DeFi blockchain aims to revolutionize economic system
'Datamine Network' has released the beta version of their decentralized, open-source economic system backed by Ethereum
By: Datamine Network
Datamine Network, a new non-custodial and decentralized open source economic system and P2P smart contract platform, has announced the beta release of their DeFi Blockchain Project. The project uses smart contracts to create adaptive money, or a type of digital currency that can adjust supply to meet demand in real time.
The community's deflationary ecosystem employs a dual token protocol including Datamine ($DAM) and $FLUX tokens. Through the system, users are incentivized to lock DAM, mint FLUX, and burn or remove FLUX tokens from circulation as a way to create dynamic market equilibrium.
"What is unique about our system is that FLUX is a cryptocurrency generated to be destroyed, creating a form of fuel for Datamine (DAM) holders," said a spokesperson for the network. "DAM holders have already burned 240.000 FLUX Tokens ($240.000 USD) from a Uniswap pool in order to accelerate their own FLUX production. This form of incentive, made possible through innovations in smart contracts, has proven to be very effective at combating inflation."
The network's deflationary DeFi protocol generates FLUX tokens backed by Ethereum ERC-777 every 15 seconds. Tokens are generated as part of smart contracts compatible with ERC-20 technology.
"Our groundbreaking project represents a truly decentralized network fueled by immutable and ownerless Ethereum smart contracts," the spokesperson said. "Our goal is to build a global marketplace independent of the need for currency exchanges through the power of decentralized liquidity pools. We are very excited to test this revolutionary project with the beta release of our network."
Anyone who wants to become a beta user of the Datamine Network must have an Ethereum-based wallet. Users can access the network securely and anonymously through Uniswap, a fully decentralized protocol for automated liquidity provision on Ethereum. The community recommends using the Brave web browser or the MetaMask extension for Google Chrome.
View the Datamine Network dashboard to instantly buy and sell DAM tokens, visit the dashboard, and read the Datamine-Crypto whitepaper at https://datamine-
Read the company's blog about how they are transforming decentralized finance at https://medium.com/@
Follow the company on Twitter at (@dataminenetwork)