We are delighted to inform you that our team of developers has finished working on improving the minting technology. From now on, all minting will be carried out through smart contracts. In this article, we will tell you in detail about smart contracts, their advantages, and the changes in the PLATINCOIN minting process.
Please note that in order to activate smart contracts in our apps, you will have to update them via App Store (for iOS) or Play Market (for Android). Before updating, we strongly advise you to ensure that you have active private keys and transport PINs for your Farm and Main wallets. To ensure that your keys are active, use any device to confirm that the keys were imported into the apps If the import was completed and your transport PIN is valid, you can successfully import your wallets into any other device.
The update is currently being reviewed on the App Store and Google Play. We will inform you as soon as it appears in the app stores.
How do smart contracts work and what is their advantage?
Smart contracts are one of the most reliable and secure instruments in the crypto world.
PLATINCOIN smart contracts guarantee maximum security for users. When you create a smart contract (regardless of the purpose – minting or donations on a crowdfunding platform), all coins remain the user’s property.
Once the smart contracts are completely integrated into the minting process, PLATINCOIN users are absolutely protected by this technology – they no longer need to click on “Get profit” every day. If the contract is created, its execution is guaranteed by the blockchain. Automatic creation of smart contracts guarantees minting regardless of external circumstances – users can stop worrying about connection issues or forgetting to click on “Get profit”.
What will change for users once minting is launched on smart contracts?
After all updates are integrated, the interface of the Farm Wallet app will become even more convenient and straightforward for users – it will include a new animation and other interface elements.
Our most important interface update is a new widget called “Smart contracts” on the main screen of the PLC Farm app. In this widget, users will get access to information about the number of created smart contracts, the amount of frozen and minted PLC, as well as the accessible MAX Load for creating a smart contract.
How to mint coins in the updated PLC Farm app?
As before, to start minting you must first transfer coins from your Main Wallet to your Farm Wallet. After topping up your Farm balance, the amount of transferred coins will be displayed as your available balance beneath the speedometer:
The Get profit button is located beneath the available balance:
To create a smart contract, you must press this button and confirm the action in the pop-up window. The entire sum in your available balance will be used to create a smart contract. Please note that the minimum required sum to create a smart contract is 10 PLC:
After you confirm this action, a one-year smart contract with a 30% interest rate will be created. Please note that you need six confirmations in the blockchain to create a smart contract, so smart contracts can be created within intervals of 30 minutes. After clicking on “Confirm”, a timer will appear on the screen. Once it runs out, you will be able to create another smart contract.
How will interest be accrued?
Once you create a smart contract for a certain amount of coins, your funds will be frozen for a one-year period – which you can see in the widget, and 30% of this sum will be instantly minted. Over the next 12 months, you will receive equal parts of the minted sum credited to your main wallet, and you will receive the first payment shortly after the contract creation, while the frozen sum will be made available again in one year.
You can track the smart contract minting process on a screen titled “Smart Contracts”. You can access this screen by clicking on the smart contract widget on the main screen. Select the smart contract where you’d like to track the minting process from the list and click on the right arrow:
This will open a list of minting transactions. Your completed transactions are highlighted in yellow, while your planned transactions are in grey:
Let’s take a look at an example:
Suppose you’ve created a smart contract for 1000 PLC per year with 30% return. It’s easy to calculate that 30% from 1000 PLC is 300 PLC. This means that you will receive a monthly transfer of 25 PLC to your main wallet (300/12 = 25).
Implementing minting on smart contracts is one of the key objectives for the PLATINCOIN development team in 2020.
Integrating smart contracts into our blockchain and apps guarantees security for our users and completely removes the human factor from the minting process.
We are proud to say that over half a million users around the world are making money with us! We aren’t stopping at our current achievements, and we are committed to constantly improving our technologies.