APIS Expanded: The Mineral System
Most cryptocurrencies present in the market today has a small fee for using the resources required for transfer of the currency or smart contract initiation. This fee is provided to the node creating a new block as block reward, thereby giving incentive to people running nodes to continue running them.
In layman’s terms, this mean that every time you move your coins, you have to pay pretty penny for your transaction to go through, more so if you want the transaction to go through quickly.
However, most cryptocurrency users are seldom involved with block rewards, so the fee typically comes off as a burden of cryptocurrency use, not advantage. Although the fee is relatively small(for now, not if you use bitcoin), each and every transaction necessitates a fee. This is rather cumbersome and inefficient, particularly in countries where domestic bank wire to the same bank does not require a fee.
Cryptocurrency transaction fees may therefore be a major barrier to entry for people who wish to use the currency in a daily basis.
APIS aims to improve this fee system by introducing the Mineral system. To use smart contract on top of APIS or transfer APIS to another wallet, a separate currency called Mineral must be used. APIS users may purchase Mineral through APIS whenever required, and the APIS tokens spent on such transactions will be distributed as block rewards.
Mineral could also be obtained as interest to APIS tokens placed in personal wallets. Mineral will be distributed proportional to the amount of APIS tokens held in a particular wallet. The upper limit of Minerals receivable as interest can also be adjusted depending on the level of contributions a wallet has made to APIS network(such as APIS transactions), so the most active APIS user can receive the most Minerals. The more Mineral you hold in your wallet and more transactions you do with your APIS tokens, the more Minerals you receive. Easy enough, right?
Minerals can only be used as transaction fees; they cannot be sent to another wallet or user and cannot be exchanged into APIS. Mineral still provides almost no-fee environment to active APIS users, so a significant increase in user transactions is expected as users attempt to minimize their fees. The Mineral system helps the expansion of real-world use of APIS ecosystem.
