On the 6th of August, we held an AMA in our telegram main group with Klaus from Blockmine answering questions about their platform and everything coming to our partnership.
Welcome Klaus! Founder of the block-mine.io project.
How are you today partner?
Awesomely fine and yourself? Thanks for the welcome.
I’m doing awesome! Long time friend!
Can you introduce yourself to our community?
Of course, I am founder of block-mine.io, developer and computer scientist, passionate crypto fan and especially fan of DEFI.
How did you end up in crypto and what made you decide to start your own project?
Not even two years ago I was completely against crypto. That mainly was because i did not know anything about the concept and how crypto works. Thanks to a friend of mine, i started investing into crypto (still without clue) but then started reading and learning all the stuff and found why crypto is awesomely cool. When DEFi “started”, I was a fan of it right very quickly.. the more farms popped up, the more I realised the lack of sustainability and deflation mechansims with real utility. That is when I decided to start my own project.
One of the most indepth whitepapers I’ve read! A really awesome job.
Can you introduce our community to your project? What is blockmine and what will set blockmine apart from other projects?
First of all, Blockmine looks like a yield farm at first glance, but is meant to be a gaming platform longterm. Compared to other farms, we do not simply provide Lotto and think that is sufficient but will extend the app with more and more games that require one of our tokens.
During the gaming process, the native token ($GoldNuggets) is burned, which means that the more (mini) games there are, the higher the burning rate. Another thing that we changed is the buyback mechansim.
A lot of farms take a deposit/withdraw fee and just “say” they’d use that for burning, but that is not what decentralization is meant to be. All fees are sent to a specific contract (which we call sustainability contract). This contract has to goals: It burns $GoldNuggets (1/3 of the fees) and redestributes the other 2/3 over a time period of 30 days which means that the normally fixed minting is reduced by the sustainability factor.
Innovation and true decentralization, I love it!
On your website I read you have 4 different tokens.
Can you tell us about the 4 tokens and their respective roles within your platform?
Of course, Our native token ($GoldNuggets) is the standard farming token that works the same way as on other platforms. The other ones are refined from this token, i.e. converted. We have $GoldNuggets, which are refined into $GoldCoin, which are then refined into $GoldBars. Since bitcoin already exists, the next level is bit bar. While $GoldNuggets do not have a limited supply, the other three tokens have a max supply of 1m, 100k and 10k respectively.
Our $GoldCoin token is the native gaming token. You need that to play our games. But that is not enough. You also need a certain amount of $GoldNuggets to play the game. While the $GoldCoin tokens are used as rewards between players, the $GoldNuggets are completely burned.
To get to $GoldBars, you will need a lot of $GoldCoin. In fact, to get 100k $GoldBars, all $GoldCoin are eventually burned.
The utility of $GoldBars and $BitBars are not made public. One thing that we can say though is that $BitBars will (apart from other use cases) serve as the governance token.
And did i mention that $GoldCoin refinement also burns $GoldNuggets? If not, it burns $GoldNuggets 🔥
I love the mining analogy! It makes me want to mine for some $GoldNuggets to create beautiful $GoldCoin and $GoldBarsfrom them 😍
Can you tell us more about the burning mechanics of blockmine?
The first burning mechanism is implemented in the sustainability contract as mentioned. The second one is during gaming. The more people eventually play the games, the more $GoldNuggets are burned in hell (or mine? ^^). The third and maybe most important burning mechanism is the refinement. I do not want to go into detail how the burning is calculated, it is in the white paper, but in a nutshell, the more $GoldNuggets are needed to get a certain amount of $GoldCoin/$GoldBars etc, the higher the burning rate.
While for $GoldCoin refinement, you only need $GoldNuggets… for $GoldBars, you will need $GoldNuggets + $GoldCoin.
In itself a game! Level up those $GoldNuggets! ❤️
Gaming is hot in Defi nowadays, what are you guys bringing to the table and what games can we expect?
So, last month we released coin flip. Next games to expect are 1) other games where you can play against each other (such as blackjack), but also games that are just for fun (where you still need a small amount of $GoldNuggets as entry fee). One hot candidate is flappy cowboy (quite addictive, although I have never been good at that game ^^).
ohhhh boy, timesink incoming! Flappy cowboys 🙈
Can’t wait to pour myself a nice glass of whiskey and play blackjack in the blockmine saloon!
We may need to implement a virtual bar to get some virtual drinks 😆
I’d tip for service! 🤣
Okay, final question, I see the blockmine booster on your website, what is it? What can I boost?
Or am I too soon? I want to be one of the first!
The booster is the refinement concept. all refinement takes place in the booster. Booster just sounded better on the website than refinement 🤓
Currently you can earn $GoldCoin. Next step (in around 40 days) is the $GoldBars refinement, which by the way takes 90 days to get the first $GoldBars…
😍 can’t wait to get me some $GoldBars!
Thank you so much for the on of information!
Do you have anything to add or something you really want to share with our community?
Yes, we have an awesome video i’d like to share about blockmine.
Wow, this is not only one of the most beautiful and awesome crypto video, it’s also very informative.
Koala Defi is very proud and happy to add Blockmine to our partners 🐨❤️🤠