What is Datamine?
Datamine describes itself as a new non-custodial and decentralized open-source economic system that uses smart contracts to create Adaptive Money. Their dual token DeFi protocol generates dividends every 15 seconds.
After you have some DAM and FLUX you can start staking it in the Datamine Dashboard Panel to earn FLUX dividends.
DAM is an ERC20 token and the staking function/ FLUX minting is done on-chain using Ethereum Smart Contracts.
There is a Base Staking APY and two forms of Bonus Multipliers, a Burn Bonus (Up to 10X Max Bonus) and a Time Bonus (Up to 3X Max Bonus).
Both Datamine (DAM) and FLUX tokens have successfully PASSED professional audits by the SlowMist team. Both reports are now part of the whitepaper. Additionally, you can find both reports on SlowMist website by entering the DAM or FLUX smart contract addresses.
Q & A with the Team
One of the best ways to better get to know a project is to talk with that project’s founders and team members. We took some time to interview the Datamine team in a Q & A format to let them showcase the amazing work happening with DAM and FLUX.
Q: Datamine Network is a portal into your own Decentralized Mint. What led to your decision to structure your network with two tokens?
A: Pretty sure we started the project in the following manner:
- “Ok we’ll have DAM token, what is the use case?”
- “It’ll generate FLUX tokens if you store DAM in a smart contract”
- “Ok so you got a bunch of FLUX tokens for holding DAM in a smart contract, what do you do with FLUX?”
- “What if you can destroy FLUX to generate FLUX faster?”
Little did we know that this 5-second brainstorming session led to solving something as big as monetary inflation.
With the basic theory above we then tackled more advanced topics later such as “How much FLUX do you need to destroy?”. The amount of FLUX to destroy is dynamic and is a global, 24/7 competition between all DAM minters.
Q: Being built on Ethereum, are you concerned with the upcoming transition of the network to ETH 2.0, and how will this affect your codebase?
A: We are looking forward to ETH 2.0 as there are many great improvements to smart contracts. With ETH 2.0 sharding also comes lower gas usage which greatly impacts how frequently FLUX is minted.
Mints have a choice to mint their FLUX at any interval but gas prices form a “mint floor” where mints won’t mint $10 of FLUX if it costs them $20 to mint.
With cheaper gas on the Ethereum L1 network, we’re expecting to target a broader audience where you can start your own FLUX mint with just $5.
Q: The Datamine smart contracts are audited, please explain who completed the audit and if any vulnerabilities were discovered.
A: The community came together and funded smart contract audits for both DAM and FLUX. The smart contract audits were performed by a professional SlowMist team (They’ve done over 1200+ token audits now!).
With our smart contracts running for over 1 year, being audited, and offering an unclaimed bug bounty we’re in the green zone.
If any exploits come to light users might be able to stop their mint and start a new mint with a new smart contract. This way we won’t have to swap DAM tokens for a new token.
Don’t forget that DAM / FLUX Smart contracts are accessible on CoinMarketCap by clicking “SlowMist” in the Audits section: https://coinmarketcap.com/currencies/flux/
Q: There are two Multiplier opportunities for users of your platform to generate higher yields, the FLUX Burn Multiplier, and the Mint Age Multiplier. How can a user get maximum yield utilizing these Multipliers?
A: We’ve built Datamine with ease-of-use in mind. Our onboarding looks like this:
- Get some DAM tokens and go to https://datamine.network with Metamask
- Press Enable and then Start Mint
That’s it! When you are part of the Datamine ecosystem you learn about the multipliers:
- Mint Age Multiplier: Simply leave your mint running for 28 days to max this 3x multiplier
- FLUX Burn Multiplier: Burn FLUX to your mint to max this 10x multiplier
These Multipliers are multiplicative which means if you max both you are now minting FLUX 30x faster!
Q: What makes Datamine unique amongst all the other projects that exist within the Crypto and Staking Sphere?
A: Some examples of what makes us unique:
- We solve one of the top economic challenges, Inflation, through Decentralized Mints that replace centralized financial intermediaries. Datamine Decentralized Mints replace the responsibility of 1 central bank to control inflation.
- We have created a currency whose supply dictates its own demand.
- We were the first cryptocurrency in the world to achieve negative inflation. Last month we sustained an entire month of negative inflation and reached -18.89% deflation.
- We wrote our smart contract from scratch utilizing OpenZeppelin ERC777 standard. There are still only a handful of tokens that utilize this new standard.
