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ICO Review

Honest Mining ICO Review

Discover The Future of Crypto Mining

                  

Symbol – HNST
Purpose – Platform
Registration company –Indonesia
Total Supply – 400,000,000
Coin Price – 1 ETH = 7500 HNST
KYC/Whitelist – Yes
Soft Cap – 5,000 ETH
Hard Cap – 20,000 ETH

Honest Mining ICO Overview
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 their vision a reality, they 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 the 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.

Honest Mining ICO Value Proposition:

  • 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.
  • 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.
  • The project will run a 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.
  • Instant Masternode—HonestMining platform allows Masternode holder to request for an exit on any given time. This exit opens up a new opportunity for other users to enter the masternode stack. The Masternode stays matured and running without any effect to other Masternode holders.
  • 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 HOLD-ing and re-invest the Masternode reward for a maximum snowball effect. Rewards are distributed proactively as soon as the masternodes receive rewards. their 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 a 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 they follow internationalization (i18n) and localization (i10n) web standard.
    Apart from bonuses for private and pre-its contributors, there are several incentive programs that they 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 their early user: reserve their username & be the first to use their Alpha Beta instant masternodes.Focus Group—> Special focus group for their elite users

Honest Mining ICO 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.

Advisors
They have reputable advisors with relevant experience too Honest Mining has onboarded advisors to look forward to the success of the ICO.
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.

Honest Mining ICO Technology
FEASIBILITY
: 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.

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 their 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.

MVP: A minimum viable product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product’s initial users. The MVP has variant salient features incorporated in it and is duly developed and audited for the public use.

DECENTRALIZED: There is a definite roadmap in place which is being followed and shall enable it to successfully revolutionize the ethical mining issues currently prevailing in the cryosphere. It will do so with Quick & Transparent Rewarding Mechanism, Instant Masternode, Device Coverage, and Globalization.

INNOVATION: HONEST MINING is designed to be highly scalable and 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 which minimize unscheduled downtime.

Only their load balancer (HTTPS port) along with multiple security layers will minimize threat activities. OWASP will be integrated to avoid vulnerabilities.
A periodic security audit will be conducted which will ensure 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 master node 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 automated master node building process and activate the master node immediately.

HONEST MINING platform is built using modern microservice architecture. It enables continuous delivery and deployment of the large complex application 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

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