Honest Mining ICO Review

Honest Mining ICO Review

Token – HNST
Token Price – 1 ETH = 7500 HNST
Token Type – Utility token
Total token supply – 400,000,000 HNST
Accepted Currencies – ETH, BTC, TEN
Minimum investment – 0.1 ETH
Soft Cap – 5,000 ETH
Hard Cap – 20,000 ETH
KYC/Whitelist – Yes

Idea
The cryptocurrency mining industry is still at a very young stage, valued at only US$ 650 million in 2016; however, it is expected to grow 63 folds and reach at least US $38.38 billion by 2025. This is on point with the cryptocurrency market cap growth, which has been experiencing a 50x growth, from US$ 7 Billion in January 2016 to US$ 350 Billion in May 2018. The main contributing factors are the increasing public awareness of cryptocurrency and the increasing adoption of cryptocurrency

While it is true that miners are making the blockchain network decentralized, there are still big barriers to entry that prevents everyone from joining: limited knowledge, limited technical skills, limited financial power, and limited infrastructure.

All these limitations cause fear and uncertainty. A technology that should be transparent is used by a few parties to either maximize profit by monopolizing the market or to make a scam business using the hard-to-understand “crypto mining” buzzword.

With believing that honesty is gained through transparency. The blockchain is transparent, thus this project will try to provide the public with a clear view of what is happening through announcements and reports. External parties will be welcomed to audit the masternode operation themselves since the information will be available for the public. With a focus also on security, the company intends to ensure the protection of information that may jeopardize the
safety of the user and platform.

HONEST MINING platform is just the beginning. To make our vision a reality, we have to strive forward to be truly decentralized
Alexandria Project—> Alexandria focuses on compiling all the information that is related to cryptocurrency mining on an easy-to-use and opened-to-all platform. This
includes reporting & monitoring tools that can make miners’ lives easier.
Babylon Project—>To put simply, Babylon is a fully decentralized wallet built for miner. Babylon will start as a Mobile Wallet with rich features for miners such as HD wallet, dynamic transfer fee, and address management. Future development of Delegated PoS coins will allow Babylon users to perform delegated staking.

Key features

  • HONEST MINING – a company with a simple mission: building trustworthy and easy crypto mining that is accessible to everyone. HONEST MINING will achieve this by looking at both the short- and the long-term impact.
  • Ensuring that the platform is stable, HONEST MINING will seek to grow the mining community even further with Project ALEXANDRIA – a mining knowledge bank powered by the community.
  • Transaction Validation is fundamental for any blockchain technology. On a trust-less blockchain, validators are essential, thus they mostly get rewarded with the internal currency.
  • Security breaches which can happen from both external and internal factors. the project will run periodical security audit on top of the public security bounty program to find and mitigate any platform vulnerability. In addition, their access control will safeguard user data and funds from unauthorized access.
  • Currently will support 3 coins DASH,ZCOIN, SmartCash
    More coins will be added over time based on the market demand, strong team credibility, mature blockchain technology, and user base. For smaller-cap coins, HONEST MINING will do community voting to determine the public interest. Special note for ETH, which will be added to HONEST MINING as soon as Ethereum Casper is ready & open for PoS…
  • On Proof of Stakes, a validator may validate block transactions if they held a stake on the blockchain network. PoS decentralizes the consensus power by ensuring rewards are distributed based of how much coins it stakes.Those who own more coins and have been holding the coins longer are deemed to be more trustworthy and considered less likely to attack the network.PoS miners need to believe on the cryptocoin itself in order to get the reward. “Nothing at stakes” condition allows miners to vote on multiple chains. This is especially dangerous during chain-split/fork condition.PoS does not rely on hashing power, therefore, specialized high-end hardware is no longer needed. What is needed for PoS to work are secured servers with enough processing power, enough memory, enough bandwidth, and stable internet connection to run the Masternode reliably
  • Running a blockchain validator node requires the machine to run 24/7 like a server.There is a reason why people run servers on a data center – it is because they need stable electricity, stable networks, and clean-secured areas Most masternode-enthusiasts run masternodes on a Virtual Private Server (VPS) because it provides cheap static IP addresses. A professional would run masternodes on a world-class data center provider such as Amazon AWS, Microsoft Azure, or Google Cloud Platform that guarantees not only static IP addresses but also high availability and enterpriselevel SLA. That is important because down time reduces Masternode reward legibility.
  • Instant Masternode—HonestMining platform allows Masternode holder to request for exit on any given time. This exits opens up new opportunity for other users to enter the masternode stack. The Masternode stays matured and running without any effect to other Masternode holder.
    All masternodes have a maturity time – a waiting time from when the masternode is generated to the time they start generating rewards. Instant Masternode, on the other hand, is an innovation by HONEST MINING that lets you start earning immediately. It eliminates the need of waiting for the masternode to be filled and properly set prior to reward-earning.
  • Quick & Transparent Rewarding Mechanism—-> Instantly proportionately distribute Masternode Reward to HonestMining Secured Wallet, Cash out the Masternode Reward by withdrawing to external Crypto Wallet, Convert to other crypto or sell by transferring to crypto exchange partners, or keep HODL-ing and re-invest the Masternode
    reward for the maximum snowball effect. Rewards are distributed proactively as soon as the masternodes receive rewards. Our user can choose whether to withdraw the coins or reinvest in it automatically.
  • Device Coverage—–> HONEST MINING is going to be mainly an optimized web platform that’s reachable from the web browser on mobile devices (phone/tablet), or desktop/laptop devices. REST API will be available for sophisticated investors. Android & iOS Client is going to be developed when the platform matures and requires such needs. Android & iOS Client is going to develop when the platform matures and requires such needs.
  • Globalization—-> HONEST MINING will offer support in English, Spanish, Chinese, Japanese, Korean, and Indonesian. The initial release will be in English and Indonesian. More languages will be supported over time as we follow internationalization (i18n) and localization (i10n) web standard.

