How it was. Evolution of Minexcoin Payment system. (Part 1)

Like most of the startups, we started our business in a garage. After finding out about cryptocurrencies and mining, we made the first mining rig and put it in the garage. Since it was making too much noise, we needed non-residential premises in order not to disturb people around us. We had no experience in setting up a computer, so we had to learn it along the way. We spent a week for setting up the first rig: first of all, we found out which components were necessary, which of them were the best as for the price/performance ratio, and then gained insight on the software. We’ve faced a lot of challenges. Some of them stuck in our memory. 

For example, there were no monitor-screen picture, since the motherboard had 6 graphics cards, and the program couldn’t decide which one to use for displaying information. The solution was much easier than we thought: all we needed was to remove a motherboard battery for 10 minutes and then to put it back. And the picture was displayed. The second challenge was unavailability of 280 AMD graphics cards in the country. At that time, it was the most popular model for mining, since its price conformed to the performance. Since the period of the farm intensive development coincided with the excitement for the Ethereum mining, such graphics cards were in short supply. So we had to make a deal with foreign suppliers from the Celestial Empire, but the cards had a 390 index.Now, when looking back at our first experience and realizing how insignificant these problems were, we are treating them with a forbearing smile.

There were problems at every turn, but we were wrestling with them, and each next rig required less time for its installation and maintaining. Eventually, we got enough knowledge in this field to give other people guidance on how and what to mine.

Later on, we came up with an idea to create a token, which enables people to own a share in a mining farm. We were mindful of the fact that the interest to mining was growing, and at that time the interest to cloud mining started to increase as well, since this type of mining releases miners from many challenges concerning the hardware. Just by purchasing a contract, user becomes miner. But we decided to use an alternative method and offer a token equal to a share in a mining farm. The advantages of such token were the facts that it had no expiration date, and could be easily bought and sold on the exchange, as well as the fact that it wasn’t pegged to mining of a particular currency. It means that the farm mines the currency that is the most profitable at a particular period of time, and the token owner is not subject to risk of a yield decrease of a particular currency, and any moment can sell a token. 

minexcoin

The name of the token was MineCoin, meaning “mine the coin”. Together with the growth of our technical experience, our knowledge in the field of blockchain technology and existing fintech solutions on its basis was increasing as well. At the same time, we started to realize the market demand for them. After getting deeper technical and economic knowledge, we realized that this technology is really great, and we can offer a much more useful product than a mining farm token. We founded a startup, called MinexSystems, bringing together experts from various fields, including programming, cryptography, economics, data protection, law, as well started to cooperate with specialized universities of the country. Having the same idea and a lot of enthusiasm, we set ourselves a goal of implementing our ideas and knowledge into highly sought solutions. We decided that all products of our project should have the same word ‘Minex’ in its name (MinexCoin, MinexBank, MinexPlatform, MinexExchange).

Minex’ means Minimum expenses, reflecting one of the main advantages of the blockchain technology application.

The initial concept of a minexcoin payment system differs from the one you see now. Its elements were added step by step, until the entire system was built. While developing the concept, we were facing some challenges, and the solutions showed us the right way. But we will tell you more about it in the second part.

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April 04, 2017

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