Minter Network (BIP) Cryptocurrency - Detailed Review

BIP cryptocurrency is the native coin of the Minter Network. It aims to meet the needs of the real market, including fast transfers between mobile users, low (or even no) fees, and of course, a solid coin supply of 10 billion BIP.

The Minter Network platform allows individuals, projects and companies to issue and manage their own coins and sell them at a fair market price with absolute and instant liquidity.

Minter (Money of Internet) is a project of DeCenter, the largest Russian-speaking blockchain community with more than 250,000 visitors daily using the website, channel and chats on Telegram. The team believes endlessly in open source software and crowdfunding projects, so here and now is the best place and time to start building a network of your individual money.

What is Minter?

The project, called Minter, was launched in 2022 through an ICO. At the moment, crowdfunding is behind us, the project is fully operational and represents an entire ecosystem with its own cryptocurrency, exchanger, wallet and auxiliary services.

The Minter developers contrast their project with Bitcoin and traditional cryptocurrencies, as they consider their development the next step in the development of digital money.

The Minter blockchain provides the ability to store and carry out transactions not only with the platform’s cryptocurrency called BIP, but also with other currencies such as Bitcoin, Ethereum, dollar, etc. At the same time, funds can be changed directly within the system, and transactions are carried out as quickly as possible - within 5 seconds and with a minimum commission, which is less than a cent.

The difference between the system and many popular cryptocurrencies is that Minter is based on the DPoS algorithm - delegated proof of stake. The system has validators and delegators who profit from owning BIP coins.

It is these participants who maintain the stability of the system and ensure the production of coins - large capacities, as in the case of Bitcoin, are not required.

According to the Minter developers, their project is designed to solve the following problems :

• The complexity of working with cryptocurrencies, their limited distribution.
• Low transaction speed, need to wait for confirmations.
• High commissions for transactions and for dollar exchanges.
• Difficulties in integrating business and cryptocurrencies.

How it all began: the history of the creation of the Minter project

One of the 20 members of the team working on the development of Minter, and the main developer of Minter, Daniil Lashin, explained in his blog exactly how the project began and what framework formed its basis. Interestingly, the Ethereum and Graphene 2.0 projects were also considered as the basis for what ultimately became the Tendermint engine from the Cosmos team. However, it was the Tendermint architecture that included the necessary parameters to create the future ecosystem. At the same time, Golang became the programming language used to deploy the client and node.

Next, the Minter team was faced with the task of developing the mechanisms of the network, its economy and related services in the form of wallets, blockchain API, developer SDK, Explorer, Status and masternode monitoring system. Read about exactly how these and other project solutions are structured in the full History of the development of the Minter blockchain.

Network benefits

The Minter network runs on a technical solution called Tendermint, which was previously used in the Cosmos project. That is, this is not some kind of know-how, but a template for an already working crypto project, embedded in the basis of Minter.

• Each participant in the system can create their own cryptocurrency; it must be backed by a certain number of BIP coins. The participant himself can set the price of his token.
• The system throughput is 10,000 transactions per block, which is created in 5 seconds. Transactions are carried out without confirmations or other delays.
• Coin holders can earn money from staking by transferring funds to validators.
• The project has its own wallet, which can be installed on PC, iOS, Android.
• There are APIs and SDKs that make the platform a convenient environment for developers.
• To carry out transactions with BIP coins online and offline, MBank will be founded (it is currently undergoing alpha testing).
• In the future, the system will be inextricably linked with Pavel Durov’s TON platform, which has not yet been launched. Exchange services will be created based on the Telegram Open Network, and its smart contracts will also be used.

Delegators

Users of the Minter network enjoy instant transactions, natural coin liquidity, and excellent usability. Access to MApps provided by the team and our partners will further enhance the user experience. Moreover, every BIP user can be a Delegator. Linking your BIP balance to a validator results in the balances being pooled for validation purposes and generates more rewards with a greater likelihood of the next block being validated.

Cryptocurrency BIP

The Minter network has its own currency called BIP (Blockchain Instant Payment). In terms of its characteristics, the coin is superior to many popular cryptocurrencies, as it provides extremely fast, cheap and convenient transactions. The coin is very liquid, it can be sold and exchanged, not only through third-party services, but also directly inside the wallet.

