As you may know Mynt has had ASICs on the network for a couple of months but now is the time to get rid of these. The upcoming coin swap will give Mynt a new clean code base and also an new algorithm. The algorithm we have chosen is X16s.
The new X16S (shuffle) algorithm maintains the randomness of X16r whilst providing consistency for hashrate and power usage, so it can be considered as a big improvement especially for miners.
The new chain is now live and running well, new wallets and new miners. You can find these links on our homepage.
So what’s new?
Not only is there a new algorithm we have also implemented the 5% developers fee into the blocks as per the community vote.
This means that for every block mined the development fund receives 5% of that block, or 12.5 mynt. This will help provide the developers with a war chest to pay for various things. Some of these are outlined below.
The Open Bounty System
This fork basically puts Mynt software development back to the beginning. We’re going to need new explorers, mobile wallets and miners. The open bounty system will allow any developer to approach the team with their ideas and we will discuss a bounty for it. This will hopefully encourage a hive of development making various software for Mynt users to use.
A few things we are looking for are the following:
- Android wallet (Copay type fork)
- Web wallet
- Windows lite wallet with XPUB support
We may run Swiftex but we want to expand the way you can buy and sell Mynt and looking for bigger exchanges is one of these. A development fund helps pay for these listing fees. We are only going to be targeting higher tier exchanges as we believe spreading too thin too low tier is detrimental to our progress.
Having funds available for advertisement campaigns and other forms of advertising will greatly benefit Mynt and helping the name get out there. We have many ideas here but its too early to start these just yet.
Find our more about these below
Assets. What are they?
Assets can be broken down into three types of assets. Main Assets, Sub-Assets and Unique Assets. Each of these have their own purpose. I will outline this is greater detail in a future post but for now
Main Asset: main asset
Sub-asset: a sub-asset of the main asset.
Unique-asset: an asset of which there is only one.
All main asset names are unique and cannot be used by others. Eg. MAIN/sub1/sub2/sub3/etc.. Once you have created the MAIN asset, no one can use that same name for any other main level asset. Each asset, or sub asset, can have up to 21billion units. Unique-assets are like collectables, where each unique-asset is distinct and different from any other unique-assets. Each unique-asset is one of a kind.
Creating an asset burns 20 Mynt. Creating sub assets burns 0.2 Mynt per unique Asset
So What Is Next?
At the moment we are concerned with just letting the dust settle, raise hash rate and develop the basics again. We are currently testing the new ‘Mynt Mynr’ which is an all in one gpu and cpu miner for Mynt.
If you want more detail on the Mynt project then join our discord here