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[ANN][MID]MidasCoin|New Scrypt PoM|Backed Value|ATM card|Referral|NO IPO|UNIQUE

Discussion in 'CryptoCurrency' started by Vandyke, Aug 29, 2014.

  1. Vandyke

    Vandyke Junior Member

    Jan 15, 2010
    Likes Received:
    Welcome to the Midas Payment Network


    Our team at Midas Payment LTD hit the drawing boards about half a year ago. Today, we are proud to reveal our brainchild, the Midas Payment Network.

    The most important argument today in the crypto world is whether or not there is intrinsic value behind the multitude of coins available. From this starting point, we at Midas Payment LTD made it our goal to solve this argument by securing the value and by reducing the barriers to entry, allowing cryptocurrencies to be used by anyone, not just miners.

    Today we are excited to bring to the table our newest innovation, MidasCoin. A cryptocurrency with 0 Premine, no IPO, and directly backed by its own independent reserve.

    The value of MidasCoin is backed, guaranteed, and transparent at every moment.The guaranteed value can be withdrawn at any ATM worldwide through our Midas MasterCard (Debit Card) or redeemed for it's gold weight at our corporate site MidasPay.io.

    The same applies to the Scrypt mining profitability of mining MidasCoin at the official pool MidasPool.com.

    [​IMG] [​IMG]
    (dynamic widget images, autoupdate on page refresh)

    We bridge the gap between the consumers, miners, and merchants, allowing real world applications to make use of MidasCoin by providing not just the currency, but a complete network of services integrated with MidasCoin. This is not a "future development promise"; all the services are already available today.​

    Take a seat, your MidasCoin journey begins here.


    ATM Withdraw WorldWide | MidasCoin Debit ATM Card | MidasCoin Virtual Credit Card (VCC | No pre-mine NO IPO | New Scrypt PoM distribution algorithm | Guaranted backed value | Merchant API | WebShop | WalletShop | 0% Fee Mining Pool With Referral System | Impossible to Instamine

    Release date:


    MidasCoin is the flagship service of our company Midas Payment LTD.

    [​IMG]Download Wallet


    [​IMG] Technical Specifications

    • New innovative Scrypt PoM (Proof of Mining) distribution Algorithm
    • Compatible With current Scrypt Mining Devices (including asics)
    • Block generation target: 2.5 minutes
    • Network difficulty retarget: Digishield - each block.
    • Starting Block Reward of 50 MidasCoin, decreasing every month following a custom reduction formula
    • Total coins: 7,611,236 issued in 36 months of enhanced distribution, followed by a fixed block reward of 2 Coins/block: No cap
    • Wallet Connections Ports: Normal: 9554 RPC: 9553
    • Coins backed by REAL GOLD held in a gold reserve with a minimum guaranteed daily increment
    • Monthly Block Reduction rate based on a custom scheme.
    • 1% starting taxation on every transaction as a clean and transparent revenue model towards Midas Payment LTD?s investors.
    • Taxation decrease as block rewards decrease, going down 0.25% every 12 months until it reaches a flat 0.25% transaction tax after 36 months
    • Official Mining pool (Midaspool.com) with 0% fee and Referral system
    • Impossible to Instamine in the beginning. Minable only through the PoM official pool Midaspool.com. Solo mining is voluntary contribution to network stability and will not produce any rewards (except our gratitude)
    • Mining support for X11/X13, SHA256 and more in the future!
    • Absolutely No IPO and 0 Premine, not even a single block.

    (Reduction Scheme for First 12 Months; See the full scheme here http://midascoin.io/full-block-reward)

    After 36 months, the block reward will become fixed at 2 Coins per block. This creates 1152 new coins every day, which is tied to an increasing 1200 grams of a gold , ensuring that the value continues to increase.


    At Midaspay.io we offer the following:

    • Spend your MidasCoins on products or services
    • Redeem your MidasCoins for 24k GOLD BARS (certified)
    • Receive your physical MidasCoin MasterCard (Debit Card)
    • Reload your MasterCard with MidasCoins and withdraw at any ATM worldwide!
    • Earn by referring friends to MidasPool
    • Work directly with our team on a bounty or long-term partnership
    • Access merchant services and merchant api
    • Promote your product or service
    • and much more, visit http://midaspay.io/

    Merchant API

    With the MidasPay Merchant API, you can start accepting MidasCoin within a matter of minutes, leaving the security and performance in our hands.



    Midascoin Debit Card

    MidasPay.io is the platform where you can directly manage your Midas MasterCard (Debit card).

    This means that your hard earned MidasCoins can be directly loaded onto your MidasCoin MasterCard and used at 39+ million Points of Acceptance, including ATMs, just like GBP or USD! Our team has spent the last few months grinding day and night to ensure that our systems run flawlessly.


    We are able to offer our clients independance from the volatility of the crypto scene.

    Nobody likes to see their coins lose half their value overnight. Using the Midas Payment Network, you never have to worry which direction your coins are going other than up!

