Their website breaks down the functionality of their coin as follows:
- “Genesis”. They literally just let people post their Ethereum addresses in random online forums and collect them to hard code into the smart contract.
- “Supply”. Each of these addresses is given 32,000 MNE.
- “Mining”. Mining is in massive scare quotes here. Each of the coins is given 0.00032 MNE per Ethereum block that is mined.
So it’s just a random smart contract with a bunch of addresses hardcoded into it that just get coins every so often. There’s nothing more to it. It’s just this garbage. There’s not much more to the website, either, so let’s move along.
Their whitepaper is only three pages long and has very little actual details in it. Massive fail. The introduction is just a bunch of bullshit about the “future of smart contracts” and they claim Minereum “ is transparent, fair and shared by all the participants with the consideration of containing the supply for a future increase of value.”
This “transparency” comes from the fact that they’re hardcoding a bunch of addresses into the public source code of the contract. They also mention “To prevent instant hyper-inflation, each address will only be able to transfer a controllable amount of coins.”
This can be read as “we won’t let you dump all your coins when you realize this is all a sham, sorry.”
Now they go over their mining process:
Instead of traditional mining, the availability of coins to each Genesis Address will be calculated purely by a mathematical formula on the fly.
I thought it was as simple as each “Genesis Address” would get 0.00032 MNE per Ethereum block that gets mined?
This formula is only incorporated in the Transfer function of minereum Smart Contract and its only function is to prevent that a user is able to transfer more funds than what he is allowed to.
This just means that they prevent people from transferring too much MNE at once. This is a terrible idea and does nothing but prevent people from selling their MNE when it inevitably becomes worthless.
As already explained in previous points the distribution of minereum will be totally fair and transparent, everyone will get the same fair share of coins, no need for mining pools or mining equipment, the mining will be done automatically by the code itself.
And by “everyone” they mean whatever rando happened to post their address in whatever online forum they used to get the “genesis addresses”.
And that’s it, that’s all the whitepaper explains. Not much, at all. Pretty garbage if you ask me.
Minereum is a terrible idea based on some extremely strange concepts. Hardcoding addresses into the smart contract based on getting them from forum posts, limiting the amount of MNE that people can transfer at once, and claiming this is all some kind of revolutionary new way of mining. Everything about this coin sounds like someone’s “my first smart contract” project. Absolute garbage of a coin.