Features of BIP cryptocurrency:

• The transaction fee is less than $0.01, and in some cases it may not be charged.
• Transfers are made within 5 seconds. The system is able to process thousands of transactions per second, while for transactions with Bitcoin during the same period there are only 4 transfers, and for Ethereum - 20.
• The maximum coin issue is 10 billion BIP, it is planned that this number will be reached within 7 years.
• Thanks to atomic swap technology, BIP coins can be instantly exchanged for any other cryptocurrency without intermediaries.

Each Minter participant can create their own cryptocurrency, backing it with BIP coins. These tokens can be instantly converted into both BIP and other cryptocurrencies.

Technology projects

The hero.org project plans to use Minter to issue personal coins for stars.

The DeCenter community will create and distribute DCX coins to all its members. The token will become a single coin for mutual settlements between experts and community professionals: experts will be able to receive coins for correct forecasts and analytics, developers for high-quality code, product scientists for completed projects, and so on. It will be possible to pay with tokens for the work of community members: expertise, forecasts, purchase or rental of code, service or application.

Delegation of coins is the main feature

The peculiarity of the Minter system is that any participant can transfer their coins to the validator and will receive a profit, just like when investing. Validators are a limited number of nodes - initially there were 16, but every month 4 nodes are added. Thus, within five years the maximum number of validators will be reached – 256.

The number of delegators, that is, those participants who transfer their coins to earn money, is unlimited. An interesting feature is that you can delegate not only BIP coins, but also any other currency. All you need to do is send a delegation transaction indicating the amount that the participant transfers to the validator.

After this, he will be accrued a predetermined percentage of income, which cannot be changed. You can withdraw your money at any time through a request; it will be processed within 30 days.

In general, the system is quite simple and understandable - some participants transfer their money to others and by forming a large amount (stake), both the first and second receive a profit. These percentages are not taken out of thin air, as in HYIPs, but come from commissions for transactions and rewards for forming blocks.

To become a delegator and earn money with the Minter platform, you need to follow a few simple steps:

1. Create a wallet, this can be done both on your smartphone after downloading the application, and on the Minter website.
2. Log in to your wallet using your seed phrase.
3. Go to the " Delegation " section.
4. Create an application where you indicate the public key or domain of the validator, currency and the number of coins you are renting out. I recommend looking for validators in this rating.
5. Click the “ Delegate ” button.

In the same section you can see the “ Withdraw coins from masternode ” form, which you will use to take your coins back. The form will ask you to provide the same information as when sending coins to the validator.

You can calculate the profitability of staking on the Minterscan website, where after specifying the amount of coins you will be provided with information about earnings per minute, per hour or per day.

How to make money from this?

On 10/04/2019, the first project on the “Minter” blockchain was launched with an affiliate program. What the project provides to its partners: – Have passive income from the delegation of BIP coins; – Have passive income from global turnover; – Have income from an affiliate program.

The most affordable and easy-to-manage product. All processes are carried out through a telegram bot, respectively, you just need to have a phone and a telegram account, and you can already receive new coins to your wallet every day.

The bot provides all the features of the Minter network plus a good affiliate program.

Investment size

The minimum investment with which you can start using the product is 500 BIP (as of October 20, 2019, 500 BIP = $15 or 850 rubles). 80% of your investment goes to delegation. 20% of the investment goes to the marketing plan. More detailed information can be obtained from the OFFICIAL PRESENTATION

Passive income

The number of coins that you send to the delegation brings you daily income in BIP coins to the balance of your wallet. Withdrawal of funds from the balance is available at any time, instantly. On average, daily income varies from 0.4 to 0.6%. This works out to about 15% per month, which is quite strong compared to regular bank deposits. Once again, it is worth noting: income is generated through the creation of new blocks and coins in the Minter network, and not due to the influx of new users.

It is also possible to withdraw your coins from the delegation, in other words, return the invested funds. They will be returned to your wallet after 30 days after the split. This mechanism is implemented to prevent long-range attacks, and also provides an incentive to carefully select a validator for delegation.

Leadership baskets and efficiency levels (efficiency factor)

There is another 5% of global turnover, which is distributed among five leadership pools. If you decide to promote and develop the project, by fulfilling certain conditions you have the opportunity to have additional income from the entire turnover of the Millz Sysytem system. Distribution of 5% of the pool from global turnover occurs according to a smart contract.

