MIB Coin is, as is clearly evident, an acronym for Mobile Integrated Blockchain, which comes with a smartphone application developed by the creators of the coin that lets users mine the token using a phone, without needing any high-end GPUs or ASIC miners, bringing the big game down to the masses.
MIB is employing its new SmartX Blockchain Platform Structure to introduce the concept of a blockchain platform based on mobile.
The special thing about the MIB coin is that it isn’t also available to be mined on a smartphone. It is only available to be mined on a smartphone. MIB isn’t available for mining using ASIC miners on high-end computer systems. It can only be mined through the mobile application for the same, on a smartphone itself. It is specifically designed so a smartphone can withstand the computational complexity required to mine the cryptocurrency, reducing required power by a claimed 99.24%.
The primary effect that this development will have will be on the massive amounts of electrical energy that is being consumed by miners all over the world every year, which is, according to reports, almost the same amount of energy the whole country of Ireland consumes per annum! The densely reduced energy consumption is meant to be a sharp signal to the cryptocurrency ecosystem.
The cost of mining obviously goes down exponentially with this technique, eventually resulting in opening the playing field wide to the world. Every single mobile phone user can download the application and start mining straightaway, without having to buy expensive hardware and set up a mining system and pay for irrational consumptions of electrical energy.
The developers believe the concept to be extremely promising and they say that a variety of tokens will be created based on the SmartX Blockchain Platform of MIB. A total of 600,000,000 MIB tokens are set to be launched, with 50% of them being available to miners, whereas 8.33% will be available for the Initial Coin Offering (ICO).
The mobile application is also supposed to work as a payment gateway for the MIB coin in the future.
The possibilities of activity through this ridiculously amazing development are endless, and the SmartX Blockchain Platform might just become a game changer very soon in the future.