    (The video show how to manage your Midascoin debit card, with our financial partner platform)

    Midascoin Guaranteed Value

    The investors behind Midas Payment LTD belong to a large franchise of pawn shops; managing several brands and shops within various cities across Europe, with a significant presence in Rome, Madrid, Lisbon, London, Paris, Brussels, Vienna, and Amsterdam.

    They?ve ventured in the platform development and committed to fund the Gold Reserve during the MidasCoin enhanced distribution timeframe of 36 months.

    The end goal is to establish a payment network with a revenue model based on transaction volume, used to sell their brand products, while making our merchant API available to anyone looking to quickly integrate MidasCoin into their existing online shop.


    The starting gold reserve is 20000 grams, and the guaranteed MINIMUM daily increase is 333 grams for the first 12 months, 666 grams for months 12 to 24, and 1500 grams for month 24 to 36. The value of MidasCoin can be calculated by dividing the gold reserve with the total amount of MidasCoins to be issued within 36 months (starting with 20,000/ 7,611,236). The Midascoin value is recalculated every 10 seconds, based on the daily increment.

    Check out the full Economical data and api here http://wwwmidaspay.io/economical-data

    The image below shows the real time overview of the actual value (autoupdate at page refresh)


    [​IMG]What is Proof of Mining?

    Proof of Mining (PoM) is our brand new distribution system developed exclusively for MidasCoin. It is compatible with your existing scrypt tools (including mining hardware), but with a twist!

    The Proof of Mining distribution system uses a different approach to securing the MidasCoin blockchain. Instead of ?wasting unneeded hash power? for securing the network, which unless under attack can be secured with much less hash power, it uses 95% of the hash power to ?secure another? blockchain. This helps build a reserve fund that grants the backed MidasCoin value, actual and future

    In case of an attack against the network, the Proof Of Mining system will automatically detect the takeover attempt, driving the necessary hashpower to the block generation node, for all the time needed to null the attack.

    Last but not least, the more hashpower the PoM network receive, the more increase the midascoin reserve fund, and so the MidasCoin guaranteed value.

    It works the same as regular pool mining any PoW coin; you point your miners at a pool and you?ll get coins in return. However, what happens behind the scenes is a bit different.

    Click Here for the full PoM PaperWork

    Because of the technology behind PoM, the only pool that can be used to get MidasCoins is MidasPool.com.

    Our PoM pool uses our miners hash power on a scrypt-variable algorithmn, similar to that of a multipool. In return we reward our miners with MidasCoins, which are instantly weighted by the Midas Payment network at a guaranteed value and can be withdrawn at any ATM worldwide minutes after mining! (or spend them at our WebShop and third party shops)​


    (real time scrypt comparison mining chart between various pool, updated on each refresh)


    MidasPool.com applies a 0% mining fee and has a unique referral system that pays you a 2.5% bonus on all the mined coins generated from your referral tree!


    PoM Mining Calculator

    To use the Mining Calculator of MidasPool.com simply enter the hash rate of your Scrypt Mining hardware.


    You will then be presented with an overview of your earnings over a 24 hour period at the current network hash-rate and difficulty. Additionally we show the value of your earnings and what they are worth due to MidasCoin?s Guaranteed Value over a 1 year period.


    [​IMG] What is the Taxation?

    The Midas Payment Network is the first altcoin venture with a clean and transparent revenue model.
    You know HOW we make money, and as a promise to the public audience, we will never try to hide our revenue model.

    This allows us to function efficiently and exclude things like premine or IPOs for MidasCoin. Furthermore this fee will contribute to the future development of the Midas network and services.

    The transaction tax start at 1% and is automatically added to every transaction. It will decrease over time, every 12 months, until it drops down to 0.25%. This decrease is directly related with the block reduction scheme.

    The transaction taxation address is public: MEBtn6UsbMNp7boqZ9NA61jc196k3tUwLH

    Midas Payment LTD does not have control over any MidasCoin except for what is collected from the transaction tax.
    We strongly suggest that any altcoin project without a clean revenue model should be avoided 100%. This is because you will likely face a grey financial scheme, also known as a pump and dump.

    [​IMG] Bounties

    There is a lot to do before the network is complete.
    (*Midas Payment LTD has no premine, the bounty will be paid with a payment queue, with the collected transaction taxes, starting on the release date)​

    • Accept Midascoin in your online shop (bounty : Starting from 100 MID)
    • Create a quality video of at least 1 minute in duration about Midascoin (bounty : Starting from 100 MID)
    • Refer 10 ACTIVE friends to the pool (bounty : 50 MID) (active mean that they are mining)
    • Translate this announce thread to another language (bounty : 15 MID)
    • Create a game about MidasCoin (flash game, browser, mobile) (bounty : variable amount of MID)
    • Join on our IRC channel and help newcomers (bounty : variable, defined time by time)
    • Point out a bug or glitch with any of our systems (bounty: Starting from 100 MID)
    • Write an article/press release about MidasCoin (or any other service of the Midas Payment network) on your website/blog (bounty: Variable based on the exposure of the site)
    • Suggest a feature for the Midas Payment Network (bounty: Variable, based on the quality of the suggestion)
    • Ask a question on our Ask.fm profile. Best questions will be awarded. [bounty : from 1 to 10 MID]
    • Check this list again soon, social bounties (Reddit, twitter, youtube, facebook) will be published before the release date

    Bounties should be claimed by submitting a support ticket here http://midaspay.io/helpdesk
    Submit the details of the bounty claimed, references (like links, forum or irc username, attach files). Please, do not claim bounties only through this forum.

