The development of MinexCoin is based on Bitcoin with a familiar graphical user interface. However, unlike other cryptocurrencies whose prices are prone to frequent fluctuations, the MNX cryptocurrency is designed to remain stable and strong while there is a continuous growth in the price.
MNX began trading from INR 277.98 on 9 November 2017, as that is when MNX entered Indian crypto market and saw a spike towards INR 1674.18 on 30 November 2017.
MNX started at INR 2062.47 on 1 December 2017 and was valued at INR 1270.99 on 31 December 2017.
MNX started at INR 1301.15 on 1 January 2018 and took a downward leap towards INR 1123.96 on 31 January 2018.
MNX started at INR 1114.77 on 1 February 2018 and spiked upwards to INR 1624.74 on 28 February 2018.
Minex Systems Limited which is based out of Hong Kong, offers solutions to conventional financial system and the crypto-ecosystem and works on a unified Minex platform. The company has a self-regulatory algorithm for controlling the volatility of MinexCoin nicknamed, MinexBank.
MinexCoin has a feature to overcome volatility, owing to the system's autonomous algorithm that operates according to the principles of the central bank and is actually called MinexBank. This algorithm maintains the low volatility of the MNX through its exclusive features called "interventions" and "coin parking" - a tool that can incentivize users to cling to their currencies that trade. The temporary suspension of the coins will be followed by the payment of interest, based on the state of retention.
MINEXBANK processes a complex financial policy in a consistent manner to ensure the following macroeconomic indicators: The next revision of the growth rate from MNX to US $ will be made on March 1, 2018. After March 1, 2018, the average annual growth rate of MNX to USD will be revised upwards based on the scenarios of the development of the cryptocurrency market. This is characterized by the significant growth of the joint market capitalization in 2017 compared to 2016. The MNX annual base rate will be reviewed every 6 months based on the valuation of changes in the crypto-currency market for the expired period. Based on the analysis of the growth rate of the cryptocurrency market in the last 6 months, the annual base rate is now set at 85%. MINEXBANK will seek to achieve the indicators mentioned above using corresponding MNX rates or with direct interventions in BTC or MNX, if necessary.
The total preliminary volume of MNX emission is 5,500,000 MNX. The MINEXBANK reserve is 1,500,000 MNX, which is not included in the amount quoted above. The developers reward is 1,000,000 MNX.
Developers have decided not to bring their currencies into the market by the end of 2017. Thus, the net money supply is MNX 3,000,000, while the MINEXBANK reserve is 50% not included in the net money supply. This proves a high level of durability of the bank's procedures to stabilize the MNX market.
As the volume of MNX increases in the market due to the additional emission (labor reward and to the miners), a gradual replenishment and an increase in the value of the reserves will be necessary. This growth rate will be guaranteed by a progressive percentage of reductions in favor of MINEXBANK for each unit settled by the miners:
Blocks 1 - 900.001 = 20% Blocks 900.001 - 1.800.000 = 30% Blocks 1,800,001 - 2,700,000 = 40% Blocks 2,700,001 - 3,600,000 = 50% Blocks 3,600,001 - 4,500,000 = 60% Blocks 4,500,001 - 5,400,000 = 70% After the coin issuance is completed, from block number 5,400,001, miners will discount a fixed percentage of 70% payable to MINEXBANK.
The prices fluctuate based on local demand and supply.