SYSTEM ARCHITECTURE

  • HONEST MINING is designed to be highly scalable from day one. HONEST MINING will be able to provide top quality services by utilizing world-class cloud computing services in Amazon Web Services. Architectural-wise, the system will be load-balanced and decentralized on multiple nodes and regions. The Load-Balancer will minimize unscheduled downtime, e.g. machine failure, network issues, or even data-center failure.
  • HONEST MINING is designed to be highly scalable from day one. HONEST MINING will be able to provide top quality services by utilizing world-class cloud computing services in Amazon Web Services. Architectural-wise, the system will be load-balanced and decentralized on multiple nodes and regions. The Load-Balancer will minimize unscheduled downtime, e.g. machine failure, network issues, or even data-center failure.
  • Security is of the utmost importance; in order to minimize attack surface, only our load balancer (HTTPS port) will be exposed to the internet. Multiple security layers will be implemented to minimize security risks. Securities best practices and standards (e.g. OWASP) will be followed to avoid vulnerabilities. A periodic security audit will be conducted. Security Group will be configured in a way that only whitelisted services may run & communicate with each other internally.
  • Offline wallet (cold-wallet) storage will be diligently utilized as an important security measure. Important and sensitive information will be AES-256 encrypted and put on a separate firewalled network. Paper and digital backups with redundancy will be distributed geographically in safe
    locations around the world.
  • Most frontend and backend services will be running on their own, using asynchronous messaging for inter-service communication. This approach allows each service to run independently and efficiently. As the system grows, services and machine automation are crucial to speed up processes and features.
  • Different coins run different blockchain software. While they are functionally similar, they may have different requirements and treatments. In order to run, a masternode requires a fixed amount of coins to be reserved – collateral. Different coins require different amounts of collateral. Whenever the collateral amount is reached, the backend system will start the automatedmasternode building process and activate the masternode immediately.
    Offline wallet (cold-wallet) storage will be diligently utilized as an important security measure. Important and sensitive information will be AES-256 encrypted and put on a separate firewalled network. Paper and digital backups with redundancy will be distributed geographically in safe
    locations around the world.
  • Most frontend and backend services will be running on their own, using asynchronous messaging for inter-service communication. This approach allows each service to run independently and efficiently. As the system grows, services and machine automation are crucial to speed up processes and features.
  • Different coins run different blockchain software. While they are functionally similar, they may have different requirements and treatments. In order to run, a masternode requires a fixed amount of coins to be reserved – a collateral. Different coins require different amounts of collateral. Whenever the collateral amount is reached, the backend system will start the automated masternode building process and activate the masternode immediately.

