A decade ago, practically no one could have predicted that blockchain technology would reach its current heights. The novel technology which has been propelled onto the global stage by its most famous offering, cryptocurrency, has successfully seen use in many facets of human life, including supply chains and even electoral processes.
One person that has always believed in blockchain, however, is Alexander Mamasidikov, the Co-Founder of MinePlex, a CrossFi bank that leverages blockchain technology to give many of the same features of traditional banks but with more flexibility as well as some options that traditional banks don’t.
MinePlex is only a year old but within that time, has amassed thousands of users, had its first annual conference and is even planning towards a 2.0 version of its platform. Mamasidikov speaks to us today about his company and all things blockchain.
Q: MinePlex has had such a whirlwind year, from your amazing public reception to your conference? Did you expect this to happen so soon?
All significant events of this year are the merit of our team and the MinePlex community. I always tell everyone that we have a dream team. We follow a common goal and do one thing. Together, day after day. We want to make blockchain an integral part of reality. Change the existing financial system, when people find themselves outside the services of traditional banks. Therefore, the first turbulent year of the project is just the beginning.
Q: CrossFi and DeFi have taken off so much in the last two years and have sort of become the darlings of the blockchain industry. Why do you think this shift happened?
Many factors influenced: an outdated banking system that cannot meet the requirements of customers, the transition of the whole world to online, the digitalization of all possible trends, the popularization of cryptocurrency. The market is ready for a change in the knurled processes. Users create a request to integrate cryptocurrency into everyday functionality, because it is safer, cheaper and much faster.
Q: A while ago, your company introduced commodity staking which is innovative in terms of how people can buy products. What brought about the idea?
The starting point was the task of creating an alternative to loans and installments. When launching the marketplace, we understood that not everyone will have the opportunity to buy an expensive product right away. And the question immediately arose: how can we help our users not to overpay 20% for a loan? The MinePlex blockchain originally had a staking tool that generates 20% monthly income in PLEX tokens. And since payment for goods on the marketplace takes place in tokens directly, bypassing fiat, we simply transferred the idea of an already working tool to the marketplace platform. Thus, the user selects a product, puts a part of its value into staking. At the end of the staking period, the client picks up the product, paying, as a result, only a part of its value.
Q: What do you think traditional banks’ response will be to CrossFi and DeFi?
CrossFi and DeFi from the very beginning meant user access to cryptocurrency. Traditional banks are not meeting these demands. Their system cannot take control of cryptocurrency simply because it is inherently decentralized. This poses a threat to the banking system, since their organizations cannot manage the assets of crypto users. Cryptocurrency owners independently carry out all operations. There is no need to go to the office. The outflow of clients from the traditional banking sector to CrossFi and DeFi has begun, and this cannot be stopped.
Q: Even as cryptocurrency becomes more popular, some people are still very sceptical about it. Do you think this will change in the next decade?
Cryptocurrency has already become a part of the financial world and will not leave the game. In the last six months alone, the number of crypto users has more than doubled. Despite the constant volatility of cryptocurrencies, dumps, pumps, and HYIPs. It takes time and knowledge to build trust. If users are aware of the risks, understand the processes, understand the terminology and characteristics, they will begin to understand the rules of the cryptocurrency game and see all the endless possibilities that it provides. And it’s not even about profit, but about freedom and true belonging to the owner.
Q: What achievement is MinePlex most proud of in its first year?
MinePlex’s main achievement is its underpinning, proprietary LPoS consensus blockchain with a liquid token. It contains our goal and dream: to solve the main problem of the crypto world – the volatility of the cryptocurrency and make cryptocurrency a part of everyday routines – paying bills, ordering goods, etc. Thanks to our technology, throughout the year, MinePlex clients use a staking tool that allows them to receive up to 20% in a month in PLEX tokens. The profitability is embedded in the blockchain and calculated using a mathematical algorithm.
Q: Do you think there needs to be more focus on other aspects of blockchain besides just cryptocurrency?
This is happening right now. The strengths of decentralized technology allow it to be applied to improve and simplify the quality of life. A year ago, blockchain was recognized as the best solution for a number of industries, including medicine, education, and the financial sector. According to analysts, the leaders of the largest organizations see the introduction of new solutions into their systems over the next five years. The blockchain cannot be stopped, it is only a matter of time.
Q: where do you see the industry going in the next decade?
I will not talk about flights to the moon. I can say what will become the trends of the next 3-5 years: crypto cards, the spread of POS terminals that work directly with cryptocurrency, bypassing fiat, the development of crypto banking and, most importantly, increasing financial literacy and awareness of users, increasing their education. This is what we are bringing to market as part of the MinePlex 2.0 strategy. We see the changes and needs of the crypto industry and the entire financial industry, and we are fully ready for them today.
