"Fast & Furious" movie inspired me to determine the title. To me, "Fast and Not Furious" title sums up the two properties (high speed and user-friendliness) on which Minter Network emphasizes and focuses so well. In this article, I'm going to try to verify the title by analyzing Minter Network in terms of the sides which people want to see in a blockchain ecosystem at first glance.
What is Minter Network?
Minter Network uses DPOS (Delegated Proof of Stake) as the consensus protocol. As I will mention the details under Mining section, unlike POW and POS, not everybody can produce blocks in this protocol. As its name implies, only delegates who were chosen by voting can produce blocks.
Let's move onto the speed of Minter Network which processes 10,000 transactions per one block per 5 seconds. In other words, Minter Network runs at 2,000 TPS and its target for 2021 is 10,000 TPS. The table (imported from https://www.newsbtc.com/2019/07/08/latest-comparison-of-7-blockchains/) below makes a comparison among the modern blockchains in terms of TPS. The last three columns show the claim of developers, the tested average TPS and the tested highest TPS respectively.
As seen, the speed of Minter Network is greater than those of some or is close to those of some. In my experience, I have not faced any issues up to now.
How to create a wallet for Minter Network and to use it?
You may download the wallet from https://apps.apple.com/app/bip-wallet/id1457843214 (iOS), https://play.google.com/store/apps/details?id=network.minter.bipwallet.mainnet (Android) or you may use https://wallet.bip.to/ (Web) directly from your browser. Their user interfaces are nearly the same, I will go through Web wallet.
The wallet can be created as following the steps below:
1- Click "Advanced Mode" button.
2- Click "Generate Address" button in the opened screen.
3- Backup the words which I cover with a black rectangle in the opened screen. ATTENTION: Do not lose those words and their orders, otherwise you cannot access your wallet anymore.
4- Approve "I've saved the phrase!" and then click "Launch the wallet" button.
5- Click "Receive" tab in the opened screen. Your address is displayed with its QR-code. Once someone wants to send money to you, you will give just that address starting with M.
Since the wallet is new and you have not bought any BIP yet, your balance is zero(0) as you may see in "Coins" tab.
If you want to buy BIP, you may follow the steps below after opening https://minter.1001btc.com/en/ page:
1- Enter the amount you want to buy into the left textbox. In this example, I buy BIP worth to $10.
3- Enter your address starting with M into "Input your BIP address" in the opened screen and click "Continue" button.
4- Send the required USDT (you entered initially) to ETH address starting with 0x. In this example, the amount was 10 USDT.
If you want to send BIP to someone, you may follow the steps below:
1- Click "Send" button in the wallet.
2- Enter the receiver's address and the amount into "To" and "Amount" textboxes respectively. "Payload Message" is optional and for the explanation. If not stated specifically, you do not need to fill in that field.
3- Click "Send" button. That's all.
How is mining in Minter Network performed and how much is its yield?
Mining in Minter Network is also easy and can be done in two ways. You may be Validator and make a contribution to the block production directly. In return, you receive the block reward and some parts of the transaction fees. As of this month, the number of validators is 52. Until the number becomes 256, the number of validators will increase 4 more each month. You may access the complete list of the validators via https://minterscan.net/validators. Since this option requires both investment and collection of voting power (which is time consuming), it is not for me. So, we come to "easy mining " option :) As a delegator, you may receive a share of block rewards given to the validators by increasing the voting power of some validators. Well, how should we choose the validator(s) which we delegate our voting power? Let me mention my criteria. First of all, I examine "Power" (you may think it as the probability of producing blocks) and "Fee" (amount which the validator cut from your share) parameters. If they are equal, then I examine "Min" (minimum BIP stake the validator accepts), "Slot" (the number of delegators which the validator accepts), "Age" (how long is the validator in charge?) parameters.
After we choose the validator, now we can start to delegate our voting power:
1- Open https://console.minter.network/ page.
2- Click "Sign In" button after pasting the words backed up at the creation of wallet into "Your seed phrase" in "Sign In With Seed Phrase". NOTE: You may create your wallet by using "Create Wallet", too.
3- Click "Delegation" link in the left menu in the opened page.
4- Enter the address (starting with M) of the validator into "Public Key or domain" box in "Delegate" group. Enter the amount of voting power you want to delegate into "Stake" box. Finally, click "Delegate" button.
5- Complete the delegation by clicking "Confirm" button in the opened dialog. ATTENTION: You or the validator cannot spend the amount of the voting power you delegated. To be able to spend them, you should use "Unbond" group in the screen above. "Unbond" process takes nearly 30 days. In other words, during that 30 days, you cannot spend that amount and earn the reward.
After the completion of the delegation, a hash appears near to "Tx sent" text in "Delegate" group. This is the hash of your delegation.
After a very short period of time, "Delegated Stakes" group is updated like below. (46.16 --> 66.16).
Again after a short period of time, you start to see your rewards in your balance. To my 3-4 months experience, on the current conditions, the annual yield of a delegator is between %84-%100. The difference between yields is sourced from whether and how often you delegate your yield. I wish you plenty of gain.
In this article, as much as possible, I have examined Minter Network from an end-user's perspective. I hope it was useful for you. You may access the details from https://www.minter.network/#docs page.