Updated: Dec 21, 2019
Launched in 2013, Maximine is a very competent and transparent cloud-based mining pool platform. The main components of this cloud-based mining pool are the platform itself and the Ethereum based cryptocurrency token, called the MXM. This token is pledged in exchange for a mining pool reward shared by users, which is also called the hashing power. Essentially, Maximine is an Ethereum based crypto token, which supports both transparency and efficiency of the distributing ledgers.
This guide will talk about the reason Maximine was designed, the makers behind it, the way it works and its most popular applications.
What Is Maximine Designed For?
Both Maximine and its token MXM are the main structures of the cloud-based Ethereum ecosystem. The infrastructure is set up as Maximine Foundation (MMF) to be a non-profit organization (NPO), which facilitates the efficiency and transactional speed with which, the blockchain technology is used and the Maximine network was developed.
This platform was designed to remove various disturbances ingrained in the process of cloud-based mining and its global operations. The Maximine platform promotes a circulating pool revenue system with a business model, based on token staking for converting hashing mining power.
A broader crypto spectrum makes this possible by users’ preference, which allows for making the switch between both the various tokens and the mining pools. This process is carried out with the singular aim to maximize their profits. The Maximine mining platform facilitates this on a global scale by reducing unnecessary procedural obligations.
Who Is the Team Behind Maximine?
This Ethereum based cryptocurrency was launched first in 2013 out of the People’s Republic of China, led by the core team of Hua Cai (CTO), Quinn Li (CMO) and Cheng Zhenyu (advisor). Apart from them, it has a core team of professionals ranging from advisors to technicians.
Hua Cai was one of the earliest believers in Bitcoin and made a considerable contribution to its development. He is also one of the partners of Antpool. Quinn Li is a leading personality in the blockchain industry and has more than 20 projects including Bitt, Ochia, and Yilaiyun to her credit.
How Does Maximine Work?
Maximine’s performance is more fair, transparent, and efficient than any other cloud mining platform. However, being a start-up blockchain venture it is still in its initial operational stages. This means that the platform does have a high element of risk regarding its operational models, legal compliances and infrastructure.
Broad knowledge about technology and financial management is required for understanding the extent of risk involved with the blockchain’s start-up project. Project price fluctuations may be incurred due to factors like the technology used, current market dynamics, law and regulations amongst others.
Sharp spikes and declines can also be experienced with no guarantee regarding its stagnation and even growth. This aspect makes Maximine an extremely risky venture for traders, as it can lead to a complete loss.
Currently, Maximine has a circulating supply of about 5 billion coins with a max supply of 16 billion coins. The platform implements the Hashing Power Credit system, which is similar to the Proof-of-Stake system in its basic functionality.
The MXM token can be staked by its owners to mine the hashing power and receive rewards in proportion to the coins staked. The hashing power calculation for subsequent distribution is done after taking several factors into account like the deposit period, mining rigs price, and the weighted average MXM token price over a three-day window, among others.
What are Current and Future Applications of Maximine?
Maximize is essentially a cloud mining application. It creates liquidity in hash power and equipment through token usage, rather than selling or renting the hash power as is the traditional method.
Maximize does hold a considerable competitive advantage because of its strategic partnerships, but its blockchain network is weak. This is compelling for people to shift to a better and more efficient centralized industry-led companies for cloud mining.
However, the biggest advantage that Maximine offers its users is the freedom to switch between different types of tokens and mining pools, thereby allowing them to maximize their returns and profits.
The application is being utilized in Supply chain management, Digital Asset trading, and the Internet of Things (IoT). Maximize has also been credited for ushering in opportunities to develop the next level information technologies especially in Big Data, Cloud Computing, and Mobile Internet. Hence, Maximine holds the ability to generate a new phase of both industrial change and technological innovation.
However, the cloud mining industry has encountered problems with user trust because of all the ongoing scams, which have severely affected their service utilization. This is bound to affect the growth of MXM in the future.