ZMINE Next Announcement
As we know that cryptocurrency mining profits are not the same as we started. That resulted in many systems that we designed are not fit for the current situation. Therefore, we want to introduce a new system and it will need to be voted by the token holder as it will alter some characteristics of ZMN token.
The new system may quite complicated, that is why we want to explain and discuss this system in the meeting first. Nevertheless, due to the pandemic of the COVID-19 and social distancing policy, we’ve decided to summarise and explain the new system in this announcement.
What will be changed?
- Suspension of WRYGC business
- Abort Suggest Reward
- Abort Old Buyback System
- Establish “ZMN BTC FUND” for New ZMN Lending Business
- ZMN token will use as credit to borrow from “ZMN BTC FUND”
- ZMN token will use to pay interest from borrowing funds.
What is still remains?
- We are still mining but not only one thing as before
- MasterQueue still receive BTC reward from 40% of mining profit each month
- ZMN token can still use to redeem hardware in GPU Portal and Marketplace
- ZMN token from many ways will still be burned on 1st of every month
Buyback System
This system is designed to distribute huge profits to affect the market price. But the main drawback of this system is it needs exchange websites and not everyone can participate in the buyback event. With low profit and low buyback, things are going worst as it will have very little effect on market price. That why we think this buyback system is a must need to be transformed. The new system will abort the buyback system and give 60% of mining profit to “ZMN BTC FUND” while 40% of mining profit still remain to MasterQueue
ZMN BTC FUND
This is the new system that we will use to store bitcoin for lending business. This fund will start with aborted suggest reward fund (0.567btc) and growing up on 16th of every month from the following income
- 60% of the mining profit from each month
- Sales of not in use hardware and software
- Profit of other ZMINE business
- Partners, investors and lender
ZMN Lending Business
This is the new business that we want to focus on. The more ZMN token you hold, the more credit for borrow bitcoin from ZMN BTC FUND you got. When you borrow bitcoin from ZMN BTC FUND, All interest will be deducted first from your ZMN balance and your ZMN token will be locked as collateral. You need to paid bitcoin back in times to claim your collateral back. If not all of your collateral will be seized for burned.
Example of ZMN-BTC Lending Process
- Let assume that 1 BTC is equal 10,000 USD and our borrow interest rate is 6% per year
- Assume that we sold every hardware and got around 160 BTC in ZMN BTC FUND
- Current Circulating Supply of ZMN Token is 160,000,000 ZMN
- That means if you have 1,000,000 ZMN, you can immediately borrow 1 BTC from ZMN BTC FUND
- If you decided to borrow 1 BTC for 1 month, you need to paid interest upfront around 50 USD worth of ZMN token
- After that, your 1,000,000 ZMN will lock as collateral (ZMN in MasterQueue can borrow with no need to cancel)
- After 1 month if you paid 1 BTC back, you will get your 1,000,000 ZMN token back. But if you were not paid, your 1,000,000 ZMN will be seized for the burn on 1st of next month.
- Guest borrowing with no need to sign up can also available
The benefit of New ZMINE Next System
- Easy to describe the term of use of ZMN Token (Use as a credit to borrow bitcoin from ZMN BTC FUND)
- Bitcoin price will have a direct effect on ZMN token price
- ZMN Token Holder can exit anytime
- Exit first and receive little than nothing
- Exit later, wait for a better reward
- Open to new business, not only mining business anymore
The drawback of new ZMINE Next System
- It will change many things from the original
- Need to be voted by the token holder
- Required new websites function and design
- Quite hard to explain at first
- Need very good manual and infographic
So this is a minimal summarise of the new ZMINE Next System. Please feel free to ask us below this comment or on our telegram channel. The vote between “Go For ZMINE Next System” and “Keep All Current System” will be held on zmine.com and use the same vote system as last year. Please deposit your ZMN token on zmine.com before Aug 1, 2020 GMT. The system will snapshot the amount of ZMN Token To use as the number of voting rights on Aug 01, 2020 00.00 GMT. After that, you need to visit zmine.com and sign in to vote between 00:01 - 23:59 on Aug 01, 2020 GMT.
#ZMN #Cryptocurrency
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