On Jan. 22, Artemine Token (ARTE), released the Genesis Addresses Trading website that was earlier announced in the ICO roadmap in autumn 2017. The team references the token as the version 2.0 of Minereum, which is well known in the crypto community for its concept of the first self-mining smart contract. Today, the Artemine platform provides users with access to the public mining and selling Genesis Addresses via the Ethereum Blockchain.
A billion dollar market?
Earlier Artemine introduced unrestricted access to public mining, which allows anyone to mine the token by calling a ‘smart contract’ function (as previously reported by Cointelegraph.) The team expressed their belief that the trading of Genesis Addresses can become a billion dollar market once people start looking at the advantages of the self-mining principle.
The team stated: “Once people start seeing the benefits of self-mining, which basically allows anyone to mine coins automatically without the need of any kind of mining equipment, we should start seeing the tradability of Genesis Addresses to become a more important factor. Possibly reaching a $1 bln dollar market in a not so distant future.”
What are Genesis Addresses?
Genesis Addresses are addresses part of the creation of the initial supply of Artemine during their ICO. These addresses were attributed to a certain amount of coins that will be self-mined for a specific amount of time. They are the only addresses generating the circulating supply of Artemine.
In a recent statement, the team announced via Twitter that 2,898 Genesis Addresses were generated during the ICO and no more will be created, adding that it is impossible as per the smart contract code to generate any more.
According to the project’s white paper, the mining rate of each Genesis Address is 0.000001 percent of the total amount of ARTE, per Ethereum block. This means that the mining of each Genesis Address will take exactly 100 mln Ethereum blocks which in time translates into about 60 years’ worth of mining, depending on how the Ethereum network performs.
As the team reported recently in their announcement, the trade of Genesis Addresses is totally decentralized. The sellers simply set an Ether buy price on the address by calling the smart contract function “SetGenesisBuyPrice.” Once the price is set all it takes for a trade to occur is for a buyer to call the Smart Contract function “BuyGenesis” and voilà, the trading is done totally decentralized without the need of any third party. All Genesis Addresses for sale can be visualized in Artemine’s Trading Website.
The next steps
The Artemine project closed has finished its crowdsale on Oct. 14. And the team seems to follow the Artemine’s roadmap quite consistently, releasing the Genesis Addresses Trading website in January 2018. The next step on and final step on the map is in implementing an ICO Factory.
As reported by the team, the ICO Factory will be an update to the already existing Minereum Token Service which will allow creating not only your own Ethereum Token but also your own ICO Smart Contract.