    [​IMG] Press Releases


    [​IMG]Social Networks

    [​IMG] https://www.facebook.com/pages/MidasCoin/811400222234042
    [​IMG] http://twitter.com/midaspay
    [​IMG] http://ask.fm/midascoin
    [​IMG] http://midaspay.io/irc-midascoin/ channel#Midascoin on freenode
    [​IMG] http://reddit.com/r/midascoin
    [​IMG] http://youtube.com/user/midascoin

    [​IMG]Development Status

    This area will list ongoing and future developments revolving Midas Payment LTD


    • PoM distribution: Complete
    • Instamining protection: Complete
    • Custom transaction tax: Complete
    • Enhanced wallet gui with integrate product shop: Closed Beta

    MIDASPAY & Merchant

    • Merchant platform and api: Complete - OPEN beta (feedback welcome)
    • Midas payment plugin for woocommerce and Magento: Complete - closed beta (eta 15 days)
    • Webshop: Complete
    • Phisical Midascoin debit card: Complete - OPEN beta
    • Virtual midascoin debit card (online usage only): Complete - Closed beta
    • Integration with the financial platform: Complete - OPEN beta
    • Redeem Midascoin for Bitcoin - Completed - Closed beta (bitcoin reserve building)
    • Add additional products to the shop: Ongoing (suggestions welcome)


    • Custom Scrypt PoM statum: Complete
    • Hashing power splitting algo (with anti-takeover feature): Complete
    • Mining Referral system: Complete
    • Mpos gui integration: complete
    • Mining compatibility with x11/x13 and sha256: In development - (90 days eta)

    Additional services

    • Revenue Sharing forum (paid to post with): Mockup completed - Planned (180 days eta)
    • Midascoin Crowdfunding platform (similar to kickstarter): Alpha stage - open beta in 60 days.
    • Mine Midascoin by phone (use your additional landline minutes and get paid in midascoin): Completed - Closed beta (30 days eta for open beta)
    • Share your image and get paid in Midas when they get viewed (imgur clone with revenue sharing option): Mockup complete - Planned
    • Online task/service marketplace (Fiverr style clone): Mockup in progress (ETA 120 days)
    • Listen to your suggestions: Ongoing (suggest a feature, http://midaspay.io/helpdesk)

    [​IMG] Official WebShop

    Our WebShop is now open for anyone looking to exchange their MidasCoins into 24k Gold bars or Debit card credit.

    [​IMG] Merchants of MidasPay

    There are currently no MidasPay Merchants. Become one now at MidasPay.io.

    [​IMG]Block Explorers


    *The blockchain used for testing the services will be reset on the release.

    [​IMG] The Midas Payment Network



    http://midaspay.io (exhange for gold and Debit card credit)

    Any third party exchange that wants to list MidasCoin should submit a support ticket on the http://midaspay.io website and schedule an interview.
    We offer a cryptocurrency with a guaranteed backed value, and we back directly that value. We are going to authorize only exchanges that meet certain security standards to list MidasCoin, to better protect our customers funds.


    MidasPay.io (MID / GoldGR + USD)

    Pending Review:

    Not Reviewed, trade at your own risk:

    Company staff, partners, external consultants and credits

    Since the beginning 7 months ago up until now, a lot of people have been involved with making the project what it is today.

    A complete list of company staff, consultants, partners and credits will be published sometime before the release of the project.

    Legal Terms

    Company information
    Terms Of Services
    Privacy Policy

    *All BlockChains of MidasCoin used during development will be destroyed, with a fresh genesis block created for the release.
    **We will do our best to keep this thread up to date and to stay in touch with the community, but official support will be guaranteed only through our helpdesk system, accessible on http://midaspay.io/helpdesk
  2. Vandyke

    Vandyke Junior Member

    Jan 15, 2010
    Likes Received:
    We are currently offering promotional services for free for merchants that accept midascoin for their product/services. Our merchant api integration make acceptig midascoin as easy as accepting a paypal payment.

    If you are interested in reaching new audience, gainig media exposure for free, contact us.
  3. Vandyke

    Vandyke Junior Member

    Jan 15, 2010
    Likes Received:
  4. Vandyke

    Vandyke Junior Member

    Jan 15, 2010
    Likes Received: