MinePlex blockchain

The creation of a reliable mobile cryptobank has become possible thanks to blockchain technology. To confirm security, banking systems apply formal verification.

The details of the parties are compared (sender’s address, recipient’s address, signatures, etc.). Based on it, a decision is made whether the operation (transaction) is genuine or not.

However, in classical banking systems, the verification is performed by the bank itself. Thus, a third party arises between the sender and the recipient, which is the central controlling authority. There is no guarantee that the verification will be transparent and that the bank will not make a knowingly false decision. In addition, all funds are under the control of the bank.

Blockchain technology performs the verification in a decentralised way. It takes place through the consensus of all network participants (nodes). Transactions take place directly from user to user, and only the owner of the funds has access to them.

Classic system: centralized with a third controlling party

Blockchain system: decentralised and without a third party

In blockchain, a pre-written code is responsible for making a decision regarding the authenticity (validity) of each transaction. The main problem of this approach is the fact that if an error is found in the code, it can lead to the failure of the entire system and the need for a hard fork. This process is technically complex and can take a long time.

MinePlex Blockchain features:

• The MinePlex decentralised system is built on the multistage Tezos blockchain architecture, which allows changes and updates to be made without hard forks.

• Blockchain’s important element is the smart contracts developed in Michelson, the language used in the aerospace industry where the cost of error is particularly high.

The MinePlex Blockchain speeds up and simplifies crypto fiat transactions:

• A single application to access cards and wallets is protected by several security levels;

• Buy and sell cryptocurrency and fiat in seconds without leaving your wallet;

• Utilities payments, loan repayments, sending a transfer in cryptocurrency and Fiat;

• All transactions are performed directly. They can be verified by transaction participants because they remain in the record registry;

• The security protocol in a decentralised system automatically blocks fraudsters.