Welcome back to this new edition of Token Review, today we are going to talk about a project that is just 15 days old!
This token is innovative and, based on the various possibilities of smart-contracts, we can also call it cutting-edge.
In summary, this token is based on tokenizing the computing power of various ASICS; this computing power can be purchased by "burning" ERC-20 tokens created by staking.
We could call it "mining 2.0"!
Let's look at it in more detail
This innovative concept allows all users to be able to access BTC mining without the need for expensive machinery.
Bitcoin Minetrix users need to have a wallet compatible with the Ethereum blockchain (in fact, they are ERC-20 tokens) to purchase BTCMTX tokens and staking them. Staking originates non-tradable ERC-20 tokens that, through their Burn, allow the purchase of a certain amount of computing power in cloud mining.
Obviously, actual mining is ONLY AND EXCLUSIVELY possible with ASICs and is therefore handled by large, structured companies; by all means, these companies offer the option of cloud mining for BTC creation, without the purchase.
Ease of entry: with cloud mining, all the need for technical skills for hardware configuration and maintenance is eliminated; with these features, even novices can gain access.
Cost-efficiency: with just a PC, or even an entry-level smartphone, cloud-mining can be done, all charges being borne by the specialized companies. Costs are also almost zero as everything is limited to the normal use of a computer.
Space and Noise: Mining farms as we all know take up space, produce heat and are noisy (due to cooling fans); all this with cloud mining does not subsist.
Resale: The rapid aging of mining hardware, is a major obstacle to selling the obsolete equipment; with cloud mining, all the responsibility falls on the mining farms.
Getting started is quite simple, one needs to connect one's wallet to the site's app and purchase tokens.
By pressing buy and stake, directly the tokens are frozen and used for the production of tokens that will later be used as currency to purchase computing power.
Once you have connected the wallet and purchased the tokens you can go into the dApp (permendo in the top right hand corner "stake to mine", and check the tokens originated from staking.
The project is quite recent, so not all the milestones have been reached, below are the various steps.
The tokenomics of the project is quite simple, partly because it does not have such versibilities as to complicate basic token management.
The total supply of BTCMTX tokens is 4,000,000 and is divided into 42.5% for BTC mining, 35% as marketing, 15% for the community, and 7.5% used for staking.
The tokens created for purchasing computing power, do not come into play, as the supply is unlimited and, most importantly, the tokens are burned.
Unlike a good portion of projects out there, this one is certified and has passed all the audit checks.
As for the whitepaper, it does exist, but since the project is not extremely complicated, it is very quick to read and does not contain complicated notions.
You can read it here.
What do I think about it?
I don't know!
On paper everything seems to be on the mark, so you might give it a little credit and see how it works. A friend of mine $10 put it in, let's see if it is thrown away or he will surprise us with special effects!
Until the next token review!
