll implement in the Internet of Money. Points are the world’s largest private money, second only to national currencies in terms of supply. The bigger part of the Minter team is now working on bringing brands onto the platforms that are built on top of our blockchain. This is a long process, but I’m sure we’ll see results very soon.
Minter Hub
In the meantime, blockchain developers are largely focused on rolling out more and more features that would allow our network to become the Internet of Money. Today is a very special day because we’re launching a public demo of Minter Hub. Hub is the next step in building the Internet of Money. It will interconnect Minter with other leading networks, starting with Ethereum.
“I’m an average user, do I even need this?” Instead of answering, I’ll just show you this:
Yes, you’ll be able to transfer literally any coin from Ethereum to Minter. They are: the ETH itself, stablecoins (USDT, USDC, …), wrapped BTC, tokenized assets (shares of companies, etc.), DeFi coins, and others.
Once these coins have their clones on the Minter network, you’ll be able to enjoy the high speed of transfers and ease of exchange you’re already so familiar with. You’ll also be able to exchange the mirrored coins for any others via Uniswap pools in Minter 2.0. What does it mean? Soon enough, you’ll have an opportunity to create your own coin in five minutes and it will be tradeable against USDT or BTC.
Liquidity Providers in Minter 2.0 pools will receive 0.2% on each swap.
On average, Minter⇔Ethereum deposits and withdrawals take 20 — 60 seconds on the testnet. It’s pretty fast for cross-blockchain transfers, but you have to keep in mind that such operations take place just once, and after that, everything works even faster — at the usual speed of five seconds.
I’d like to stress that on the testnet, we do not consider the possibility of block reorganization on the Ethereum network, so we process the transaction after one confirmation. It would be dangerous to do so on the real network, so the processing time will increase.
Quick take
All Minter coins become swappable for USDT, wBTC, wETH, and other ERC-20 tokens. Exchange operations also take five seconds
You can receive an ERC-20 token from Minter onto your Ethereum wallet and vice versa. The process will take about one minute (provided that the Ethereum network is not overloaded)
What can the HUB token do?
- HUB is a PoS token. Stakers get 1% on the fees charged for transfers between the chains
- HUB provides reserve for Uniswap pools both in Minter and Ethereum
Anything else interesting Minter Hub has to offer?
- An integrated EVM that allows to execute smart contracts with the coins on the Minter network (including the mirrored ones)
- HUB owners will get 1% on the fees charged for moving coins from Minter to Ethereum and back
What can I already try out?
For now, there’s a prototype that enables you to transfer the HUB coin from Minter Testnet to Ethereum Testnet. You can give it a try here:
https://minterteam.github.io/minter-hub-demo-web/
- Create a wallet on the Minter testnet and put the MNT and HUB coins in there. To buy HUB, use the coin exchange feature
- Download MetaMask’s mobile application, create a wallet, and switch to Ropsten Testnet
- Transfer coins from Ethereum to Minter and vice versa using the forms on the demo page
From the technical viewpoint, Minter 2 is a global decentralized liquidity pool, which includes leading cryptocurrencies and assets that can be transferred between the networks. On the user’s side, it’s the most simple wallet where you can exchange the points you got for a cup of coffee for national currencies or Tesla’s stock.
When?
Minter Hub already has the following functionality:
- Tracking Ethereum and Minter events
- Sending random commands to both networks (in the demo version, you can only send coins)
- Updating the list of validators
These features are under way:
- PoS logic, validator rewards
- Coin mirroring
- Fees calculation based on HUB’s market price
- Whitelist of ERC-20 tokens, mechanism for its modification
Once the development is over, we’ll need two to three months of public testing before the official launch.
