What is Datamine? What is DAM?

What is Datamine?  What is DAM?

Datamine (DAM) is a decentralized and unattended open source economic system that uses smart contracts to generate adaptive coins. Their deflationary DeF protocol generates FLUX tokens every 15 seconds.

DAM

What is DAM?

The DAM token is a standard ERC-777 implementation and is deployed on the Ethereum mainnet with a fixed supply of 25,000,000 DAM. 16876778.9 DAM tokens were eventually swapped and 8123221.1 DAM tokens were burned. To launch the DAM/FLUX token ecosystem, they chose to use the streamlined distribution mechanism of the two-year-old Bulwark blockchain.

All extensions on the base token are done through the new ERC-777 “operator”. This feature allows other Ethereum addresses to act on behalf of your account. Instead of another address, they used this function to grant another smart contract operator role.

What is FLUX?

The FLUX token is a non-permanent incentive token in their ecosystem, which will be used for all future uses. Because they are not fixed and have predictive mining capabilities, they can create more “consumable” uses without worrying about the fixed supply nature of the DAM token.

Token Specification

Lock/unlock the DAM: To generate FLUX dividends, you need to lock an amount of DAM. There is no minimum amount, unlike masternodes/node staking, rewards are linear and predictable.

Mining Authorization: Once you lock up your DAM, you can specify an Ethereum address to act on behalf of your address.

Mining remotely: So you can mint FLUX from your phone to any Ethereum address, even though the DAM is stored on your hardware wallet.

Remote Ignition: So you can burn your FLUX from your target phone to your hardware wallet.

Partial minting: You can specify how many coins you want to send to a specific address. This way you can quickly prove and withdraw to your friends without having to write down the entire amount.

3x Bonus: After you have locked DAM for at least 24 hours, you will start getting a small minting multiplier every 15 seconds. This lasts for 28 days, after which you can get a lifetime reward (until you unlock DAM) for your FLUX minting.

Burn 10x more: If you burn 9 times the global average you will get 10 times the mint rate. This is a global number based on the amount of DAM currently locked and the amount of FLUX of these locked addresses burned. (Remember that the formula is rate-based, so by locking 10 DAM you will need ten times as many multiple writes than locking in 1 DAM). You can think of it this way: (All FLUX you’ve ever burned/locked your DAM) should be 9x bigger (globally burned FLUX is only for users who are currently locked/locked Global DAMs)

Dividend bonuses are exponential. So you can get up to 30x FLUX transfer speeds. You’ll get 30x max minting at the time of FLUX minting, so this means you’ll most likely buy some FLUX first and burn it to your address if you haven’t already. maximum number before casting his FLUX.

Purposes of use

The dual token protocol rewards users for removing FLUX tokens from circulation, to create a dynamic market balance using real-time on-chain supply and demand.

FLUX is simply a measure of time that can be traded to reduce global inflation and increase dividend rates. Dividend rate can be increased according to the time of purchase.

The value of FLUX comes from borrowing a portion of the worldwide dividends when burning FLUX.

Because of the fixed supply of DAM tokens, the developers decided to approach the token usage in a different way. Instead of using DAM tokens, they propose a new “key to mint” mechanism. With a currency key, you can lock your DAM token in a smart contract. The locking of these funds is done in a completely decentralized way, where you control the funds and can be re-unlocked at any time to get back 100% of the locked DAM tokens. However, if you leave your coins locked in a smart contract, you will receive a FLUX dividend to incentivize security. The first token used was named FLUX.

Conclude

Datamine Network is a pioneer leading the emerging DeFi dApp with its powerful, feature-rich decentralized user control panel that allows anyone to interact with their smart contracts. Capture real-time on-chain market sentiment and see your balance denominated in USDC integrated with Datamine’s in-depth Uniswap. Instant worldwide market capitalization, balance and DAM/FLUX token analysis at your fingertips.

According to AZCoin News

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