Benefits of participating in Millz System

– Your profitability from delegating coins increases thanks to the shared pool of the entire Millz community. – The opportunity to earn money from the affiliate program and receive income from your entire network of partners up to level 11. – 5% of weekly global turnover is distributed to active community members. – Passive income from all companies that have become strategic partners of the Millz System for community leaders.

All of the above advantages make Minter and Millz System an excellent platform for creators and project founders. Never before has there been such an easy-to-use environment for creating and managing your own backed coins. Ease of use and accessibility for everyone make this blockchain what it should have been from the start, fulfilling its main function - instant exchanges of funds between people in a decentralized network.

You can ask your questions in the comments to the article, or write to the telegram chat - @millz_pool

You can see how “Millz Sysytem” works at this link.

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Author of the publication

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How to open a wallet and buy BIP cryptocurrency?

To create a wallet, go to the console, on the page that opens, click the “ Generate seed phrase ” button.

A unique address and seed phrase will be generated for you - save this data securely, as they will help you gain access to your wallet in the future. Data can be copied or screenshotted; it is best to store it in several ways on different media.

At this point, registration is complete and you can log into your wallet through the login form, which can be found on the console next to the registration form. Just enter your seed phrase and you will be in your wallet.

You can top up your wallet in several ways:

• Through MBank for bitcoins (they promise to connect fiat later);
• In the official LocalMinter chat in Telegram (both cryptocurrencies and rubles, dollars, hryvnias are accepted through payment cards and cards).
• Unofficial exchangers that are not organized by cryptocurrency developers, but work with it and have good reviews.

Minter Team

On the official website of the Minter project there is information that there are 20 people in the project team, but detailed information on the resource pages is available only about 9 of them.

The most famous is the founder of the crypto project and ideological inspirer Evgeny Gordeev , who has a large list of successful projects and businesses related to advertising, IT, and the social sphere.

The most famous of them are the DeCenter crypto community, the iBrand advertising agency, the AdStop ad blocker, the social networks Sosedi.ru and Ogorod. It is known that it was Evgeny Gordeev who financed the Minter project at the initial stage.

Also on the Minter platform team are blockchain developers Daniil Lashin and Vasily Malyavin . Both programmers have more than 7 years of experience working with various IT projects, including blockchain developments. Other participants include designers, iOS and Android application developers, backend and frontend developers.

The platform is promoted by DeCenter, which is registered in Cyprus and positions itself as the main crypto community in Russia. The Minter project itself also has an official registration in Saint Kitts and Nevis under the name “Minter Network LLC”.

Honest review of ICO Minter

Kiku

Oct 27, 2022 · 15 min read

ICO Website | White Paper | ICO Chat | Github | Testnet

The review was developed by the “Avocado Approves” community with the support of the Telegram channel Zoloto Borodach. For the convenience of readers, the structure of the review is divided into four parts: product, team, legal part and conclusion. We ask the project team to publicly answer the questions in bold .

It is worth noting that everything described below is the personal opinion of the author and is in full compliance with Fair Use laws and the First Amendment. This is not trading advice and all information has been collected from publicly available sources only.

Minter is a project of DeCenter, a popular Russian-speaking crypto community. The project is developing a cryptocurrency constructor with an internal exchanger. Let's look point by point at what is included in the product, and then ask questions about each part.

1. Central token BIP. It will be used to provide coins created, exchanger liquidity, and maintain the network. There will be a total of ten billion tokens released over seven years through miner rewards and airdrops by the Minter team.
2. A tool for creating and managing coins. When creating a coin, you will need to specify the name, ticker, quantity, BIP reserve and percentage of coin price stability. The price of created coins varies from the BIP price more than the ERC-20 tokens from Ethereum.
3. Decentralized exchange. The created coins will be added to Minter’s internal exchanger for instant exchange between themselves and popular cryptocurrencies through the BIP token. Minter’s team promises to provide exchange for fiat currencies.

The Minter blockchain uses DPoS BFT consensus and is developed on the Tendermint engine from the Cosmos platform in the Golang language. In other words, Minter uses a redesigned template of the already working blockchain of the Cosmos platform, thereby reducing his costs.

The project team identifies four problems: the difficulty of transferring cryptocurrencies, their slow speed, large commissions when exchanging for fiat, and the difficulty of creating their own coins for products and companies. These are typical problems that many ICOs try to solve.

The Minter product should find application in various areas: from shops and cafes to mobile games and educational platforms that will be able to create their own coins and award them to users as bonuses during sales, competitions, events and gifts.

