PLEX is an open-source utility token, which was released by the MinePlex platform headquartered in Singapore. Founded in 2020, the facility positions itself as a new generation blockchain-based cryptocurrency bank or an innovative CrossFi platform that offers a combination of stable liquidity of financial assets and secure blockchain technology. The ecosystem was created to give users the possibility to spend their cryptocurrencies in everyday life, buy products, pay for services, and save assets.
MinePlex is built on the Tezos blockchain, which employs smart contracts developed in the Michelson language used in the aerospace industry. Therefore, the language is considered safe and trustworthy, since the cost of mistakes is very high there.
The main goal of the project is the expansion of the blockchain industry and its integration into traditional financial institutions. The team focuses on the development of clear financial tools, which are accessible and easy to use for all categories of users. The methodology seems to be workable as in April 2022, the customer base of MinePlex reached 110,000 people and continues to grow.
MinePlex is a multifunctional one-stop-shop platform that offers services and financial tools for businesses and individuals. Any person can resort to the tools offered by the platform, which are simple and understandable even for beginners. Using MinePlex.Finance customers can create fiat and cryptocurrency accounts without going to a physical bank.
The MinePlex platform is based on a proprietary Liquid Proof-of-Stake consensus algorithm that can boast of such features as high operating speed, simplicity, and decentralization. The company has created an ecosystem including several products that strengthen and expand the community. MinePlex Finance infrastructure includes a set of products, which are integrated with each other. These are MinePlex.Payment System, MinePlex.Money, MinePlex.Cryptowallet, and MinePlex.Banking, which is the cryptocurrency bank of the ecosystem. The platform came up with the comprehensive MinePlex Banking solution to help its customers to use cryptocurrencies conveniently on a daily basis regardless of their location.
The native tokens of the system are based on MinePlex Blockchain that employs MinePlex.Explorer, the main transaction processing service of the network. It relies on MinePlex Bridge, a set of applications based on MinePlex Blockchain for communication between the nodes of other cryptocurrencies and MP wallet. The platform also provides a peer-to-peer exchange that enables users to buy and sell cryptocurrencies fast and securely from one another.
The decentralized system is based on multi-stage architecture of the Tezos blockchain, enabling changes and updates of the system without hard forks. The ownership of MINE tokes is implemented with the help of the LPoS algorithm (Liquid Proof-of-Stake). The MinePlex ecosystem gives the possibility to open multi-currency accounts and make transactions in different currencies. In addition, the facility has introduced the delivery of MinePlex cards to integrate cryptocurrencies into everyday life. In this way, the system has the features of traditional banking and neobanks.
The founders see the potential in bringing the solution to governments that think over the creation of state cryptocurrencies, as they have experience in the integration of payment solutions within governmental frameworks and e-commerce. In other words, the founders assure that they know the way to transform digital currencies into the means of payment for everyday use.
The blockchain is fueled by two key tokens. Apart from a non-volatile MINE token that serves to pay for services, the platform has introduced the PLEX token with a price that is predictable thanks to a mathematical algorithm providing users with all the benefits of using the service. The tokens created by the members of the ecosystem are added to the MinePlex.Banking list. The PLEX token is deflationary in nature as it has a limited supply. The token is issued for every block that occurs once a minute.
PLEX serves as an asset and as a payment instrument. Additionally, it can help users to earn more when they stake MINE. They can get 20% monthly reward for staking while profits are paid put in PLEX. The platform offers MinePlex.Wallet that supports both Mine and Plex tokens.
It’s also with adding that PLEX is mined in 4 stages that include initial emission and emission of 10% dedicated to a reserve fund for MinePlex banking. After that, 20% of tokens are released and allocated for sale. The emission of the remaining 70% takes place to implement a special smart contract exchanging Plex for Mine within the ecosystem.
As stated above, the platform has released a debit card enabling the use of cryptocurrencies for daily purchases. This is a prepaid MasterCard available for customers of the network. At the time of writing, the MinePlex Finance card account is available for EU and UK residents only, but the company plans to expand its geography. The service supports 3 fiat currencies: EUR, GBP, and USD. Users can withdraw cash in any ATM in any currency with low fees.
The team standing behind the platform has developed MinePlex.Auth, which is a single entry point to the network for easy and convenient work with the products within the system. The product includes three modules that perform the task of securitization, such as a security module, a module for checking data, and a module for the storage and encryption of users’ personal information.
All in all, the team includes over 50 members who have expertise in different fields of the financial and cryptocurrency industry. MinePlex was co-founded by Alexander Mamasidikov and Fedor Bogorodsky, highly professional experts in the fintech industry. Alexander Mamasidikov, the CEO, has acquired rich expertise in fintech and digital banking while working in numerous companies and banks for 15 years. In 2015, got engaged with cryptocurrencies and blockchain businesses. Ever since then, Alexander has been obsessed with the idea of the integration of cryptocurrencies into the traditional financial system. Therefore, he started working with other cryptocurrency enthusiasts to develop a new solution that eventually evolved into MinePlex.
Vladislav Babitsky, CTO and a senior level developer of MinePlex, joined the IT industry in 2010. Since then, he has participated in over 50 projects. He was also involved in various projects backed by the governments of Russia, China, the US, Belarus, and other countries.