Minto — the first eco-friendly staking02 Oct 2023
Staking completely replaces mining and makes it possible to mine new blocks without using a lot of processing power. The point of staking is to provide all blockchain operations and support the operation of the network. Digital coin holders are rewarded for this.
The Minto project is built on HECO Сhain — this is our first big integration with HECO Chain blockchain which has been gaining popularity in recent months and is demanded among Chinese audiences.
It took the Rock’n’Block team 2 months of hard work to create a token contract for BTCMT with added functionality, writing smart contract for staking and daily dividend distribution, building a backend that produces statistics and indicators, and creating an intuitive web design on the frontend and computing power.
Introducing the Minto project developed by Rock’n’Block
Mining Bitcoin by staking BTCMT tokens. We’ve made smart contracts that help to make mining easier than getting a BTC wallet.
What special features did we use in development?
1. BTCMT custom token development
The task is to stake the token to mine Bitcoin.
We have created custom tokens (with minting functionality) with some added features to set Lock value to freeze tokens for a certain time, it’s a way to protect liquidity.
BTCMT is a token secured by a unit of active Bitcoin mining power. Owning a token is effectively equivalent to owning Bitcoin mining power. Therefore, its fair market value can be determined using the DCF method. Placing a token in a dApp entitles the owner to receive remuneration for mining Bitcoin, and listing on exchanges will provide significant liquidity for tokenized mining power.
Hash rate conversion 1 BTCMT = 0.01 THs
Annual losses 8% (expected downtime of miners per year)
After the token is listed on the DEX, it can be bought and staked on the Minto service.
2. Two wallets are integrated to use the service
One of them is Metamask — the standard solution for the largest number of users.
But a new solution was the addition of Token Pocket — the first time we encountered such a request and fulfilled it.
Token Pocket is a decentralized, multi-chain wallet for Apple and Android. The wallet has many features, including voting, transfers, embedded exchange, asset management, dAPPs store, and market information — it is a wallet that can do it all.
The private key is stored locally, physically isolating important data, and is handled by a three-level encrypted algorithm.
This decision was motivated by the app’s entry into the Chinese market, so a Token Pocket was chosen for the convenience of the Chinese audience. In the same vein, the Minto service has been fully localized into Chinese, with two versions available, English and Chinese.
3. Modernized functionality of the staking process
Our developers have connected a backend to store the staking history with the ability to make custom token withdrawals of any amount regardless of the time frame, correctly calculating the balance.
In addition, we created a potential staking calculator, where the user can enter the desired parameters and get an estimated calculation of token income.
In general, MVP development of such a project can take about 1 month, using the following stack of technologies:
- Python for the backend
- React for the frontend
- Solidity for creating smart contracts
- Web3 to connect the front end to smart contracts
The Rock’n’Block team would like to thank Minto for their trust to participate in the development of an eco decentralized application. Minto uses a transparent working scheme, where a farm using hydroelectric power produces bitcoins (the quantity can be checked in open sources), transfers them into wrapped HBTC tokens, and the staking contract we developed distributes profits among participants. We will consider our first step into eco-friendliness a success.
Rock’n’Block’s team can help you with:
⚡️NFT and NFT Marketplaces development ;
⚡️NFT 10K generator;
⚡️Any other custom request from a crypto wallet development to custom blockchain development.
If you’re interested in building your blockchain project, feel free to contact our team via the Telegram channel or book a call via Calendly.
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