Minter's White Paper is short and does not contain basic information about business plans: research and detailed assessment of market potential, financial and marketing plans for the project. The main emphasis in the White Paper is on the description of the blockchain, token emission and integration with TON.

Let's go through the product with questions.

1: BIP Tokens

• Can you provide a link to the smart contract or point to the place in the code that controls the emission of the BIP token?
• Where is the evidence that the Minter team does not have free access to dramatically increase, decrease and block BIP tokens?
• What is the work of multisig in the Minter blockchain? Give an example of its use.
• What other platforms, besides the existing ones (Android, iOS, Web, Telegram bot), are you planning to release the BIP wallet on?

The official channel of the project highlighted a feature of the Minter blockchain that had not previously appeared in the documentation:

The key idea of ​​the Minter network is that for mining, that is, maintaining the power of the blockchain, validating and issuing new blocks, any coin can be delegated. Any network coin can become part of the stake, bringing its owner income from block rewards and transaction fees.

• What is the point of the key idea if the income result is the same as when delegating the main coin to BIP?
• Has this idea already been implemented in your blockchain? If yes, point to this place with a link in the code. If not, please describe how technically you will develop it?
• Why is the key idea of ​​the Minter network not written anywhere except for the channel?

The majority of the tokens - 50% over 5 years - will go to end users for various achievements as part of our partnerships with the world's leading brands and communities. — Official Telegram channel Minter

• What are these different achievements? Who will decide on the distribution of such an impressive number of coins?

2: Coin Designer

• Coin creators will be able to increase and decrease any number of BIP tokens in the reserve at any time, freely block, issue or destroy their coins in management? If so, what tools are provided to protect against speculation on your own coin? If such tools exist, then provide a link to their algorithm in the code or provide a technical description of the implementation of this algorithm.
• How is the system protected from spam attacks using shieldcoins? Is it possible to create a coin for sending spam to all wallets, using it as payment for a commission to completely load the nodes and thereby shut down the network?
• How will coins created by businesses be registered legally? How, for example, should we pay taxes on them?

3: Exchanger

Minter will act as a Central Bank - it will set the buying and selling price of created coins based on their reserves of the BIP token. This means that the price of the created coins will be regulated by the Minter developers through their token.

• Why do you call an exchange decentralized if its operation is akin to a centralized system: the price of the created token is regulated not by the creator of the token, but by the creators of Minter?

The Minter protocol will set the prices of the created coins depending on the price of the BIP token - this will worsen the balance of supply and demand. Of course, the ETH and EOS blockchains have something similar. But they, unlike Minter, also have liquidity tools with a large reserve fund of money, which prevents the main token from having a strong influence on the created coins.

• What tools are provided to reduce the price volatility of BIP tokens in critical situations? And who has access to them?

Due to the fact that Minter works as a dynamically adjustable binding of all coins to the BIP token, there is a problem of quickly depleting reserves intended to stabilize prices.

• How will you solve the problem of BIP reserves being depleted from created coins?
• Will the source code of the Minter exchanger be published? If yes, then when?
• What problem will the integration of the Minter exchanger with TON tokens solve?

General questions about the project:

• Have you conducted a security audit of the coin creation code and exchanger? If so, when did you do it, who was the auditor and where can I read the report?
• Why are smart contracts not used to accept investments at the token sale? If they exist, show their code and give their addresses.
• Is there evidence that you have already collected more than 500 Bitcoins as indicated in your investor account?
• Why are you collecting 1,000 bitcoins from token sales? How did you calculate that you need exactly this amount?
• What will the collected funds be used for? Why don't you write about this anywhere? Do you have a financial plan?
• Do you have a marketing plan? Can we see him?
• Which funds have already applied to invest in your token sale?
• Why don't you have a thread on the BitcoinTalk forum?

The Minter blockchain, like Cosmos, has a test network speed of 1000 transactions per second and 5 seconds for the interval between block creation. But Minter's team claims that within two years they will be able to accelerate the speed to 10,000 transactions per second.

• How do you scale your network if its speed depends on DPoS consensus and the final blockchain implementation?

In Minter's paper describing the mechanics of coin creation and exchange, the author wrote in the “No Limits” section:

Every time I see bonus systems for early investors, bounties for communities, the excitement of queues, limits on minimum and maximum purchases, I don’t understand what specific part of the word “DECENTRALIZATION” the founders and participants do not understand? — Founder of the Minter project, Evgeniy Gordeev

• But doesn’t Minter have bonuses for early investors, bounties in the form of competitions for videos and ideas, limits on minimum and maximum investments? Does this mean that the Minter token sale is centralized?
• For what

  
  about eternal emission in the “Eternal” section, if for BIP tokens the emission is ten billion, and for coins upon creation, the emission field is required to be filled out?

The Minter project has a large dependence on the launch of two other blockchains: TON for smart contracts; and Cosmos for instant transfer of cryptocurrencies between blockchains. The existence of the first project has not been officially confirmed, and the work of the second occurs only on test networks and it is unknown when the main network will be released.

• If the TON and Cosmos blockchains do not launch, what will you do?
• Why do you want to use TON smart contracts and not the ones that are already working? Where did you find information that the TON smart contract code will be publicly available?

What Minter already has:

1. Blockchain on the testnet with the creation of coins, but without smart contracts.
2. BIP wallet on Android, iOS, Web and Telegram bot.
3. Monitoring the status of the testnet network, the list of nodes and the list of pools.
4. API for masternodes and blockchain SDK for , PHP, iOS and Android.
5. A calculator for calculating the possible cost of created coins with a certain amount of BIP token in reserve.

Status of Minter's roadmap as of 09/11/2019
Why are there no advisers in your project?

On the Minter website, the team section shows 9 people, and it also states that there are 20 people in total.

Who are the other 11 people? Why didn't you show them?

Let's start with the icing on the cake, the founder and product manager of Minter - Evgeniy Gordeev Valeryanovich [||].

Let's look at the long list of projects that were co-founded or independently founded by Evgeny Gordeev to find out what kind of experience he has in launching startups and what happened to his projects in the end.

• DOT Digital Agency is an advertising agency that has been developing IT projects and creating brands for companies since 1997. In 2002, Evgeniy retired from the company, and in 2014 he completely left the business, transferring his share of the company to another agency founder.
• iBrand is an advertising agency that was engaged in contextual full-screen advertising from 2003 to 2015. The company's website went down in early 2022 without any announcements on social media. The project is closed.
• Jackfon is a mobile casino supported from 2004 to 2006. The casino website operated until 2008 and closed without any press releases. Evgeniy’s promises about the development of the project and the development of Internet games remained unfulfilled.

And here’s what else is interesting about this casino: in 2006, Evgeniy registered the legal entity Jackfon CJSC with the tax authorities, together with four co-founders. In 2014, when the online casino had not been operating for more than five years, the company was transformed into Jackfon LLC, where only Evgeny Gordeev remained the founder.

And if the Jackfon casino has not been operating since 2006, then why did 25,000,000 rubles of revenue come financial statements There is no product, no users, but there is revenue - how to explain this?

Let's return to the list of Evgeniy's projects. Next are the startups launched with the help of the Russian Ventures venture fund, whose founder and managing partner has been Evgeny Gordeev since September 2008:

• Ogorod is a geosocial network founded in 2009. In 2011, Evgeniy sold the Ogorod to the RBC media holding, but there were no press releases about this. Since 2012, the project has been closed by RBC.
• Sosedi.ru is a geosocial network launched in 2012. The project was sold to the Moscow government in 2014.
• Pluso is a service of buttons for reposting content from sites to social networks. The project also includes a link shortener. The service has been operating since 2012, and its traffic is about 16,000 visitors per month. But we don’t have numbers on the use of buttons and their traffic. The project is monetized by trading user data.
• AdStop is an ad blocker that worked from September 2014 to April 2022. The project is closed.
• Luuk is a search engine for beauty salons with appointments. Launched in 2014. Its Android app has been removed from the Play Market, and its iOS app is unpopular and has not been updated since March 2016. The project has been abandoned.
• Dolka.ru is a discount service for various purchases, launched in 2014. The project appears to be abandoned, traffic is not displayed.
• Moms is a children's clothing store. Now the site’s products are not clickable, they exist “for show”. The project ran from 2013 to December 2016.
• Dogsy is a dog sitter search engine. Launched in May 2015. Site traffic is 72,000 visitors per month. The project is successful. We wrote to the Dogsy team on Facebook asking who the founder of the service is. We were told that the founder of the project is Mikhail Repnikov, and Evgeny Gordeev is a partner and investor.
• Atlas is a free virtual mobile operator created in May 2016. Free means receiving internal currency for installing imposed applications on your phone. The project model turned out to be a failure, and statements about partnership with four large operators were a lie, according to vc.ru. The application has been removed from the Play Market, and is unpopular in the AppStore and has not been updated since June 2022. The project has been abandoned.