- No one gets paid at Datamine. Community funds all of their own projects and developers are self-sustained by the ecosystem itself.
Q: Can we expect any new developments or increased features coming to the Datamine Network in the future?
A: The smart contracts behind the real-time supply/demand curves are now fully online and can’t be stopped. We launched our core offering on day 1 and now all we can do is build on top of this amazing foundation.
We’re constantly building our real-time analytics platform which analyzes minting/burning patterns and how they impact inflation. We’re building “the best blockchain explorer” in the world.
If you have 2 minutes, we suggest you check out https://dataminenetwork.medium.com/ for bite-sized quarterly updates.
Q: Datamine is largely driven by its community, how can someone get involved, and are there any funding opportunities?
A: With 700+ active mints we have a small, but very active community. The community funds all of the projects.
This level of marketing decentralization will allow us to scale well into the future.
If you want to chat with the community be sure to visit our Discord: https://discord.gg/2dQ7XAB22u
Q: You have liquidity pools on uniswap and the DAM token is an ERC20 on Ethereum, are you concerned with high gas fees on Ethereum and what are you doing to combat this issue?
A: Fees are just a temporary L1 setback. With enough time and thousands of Ethereum developers, we believe L1 will scale well in the future where gas prices will be “negligible”
Fees are just a small obstacle to overcome for achieving true global scale.
We’re waiting this one out as scaling is on the way in Ethereum 2.0!
Q: Will Datamine have cross-chain interoperability with BSC and other blockchains for the token in the future?
A: We see the future with a 24/7 cross-chain decentralized token market. Our highly customizable smart contracts are ready to plug into many upcoming DeFi projects.
Remember, we’re trying to become the first true cryptocurrency so our use case as “Money” fits in perfectly with all new DeFi projects.
DAM and FLUX Uniswap liquidity pools showcase how transactional throughput benefits Liquidity Providers in the Datamine ecosystem.
Q: Are there any exciting updates or announcements coming for Datamine in the immediate future?
A: We just released our first version of decentralized, real-time achievements. We believe achievements will open up many new data points for Datamine Network.
Did you know that we’re providing stakingrewards.com with a custom API? This API is powered by our real-time analytics platform!
Adding additional metrics and data points to Datamine Network is how we will visualize the ecosystem as a “blockchain explorer”
Q: Describe the main vision of Datamine Network and give us your goal for the project 1, 3, and 5 years.
A: Over the next year, FLUX inflation should remain in the low double-digits. This will ensure FLUX price and market stability.
Currently, 20% of all FLUX liquidity is in the Uniswap V3 FLUX / ETH pool. This ensures there is always enough M0 money supply in the market. As the pool grows, this results in low volatility.
In 5 years, we should be close to our $5,000,000 burned FLUX milestone. As of today, $1,340,000 FLUX has been burned so we’re making good progress towards the milestone!
Q: Where is the best place for the community to interact with you?
A: Check out these links:
- Follow us on Twitter: https://twitter.com/dataminenetwork
- Chat with us on Discord: https://discord.gg/2dQ7XAB22u
We’re always happy to talk and usually, your questions make it into our help articles!
Q: Why is Staking Rewards a good partner for your project?
A: You mean the BEST partner, right? We were using stakingrewards.com long before Datamine and we’ve created our smart contracts around staking!
The staking audience is a perfect fit for the Datamine Ecosystem as it’s a group of individuals who understand staking and smart contracts.
If you like staking, you’ll love Datamine!
Staking DAM is extremely easy for the user to understand. Even with a two-step process to add a FLUX Burn Bonus the user should be able to follow along without an issue. Being built on Ethereum, the user has to pay gas fees for 4 contract operations to complete the staking DAM cycle, so consider these costs when embarking on the DAM staking journey. The great thing about DAM staking is that the supply of DAM is fixed and there is no inflation since the dividends are paid in FLUX tokens. Further buy pressure is put on the FLUX token by users looking to get a multiplier bonus, this creates an organic velocity. One of the best parts of Staking DAM is the Time Bonus aspect which encourages users to Stake for longer time periods without penalizing them for a quicker withdrawal. The team has now allowed the project to become run by the community which is a decentralization benefit. Keep up to date with the DAM staking rewards as APY is affected by the cost of DAM and value of FLUX, follow along on the Staking Rewards DAM Calculator page to estimate your staking rewards!
The opinions published in this article are that of the authors.