MEMHASH - review, price forecast and token mining
The MEMHASH coin is an internal token in the MEMHASH Telegram ecosystem. The project utilizes the computing power of thousands of devices simultaneously to create a decentralized mining ecosystem. Users who contribute their device resources to support the TON blockchain receive rewards.
What is MEMHASH
MEMHASH is a blockchain-based mini-app in Telegram using the TON (The Open Network). Users can mine MEMHASH tokens using their smartphones or computers. The app was launched in October 2024 by the creators of Major and Friends Factory mini-apps. Since its launch, the official MEMHASH Telegram bot has attracted over 2 million active users.
How MEMHASH Works
The core of MEMHASH is based on the Proof-of-Work (PoW) consensus algorithm, similar to Bitcoin's mining process:
- Device Power Utilization: MEMHASH uses participant devices to generate new blocks in the blockchain.
- Cryptography Solving: Devices solve complex cryptographic tasks.
- Reward Distribution: Upon finding the correct hash for a block, users receive MEMHASH tokens.
The principle of distributing coins is that the more users mine, the higher the difficulty of mining. Rewards are allocated as follows:
- 70% to the miner who first finds the correct hash for the block.
- 30% shared among other participants.
Every 100,000 blocks, the miner's reward decreases by 10%, while the share of remaining tokens increases by 10%. This mechanism promotes more equitable reward distribution among MEMHASH participants.
How to Start Mining
The first season of mining MEMHASH has concluded, with users now awaiting the next season. Initially, mining MEMHASH required Telegram Stars to activate. However, due to increased user numbers and mining complexities, access has become free.
To mine, users needed to:
- Launch the official Telegram bot.
- Click "Start Mining".
Each user started with 2100 energy units, which were consumed when blocks were found. Energy could be replenished by:
- Buying energy with Telegram Stars.
- Inviting friends via referral links.
- Completing in-app tasks.
Memhash Listing
As of early February, MEMHASH was not listed on exchanges. However, the project team has signed agreements with major crypto exchanges, including Binance, demonstrating their ambition and confidence in the token's success. The listing of MEMHASH is scheduled for February 2025 on leading TON-supported platforms.
MEMHASH Price
MEMHASH is not the first project with a similar mining mechanism. For example, Gram, launched in January 2024 with an emission of 5 billion coins, saw a tenfold price increase initially. MEMHASH has a limited emission of one billion tokens, all distributed among community members without developer allocations, making it highly decentralized.
Initial price volatility is expected due to high community interest. Analysts predict price growth, but early holders might sell their tokens after listing, affecting the price. The MEMHASH team may then buy back tokens at lower prices to control part of the emission, potentially driving prices higher.
How to Withdraw MEMHASH
Currently, withdrawing MEMHASH is not possible. Withdrawals will be facilitated through TON-compatible wallets like TonKeeper or Telegram Wallet once available.
How to Buy MEMHASH
After listing, MEMHASH can be purchased on major exchanges supporting the TON network. Additionally, integration with Telegram Stars provides a potential pathway for acquiring the token.
Mining the MEMHASH Coin
Mining MEMHASH involves using devices to solve cryptographic tasks within the Telegram mini-app, utilizing the Proof-of-Work algorithm.
MEMHASH Energy
MEMHASH operates on a system that leverages user devices' computing power to generate blocks in the blockchain. The "energy" concept involves a token economy where users are incentivized to participate and secure the network. Initially, each user had 2100 energy units to contribute to mining. Energy could be replenished through various means.
Conclusion
MEMHASH combines PoW mining with the TON blockchain, positioning it as a key project in the ecosystem. It offers users not only earning potential but also participation in decentralized technology development. The project's simplicity, low fees, and high security make it appealing to a wide audience. The integration with Telegram Stars may provide additional liquidity, and the token is expected to grow in value.