Why are Evgeniy’s projects (iBrand, Jackfon, AdStop, Luuk, Atlas, Dolka, Moms) closed? Why hasn't their closure been announced?

Let's summarize: of the eight projects listed by Evgeniy, not counting three more sold and one in the portfolio, only one is working - Pluso.

In January 2016, Evgeny Gordeev founded the DeCenter cryptocurrency community. In July 2022, he announced an ICO on behalf of the community, which ultimately resulted in delays, broken promises, loss of respect from the community, and abandonment of the ICO.

Why does Evgeny Gordeev, having failed to fulfill the promises made in the previous ICO, make new ones in another? Where are the guarantees that he will fulfill them now?

Also, Evgeny spoiled his reputation on August 1, 2022, when the Cryptotheka channel criticized the DeCenter channel. Evgeny was unable to constructively respond to their constructive criticism of the channel.

We noticed unprofessional behavior in Evgeniy, as for the founder of an ICO project: on October 24, 2022, in the official Minter chat, investors began asking many similar questions about the product, for which they were trolled and banned by Evgeniy. After this, Evgeniy wrote on his channel “Penthouse” that the rich enter projects silently, and the poor ask a lot of questions and are insignificant for the project. Although before this, the Minter team wrote in their channel that it is better for a project to have many users than a couple of large funds.

So what is more important to the Minter project - a lot of users who are interested in the product, or two or three silent investors with suitcases of money?

You can read about how Evgeniy behaved in the “Avocado Approves” community chat here - link. In short: first there was an attempt to raise self-esteem by humiliating Nikita Kolmogorov, then trolling and spam with empty messages. In the end, Evgeniy was banned.

Do you consider Evgeniy's behavior professional?

Next in our program: seven programmers and one designer.

• Daniil Lashin [||] - blockchain developer. Resident of Innopolis. LinkedIn profile is empty. He has been committing to private repositories on Github since 2015, and since February 2022 he has been working on the Minter blockchain in Golang. The list of its GitHub repositories contains only forks of repositories of popular blockchains; it does not have its own open source projects. But in July 2022, he wrote an ethereal Monee wallet for the DeCenter community with addresses linked to usernames in Telegram. We found information online about two of Daniil’s IT projects that are no longer working: in 2012, when Daniil was 14 years old, he developed a simple game for mobile phones - “Airpark”, after which he created a portal for browser-based mobile games - LcoR; and after some time founded an educational portal - Joreal.

What happened to Daniil’s two projects and what did he do next? In what projects did Daniil gain three years of experience in blockchain development, as indicated on the Minter website? Why are most of the commits in the Minter blockchain only from Daniil, as if you have no other blockchain developers?

• Vasily Malyavin [|] - blockchain developer. As Vasily points out on his LinkedIn, from April 2010 to November 2011 he worked as a web programmer at the IT company Qsoft, which creates custom software. After that, Vasily spent four years and seven months as a Senior Programmer at Atalan, which helps develop web projects. This is the entire experience described on Vasily’s LinkedIn. Vasily added only two simple repositories to GitHub that are not related to the blockchain.

Have we indicated all of Vasily’s work experience? In what other projects did he work as a blockchain developer? In what programming language does Vasily “systematize the integration of Minter with reality”? How he does it?

• Daniil Dulin [||]—backend developer. Daniil on Linkedin indicates that, from September 2005 to December 2022, at various times he worked in eight companies as a web developer and system administrator. We did not find confirmation of his work with these companies. On Github he mainly works on the Minter network monitoring API in PHP. He does not have his own public projects.

The Minter website says that Daniil has been working with blockchain products for two years. What are these products called?

• Kamil Mukhametzyanov [||]— backend developer. Resident of Innopolis. Worked as a backend developer for the educational portal Level One for two years; and one year as a backend developer at the Lock4Gate startup, which develops a device and application for controlling barriers and gates from a phone. Kamil has been working with Decentre since September 2022. Not active on Github, there is only one of his works in the repository - a simple bot for receiving logs in Telegram.

