General Overview of Minter (BIP)

What is Minter?

Minter is a next generation currency that allows users to build their own coin and set its price. The coin created can be transferred and/or exchanged for other coins immediately and unlimited. Minter network allows the creation of coins that are for use regularly, coins that are quickly transferable and give value providers the ability to be their own banks.

Minter’s native coin is called BIP, which stands for Blockchain Instant Payment. It aims to fulfill the real-world market needs, including fast settlements among mobile users, low transaction fees (or even transferring funds free of charge), and, of course, a solid supply of 10 billion BIPs.

History of Minter

For over 18 months, before the launch of the mainnet, a team of seven developers has been working on the Minter ecosystem.

Creating a blockchain from scratch is a challenging and time-consuming process. It requires large teams of developers and years of work. P2P communication systems, a consensus algorithm, and many other typical blockchain modules have to be built anew. Minter team did not have such capabilities at the time and decided to take a ready-made solution and start from there.

When selecting a base to build on, team considered the following projects:

  • Ethereum: https://www.ethereum.org
    The first blockchain the Minter team came up with was Ethereum. The main node is written in Go, which is considered one of the fastest programming languages with a low entry threshold. It is easy for the community to audit the code, and for the team, to find new developers.
  • Graphene 2.0: https://github.com/cryptonomex/graphene
    Graphene is a technology that lies in the foundation of various blockchains (Steem, BitShares, to name a few). Graphene 1.0 with its throughput of hundreds of thousands of transactions per second was a real breakthrough.
  • Tendermint: https://tendermint.com
    When selecting the framework team eventually picked Tendermint from Cosmos. Based on the DLS protocol, it does not require any “active” mining — as is the case with Proof-of-Work — and can ensure the secure operation of the network provided there are more than two-thirds of “honest” actors.

How Does Minter Work?

The Minter blockchain runs on the Tendermint engine with the DPoS (Delegated Proof-of-Stake) consensus algorithm, the technology behind Cosmos Network that makes Minter network undoubtedly suitable with many ongoing and upcoming projects of this promising ecosystem. The programming language used for the implementation of the client/node is Golang.

The network itself acts as the Cosmos Zone, meaning that users can exchange BIP and other issued coins for Bitcoin and Ether. They can also use smart contracts run by separate zones via Cosmos Hub, the feature to be available in 2019.

The distributed ledger or blockchain technologies change the way people interact with one another, while the Peer-to-peer (P2P) economy is just at the point of the new era of specific money, where everyone has something to offer. Absolute and instant liquidity is the key competitive advantage of cryptocurrencies run with Minter, as users can buy, sell, and swap coins in seconds without the need for exchanges.

Unlike many blockchains in the market, Minter does not plan to bring everything on-chain. Minter blockchain is following the common trends, enriching them with its own unique features: open, permissionless network, fast transactions, coin creation, etc. Applications and services developed for Minter are called MApps (Minter Apps). A typical MApp is a microservice integrated into a site or a mobile app, letting users sign the transactions, view balances, mint and remint coins, and use other features enabled by the blockchain under the hood. Right from the start, the Minter Team will release open-source SDKs for iOS, Android, JS, and even a Telegram bot kit.

Minter can be considered one of the friendliest environments for developers: created with very simple and robust API, the Minter blockchain can support lots of client-side apps developed with SDK, for example, iOS/Android wallets, Chrome extensions, desktop, and mobile web applications. Minter architecture supports off-chain usernames, leading to a more simple way of transferring value and understanding statements.

Special Features Of Minter

Transaction Speed

Exchangeability

Thus, minter allows for exchanging the created coins to other crypto coins or fiat currency within and also outside the network.

Open- Source and Freedom

It also allows users to fix the price that they want to their coins. This freedom for users inside the network makes minter stand out of the crowd.

Transaction Fees

The reason is that minter has a high network throughput, in which thousands of transactions occur per second, which can make them good profit even on setting transaction fees very low.

Reliability and global presence

This minter network has a large community of users and developers all over the globe.

Minter Apps ( MApps )

You can also create your app on minter network. Minter Network allows for building and managing applications for your business.MApps can be developed with better UI/UX for both desktops and mobiles.

Integration of Minter and TON

This Integration of Minter and TON enables Minter users to transfer any coins issued on minter network to TON. Minter users will be able to send and receive micropayments in Minter-based coins With one of the services Telegram.

Below are the step-by-step approaches Minter plans to take to work with TON :

1. Exchange of Any Minter-Issued Coin to TON
2. TON Storage for User Data
3.Building of Smart Contracts
4. Use of TON for Micropayments
5. Decentralized Registration of Username.

Minter (BIP) trading on Atomars

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