The team behind Minereum, the world’s first self mining smart contract, has announced that it will launch an ICO for Minereum’s upgraded token.
Artemine, as the token-cum-project is titled, is built on the same principle as that of Minereum. It, too, focuses on making mining an accessible and cost-free income source for users. While a majority of cryptocurrencies today require computer infrastructure-, power supply-, and space-related investments to create new tokens, Artemine does the same without catering for infrastructural challenges.
Like its muse, Artemine proposes to collect as many Ethereum addresses as possible, and collectively incorporate them in a small contract called the Genesis Addresses. But in case of Minereum, each Ethereum address was allocated a total amount of 32000 MNE tokens. Also, the Minereum-based Genesis Addresses were non-transferrable and unsalable. Artemine is very different from Minereum in that regard.
First, Artemine proposes to allow ICO participants to decide how much they want to hold depending on the amount they contribute (the total number of held tokens turn out to be its maximum supply). And second, Artemine proposes to allow ICO participants to transfer their Genesis Addresses holding to another address, as long as the receiver’s address has 0 Artemine tokens (ART). The project further enables the automatic sale of Genesis Addresses, a feature that was missing in Minereum.
“Any user will then be able to call the function BuyGenesisAddress by sending the exact ETH amount the Genesis Address Holder has set as the buy price, the sale will be done automatically: the buyer will instantly get the Genesis Address Holdings transferred to his address and the seller will get the defined ETH in return.” — mentions Artemine draft whitepaper.
Another useful addition to the Artemine is Public Mining. In the Minereum version, only Genesis Addresses were allowed to mine a certain number of tokens per block — 1.36576 MNE per block to be exact. But the new version allows anyone to mine coins, as long as the miners have a few amount of ETH for the transaction fees.
“The Mining rate is deflationary, that means, over time it will get harder and harder to mine coins,” stated Artemine.
The Artemine ICO
While the dates are yet to be finalized, the Minereum team has confirmed to launch Artemine as an ICO. The event will invite participants to contribute in ETH or MNE (Minereum token). In exchange of these contributions, users will receive an Artemine Genesis Address credited with the amount of coins with respect to the contribution amount.
The team has also confirmed that it will burn all the received MNEs after the ICO. MNE, meanwhile, is currently trading below the ICO exchange rate ETH/MNE on livecoin.net and cryptopia.co.nz. Artemine released a detailed exchange rate image with an aim to compare ART/ETH with ART/MNE pair.
“These are the exchange rates we will use for the ICO,” confirmed Artemine. “The ICO will run for 30 days, for each day you can see the price of 1000 ART in ETH and MNE. All purchased ART will then be mined for about 60 years as per the current average block time (100000000 ETH blocks), the actual duration will depend on the ethereum block time over time.”
The team will announce more details on their twitter accounts: @Minereumtoken, @Arteminetoken and bitcointalk ANN Thread.