What other products has Kamil developed?

• Eduard Maksimovich [|]— android developer. The Minter website says that Eduard has 4 years of experience in mobile development and 7 years of backend development. On LinkedIn, Eduard indicates that from 2009 to 2013 he worked in little-known companies as a system administrator, support and sound producer. From October 2013 to May 2015, he was a PHP developer at the online store Burdastyle, after which he came under the command of Evgeniy Gordeev at the Russian Ventures venture fund, where he worked on such projects as: the mobile operator - Atlas, the beauty salon selection network - Luuk, and the project mobile cashbacks - Stars. All three projects exist, but their attendance is low. Eduard made mobile applications on Android for Atlas and Stars - the first application was downvoted on the play market due to glitches and defects, and the second was completely removed. We haven't found any good Android apps from Eduard. But Eduard is quite active on Github. Developed several of my own tools in C++, PHP and Java. Actively working on Android tools and the Minter wallet.

Can you give examples of working and successful Android applications from Eduard? On the Minter website it is written that Eduard developed desktop and system programs for nix systems. Can you provide links to these programs?

• Alexey Sidorov [|] - iOS developer. On the Minter website it is written that Alexey has been developing applications for 10 years and iOS applications for 5 years. On LinkedIn, Alexey indicates that from 2009 to 2012 he worked as a PHP and Python programmer for two now closed tour operators. Alexey further writes that from November 2012 to May 2015, his place of work was the freelance platform Superjob.ru, for which he developed an iOS application for HR. Then Alexey made a logical mobile toy 16 bricks and a music player YAP on iOS, but they did not gain popularity. Alexey is quite active on Github. He primarily programs in Objective-C and actively works on Minter's iOS app, which is written in Swift.

What other iOS applications has Alexey developed in five years?

• Nikita Eybog [||] - frontend developer. LinkedIn is empty, only indicating that he has been working as a front-end developer since 2013, and at Russian Ventures since March 2022. Publishes its own plugins and scripts written in JavaScript on GitHub. We did not find Nikita's own work projects.

Where did Nikita previously work as a frontend programmer?

• Ariil Davydov [||]—designer. LinkedIn is empty. He is engaged in photography. We did not find a portfolio of Ariel's works. Minter's team writes on the website that they know nothing about their designer Ariel.

Judging by the programmers and the code on Github, the technology stack is as follows: blockchain in Golang, background in PHP, Android in Java, iOS in Swift, and frontend in JavaScript. The most diligent, judging by the commits on GitHub, are Daniil Lashin and mobile developers. But they don’t have transparent experience with multiple working products.

Why did you choose PHP for your background and not other languages? And for Android - Java, not Kotlin?

Are you planning to hire more people for your team? If so, when and by whom?

The project team claims that the company Minter Network LLC registered on the island of Nevis to conduct a token sale. We sent a request to verify this statement to the law firm CompanyDocuments, and received a response that the company Minter Network LLC does indeed exist in the register of companies of the island of Nevis.

• Can you provide us with the registration papers of Minter Network LLC?
• Why didn’t you register a company at the DeCenter office address in Cyprus? And why do you indicate Switzerland as your location on Github?
• Which law firm is supporting your project?

After the Minter token sale, they plan to register in Malta to carry out exchanger operations.

• Why does a decentralized exchange need to register in Malta?
• Where can I find information about the legal status of the project, organizational and legal form, and a description of the risks of investment and product?

Minter tokens can only be purchased in a private sale after passing KYC until October 31. Passing KYC is easy, even too easy. Verification via Telegram Passport is carried out by artificial intelligence from Sum&Substance. Only citizens of China and the USA will not pass.

• Why did you prohibit US and Chinese citizens from participating in the token sale?

Minter characterize their token as a Utility, but at the same time they promise it will be listed on centralized exchanges, and investors will also expect profit from the token when delegating it to validators to receive a portion of the reward for confirming blocks.

• Why do you consider your token a Utility if it has the characteristics of a security? Do you have a legal document that will prove that your token is a Utility?
• Why do you motivate speculation with promises of listing on stock exchanges? Resale on the stock exchange is a clear sign of an investment, in this case a security.

The project team writes that they will not conduct a public fundraising, but any ordinary person can already invest in the project by going through a simple KYC in a couple of minutes. The project founder also claims that Minter has no investors.

• Are the people who buy your tokens just buyers? Then why are you selling a prototype that is not useful?