APPLICATION STRUCTURE

  • HONEST MINING platform is built using modern microservice architecture. It enables continuous delivery and deployment of large complex application4 while also improving faulty isolation. This approach allows each team to be loosely-coupled and focuses on improving its own parts without worrying that the change may break the others.
  • The microservice approach allows the platform to perform horizontal-scaling. This is beneficial due to the fact that during peak-time, the system can automatically scale up by adding more servers into the load balancer. The other alternative is vertical scaling, which is less cost-efficient and scalability-wise limited by the specification limit.
  • The API Gateway that joins all the backend services serves as an interface for both official means (web-apps & mobile apps) and unofficial means (API-app). This allows future partnership and growth through integration with third-party platforms, e.g. cryptocurrency exchanges.
  • HONEST TOKEN (HNST) is the utility token that powers the HONEST MINING platform, the next generation of cloud mining for POS-based cryptocurrency.
  • HNST TOKENS will leverage the Ethereum blockchain – the leading industry standard for smart contract- based tokens. HNST will be generated using ERC-20, ensuring that HNST TOKENS will be able to utilize the existing infrastructure: Ethereum Virtual Machine (EVM). EVM allows honest and auditable token issuance, ensuring that all HNST holders know the end-to-end token supply, distribution, and transactions.
  • Only 400 million HNST TOKEN will ever be generated, with half of the tokens to be allocated to ITS contributors. The other half ensure the continuity of the
    platform. Unsold, unused bonuses and unused marketing tokens will be allocated for company reserves.
  • Apart from bonuses for private and pre-its contributors, there are several incentive programs that we have prepared. Special Lifetime “Founding Members” Status—> After the full platform launch, this will guarantee early access to new features and other special perks that only “Founding Members” can get.
    Early Release Access—> Be our early user: reserve your username & be the first to use our Alpha Beta instant masternodes
    Focus Group—> Special focus group for our elite users.

Top 20 Contributors will receive specially personalized gift-boxes from the team as a sign of appreciation.

Team

Lawrence Samantha/CEO & Co-Founder→ Lawrence graduated from The Ohio State University and holds a Computer Science & Engineering degree. He has over 12 years of professional software development experience, as well as holding executives & board member on several companies. An engineer at heart who loves technology & venture building. Prior to HONEST MINING, he has been crypto mining since 2011. He also formally advises different Blockchain projects: Tokenomy, Vexanium and Play Game.
Edy Senjaya/CTO & Co-Founder→ Edy graduated from Universitas Bina Nusantara with a Computer Science degree. He has over 16 years of experience in providing solutions for businesses and corporations from around the world. Mr. Edy is an accomplished full stack software engineer and solution architect. He has experience with ERP, cloud computing, and high availability system, which is immensely useful for architecting the platform.
Dionisius Evan Alam/Head of Communication→ Mr. Dion is a serial entrepreneur and tech enthusiast. Prior to HONEST MINING, he has been investing in ICO and evangelizing cryptocurrency world to people around him.Dion is also involved in building a co-operative economy in the region by building the first Coop Digital. He believes cryptocurrency and microfinancing will solve global poverty.

Advisors
Vidy Onadi/Head of Business Development EMURGO→ Apart from being a blockchain enthusiast, he is also recognized as a self-driven professional with more than 15 years of diversified experience in ERP systems (SAP & Microsoft Dynamics), corporate finance & investments, and digital businesses.
Jeth Soetoyo/CEO of Pintu→ Mr. Soetoyo is the CEO of Pintu, a cryptocurrency exchange, and brokerage service. Prior to that, he worked at ConsenSys, a Brooklyn based Blockchain venture lab, and solutions company. He led product on a cross-chain atomic swap solution called Liquality, which allowed participants to trustfully swap digital assets without intermediation.
Grady Laksmono/Co-Founder of Moka→ Mr. Grady is an accomplished software engineer and venture builder. He founded Moka in 2014, a mobile point of sale system that allows anyone to accept many kinds of payments.During his spare time, Grady contributes code to Bitcoin Core and Pyevm, an Ethereum Virtual Machine implementation

Whitepaper
The whitepaper is very detailed. It covers all the necessary information and major aspects in complete detail. The website is well designed and shows all the necessary information about the ICO. The profile of each member has been very well addressed and the links to their LinkedIn accounts have been provided.
https://honestmining.com/whitepaper

Roadmap
2017 Ideation→ Concept Generation Crypto Mining Research
2018 Q1-Q2 Token Design→ White Paper Development, Legal & Incorporation, Seed Funding Raised
2018 Q3 Product Design→ Platform Design and Technical Gathering, MVP Development & Validation
2018 Q4 Initial Token Sales→ Private Sales, Public Initial Token Sales, System & Integration Testing
2019 Q1 Platform Launch→ Internal Acceptance Testing
Token Distribution, Alpha & Beta Launch
2019 Q2 Enhancement→ Out from Beta, Constant Improvement for Platform Stability
2019 Q3New Market Development→ New Coin Listing,
Community Voting
2019 Q4Platform Enrichment→ Commencing Project Alexandria and Initiating Project Babylon
2020 & Beyond Global Growth→ Scaling services,
Grow market share

Token distribution
37.5% – Contributors
35% – Company Reserves
15% – Team & Stakeholders
12.5% – Bonus & Marketing

Funds allocation
40% – Building Masternodes
25% – Product Development
15% – Company Reserves
15% – Branding & Marketing efforts
5% – Business & Legal

Registration Country
Indonesia

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