We like to begin this post by first saying Thank-You to all of our supporters who offered us enormous help along the way. The achievement along the way was the best testament to this joint effort. In the past months, your support continued to push us forward.
Following the public’s enthusiastic reception of our tremendously successful launch, a protracted slump was brought on by the constantly ongoing negative market attitude.
The current downturn in crypto prices and the NFT sector is part of a global sell-off of nearly all asset classes rather than something specific to web3. So in all senses, we are entering a global winter. However, a few crypto-specific issues set the crypto winter in a faster and stern motion, such as the collapse of the algorithmic stablecoin TerraUSD and its sister coin that backed it, Luna.
Every bear cycle in crypto is different in its causes but the same in appearance, which is always a massive exodus of investors, projects, and their confidence. MINE Network is no exception. Upon calculation, the number showed that we had exceeded the development budget planned for 12 months and required us to be extremely cautious regarding allocating our limited resources.
However, to some degree, it freed us from the hamster wheel of chasing deposits, users, and mainstream attention. Instead, we can now focus on building for the long term, both technologically and strategically.
With that being said, we have the following announcements to make.
Team Adjustment & New Position Opening
Costs for human resources take up a large part of the annual budget for companies. For this reason, we have disbanded large parts of the marketing and community management team. Andreas, who served as a Project Lead of MINE Network, will continue to work with us in an advisory position to be more cost-efficient. We really appreciate the opportunity to work with him as a leading project manager and enjoyed every second of it. His operational and strategic skills, especially in the launch phase of this project, were one main contributor to the immense success and performance of the project. We at MINE Network want to thank him for his engagement, guidance, and encouragement. As an advisor, he can offer great value to MINE Network regarding strategy planning, web3 connections, and product ideas.
Many crypto leaders and experts consider this market downtime “The Most Important Bear Market In Crypto History” because it offers many global teams opportunities to rethink strategies and roadmaps. The bad news is that it’s bound to affect micro-cap projects like ours particularly hard. The good news is that venture investment is continuing. In the bear market, bigger bets are going to fewer entities. In essence, VCs are still going to long crypto and blockchain. They’re just a lot more selective than a year ago. So now is the best time to adjust the MINE Network product niche, strategy, and team and gear us toward a new future. With this rationale, we are opening the following positions for the future establishment of the project.
This role is to direct and coordinate the internal structure of the MINE Network based on our goals and objectives to ensure an efficient working environment and that product deadlines are met consistently.
- Oversees the daily activity of the team.
- Prepares budgets, schedules, and other organizational things as needed.
- Provides advice and guidance to other team members.
- Manages team workloads to meet goals and deadlines.
- Develops plans to increase efficiency and reduce costs.
- Ensures roadmap requirements are completed on time.
Marketing & Communication Lead
This role is to initiate, coordinate and execute marketing and branding strategies to grow MINE Network’s market share. The candidate needs to increase brand awareness and familiarity to increase market share.
- Developing, executing, and governing marketing communications and programs and working closely with other crypto business representatives.
- Responsible for developing, implementing, measuring, and improving communication plans to ensure the development of cross-functional marketing initiatives.
- Developing a program of marketing communications activities.
- Managing all publications, websites, newsletters, and social media through collaborative work with partners and stakeholders.
- Drafting and distributing statements, official comments, and media releases.
- Writing publications for various audiences.
As a Blockchain Developer, you are responsible for developing application features and interfaces using blockchain technology. You will also be responsible for designing and developing a system that can prevent any changes intruders can make.
- Designing, developing, and testing blockchain systems.
- Developing application functionality using various coding languages.
- Writing efficient and modular code.
- Setting security measures against multiple types of cybercrimes.
- Utilizing cryptography techniques to protect against hackers and other cyber attacks.
- Maintaining client and server-side applications.
- Securing the blockchain network with new technologies.
- Enlightening fellow team members on blockchain technology.
- Preparing documentation on the blockchain development processes.
As a blockchain game developer, you will play a pivotal role in helping to build and support a growing ecosystem, which includes the creation of web3 game demos, explainer videos, and presentations for public speaking.
- Create sample web3 game projects using Unity Game Engine.
- Investigate, innovate and push forward new Web3 gaming standards
- Provide technical advisory to Business Development, Marketing, and other non-technical staff.
- Create and maintain developer documentation, tutorials, and video materials.
- Participate in both virtual and in-person meetups with community members, project teams, and developers.
Project Development & Future outlook
MINE Network has completed the development of testnet, and each module is as follows:
We have completed the development of the Hashrate NFT contract, Hashrate NFT purchase, and farming function.
We have completed the function of creating a SubGraph index by interacting with the user’s contract.
We have completed the reward distribution with the Hashrate NFT held by the user and the farming reward Claim function.
We completed the UI interaction of Hashrate NFT purchase, Farming function.
After our extremely successful launch, we quickly realized we needed to adapt to the changing market and set up appropriate plans to mitigate the unknown negativity.
“ The macro market has deteriorated a lot, both for cryptocurrencies and for stocks in general. We are a long-term project and we are building for the long run, but we have to take the current market conditions into account. In a bad market, the most important imperative is to survive and make sure the project can live until the market is ready for what we are building. ”
The most recently communicated roadmap cannot be adhered to due to necessary adjustments to market conditions. Therefore, it will be subject to general review and adjustment to meet a niche in the new market. To adapt to the current market conditions, we plan to assemble a new technical team and start working on MINE Network from a different perspective. We must consider the unit economics concept borrowed from Web2 and Silicon Valley. This will allow a tech-enabled business model to generate free cash flow in excess of operating and user acquisition costs once outsized early-stage investments are not required anymore.
Master Miner NFT refund
It will be necessary to examine whether the cost-intensive development for the MINE Network Metaverse, called MINEverse, is worthwhile, especially after the latest evidence and reports that play to earn games and big metaverses like Decentraland have become a zombie landscape with only a handful of active users. We were aware of this trend some time ago and were able to make quick adjustments. Since the path for a release of the MINEverse must go to the long term test bed, we have decided in the meantime to reimburse the cost of the Master Miner NFTs minted to date. For this reason a snapshot has taken place on this on Sept 18th 2022 3:30 PM. The refund on all wallets with Master Miner NFTs was executed on Oct 10th 2022 Tx ID.
We look forward to working with you in the next chapter of MINE Network and would like to put the Master Miner NFT minting contract on free mint https://nft.mine.network/.
If any questions or comments arise please contact Co-Founder and Technical Lead Michael Lee or the General Management via E-Mail firstname.lastname@example.org.
Michael has many years of experience in web3, project management, and communication. We are confident he will bring value to you, help facilitate communication between the project team and our communities, and help you get the information needed.
ABOUT MINE Network:
MINE Network is the First Decentralized Multichain Hashrate Token Protocol that solves the liquidity problem of miners on chains like Bitcoin, Litecoin, Ethereum, and Filecoin. MINE Network will standardize the mining power from different mining pools for different mining projects and issue hashrate tokens. Every hashrate token is a synthetic token that represents the mining power of a unique mining blockchain and is also collateralized by standardized mining power.
MINE Network will also use Substrate’s OCW off-chain oracle workers to monitor the on-chain revenue data of different mining projects in real-time and upload revenue information to ensure that the data is open and transparent for miners.