The Minter team wrote on the DeCenter channel on August 13, 2022 that their BIP token will be listed on the Binance exchange in 2022. We considered this a violation of the rules of the Binance exchange through the leak of information and wrote to the PR manager of Binance to clarify the situation. A Binance representative explained to us that Minter did not leak information about the listing, but, in principle, gave incorrect information. The listing decision depends on many circumstances and is subject to review. Binance is now awaiting further clarification from the Minter team.

• Why would you need to list on a centralized exchange if you will have your own DEX? For the sake of attracting the attention of speculators and financial regulators?

This part of the review has been cut because it is no longer relevant. See as of publication date.

The idea may seem very interesting, it would seem: here it is, blockchain for housewives - but not everything is so smooth. An intermediary in the form of a BIP wallet will create complications in the form of additional actions for both clients and sellers, who will have to advertise the BIP wallet, and in case of unforeseen problems, install and configure it on their clients’ phones. And each time the seller will check with clients about the availability of a wallet and the address for sending coins. It is easier for people to use cashback cards.

In IT projects there will be no such difficulties due to the automation of the process, but it is more profitable for the founders to create non-convertible candy wrappers than to invest their hard-earned money in BIP to create a coin, the price of which will depend on someone else’s token. There is no obvious demand for users here, only the creation of a bicycle.

Investors have no guarantee that there is no backdoor in the smart contract of the BIP token. The team talks a lot about its transparency, but does not show the main thing - the smart contract code, which can be full of errors and backdoors, as in the case of the hacking of the Bancor exchange.

And in conclusion, we will name eleven red flags of the Minter project:

1. The problems solved by the product are far-fetched.
2. Lack of USP compared to direct competitors - ETH and EOS.
3. Strong centralization of the platform and token sale.
4. There are no smart contracts, they are relying on the non-public product TON.
5. Unprofessional behavior of the founder with investors.
6. The founder, having failed to fulfill past promises, makes new ones.
7. There are too few programmers for a product of this size.
8. Lack of team responsibility to investors.
9. Lack of information about the risks taken by investors.
10. Several signs of securities in the “Utility” token.
11. Investors are not investors, but buyers of a non-working product.

Well, the most important question: “ Why will a person buy BIP after the launch?” ” - if the answer is “to get even more BIP” - then we have bad news for the project. Bitconnect, MMM, and Cashbury had this answer. If there is no clear reason to buy a coin, people don't buy it. And when there is no demand, the price begins to fall.

Have you noticed any other red flags or disagree with the ones listed? Share your opinion in the “Avocado Approves” chat.

Integration with Telegram Open Network

The Minter project connects its future with the Telegram Open Network, which, as you know, has not yet been officially announced. In their plans, the project organizers announced that their task for 2019 was integration with TON, but it remained unfulfilled.

At the moment, it remains unknown whether the messenger’s transition to blockchain will be implemented. Considering that there have been no official statements from Pavel Durov, we can assume that for now this is nothing more than rumors.

Connecting the future of the Minter project with the currently non-existent Telegram Open Network is, at a minimum, frivolous, which is why Evgeny Gordeev and his team receive a lot of criticism.

If TON is launched, the Minter developers promise users the following features:

• Transferring coins from the Minter blockchain to the TON blockchain and vice versa.
• The Minter network will start using Telegram smart contracts.
• Using the TON DNS service, participants will be able to register and manage usernames in Minter. This process will be completely decentralized and only its owners will have control over the data.
• Platform users will be able to store any necessary information in TON Storage.
• Micropayments will be organized through TON Payments, which will significantly expand the opportunities for business representatives and advertisers.

The Minter developers explain the desire to tie their project so closely to TON by the fact that they consider it the most global of all existing blockchain developments. During the integration, they promise to hold a grand distribution of tokens in the total amount of 1000 BTC, but exactly when this will happen remains unknown.

Road map

2019:

1. Launch of a decentralized bank of validators;
2. Project financing through a decentralized bank;
3. Multi-signature in Mainnet;
4. Integration with TON.

2020:

1. Quick exchange of any cryptocurrency for Bitcoin;
2. Cosmos HUB integration;
3. Listing on US regulated exchanges;
4. BIP EU bank card.

2021:

1. BIP US bank card;
2. Carrying out 10,000 transactions per second;
3. Stablecoins backed by BIP.