Two years ago when the Midas platform began operation, it used a very basic functionality. A discord chat room in combination with balances kept on google sheets allowed users to participate in shared masternodes. Supported coins had a deposit address publicly available in a channel, and users would send coins, followed by filling out a google form. Balances were manually updated daily on the sheet, which could be viewed by anyone. Without an overwhelming amount of competition, Midas’ service thrived in a market that was growing at the time. But as more services came along, the competition got tight, and Midas had to not only improve its user experience — it also had to expand its offering.
At the end of 2018, shortly after the release of Midas’ own cryptocurrency, the first iteration of the platform was released. This version of the platform featured Instant Shares — an innovation that was novel at the time. Instant shares have gone on to be copied by nearly every competitor in the space.
Over the past few months, Midas has gone on to expand its offering beyond what any competitor has accomplished thus far. This started off by the listing of larger Masternode projects, which had shied away from listing on these type of platforms. Coins like PivX, DASH, Blocknet, and Phore have all listed on the Midas platform, allowing investors with small and large investment amounts alike to participate and receive rewards.
There was also the release of the Instant Buy feature, which allows investors to purchase their coins and host them on an Instant Share all within one platform. Not only is this convenient for investors, it is also time efficient and cost saving. Lengthy transaction and confirmation times, as well as expensive transfer fees are taken out of the equation. But that’s not all — the pumping effect that a buyer could have on a Masternode coin’s valuation (due to low liquidity and thin order books) has also been mitigated. For a small premium, users can buy nearly any amount of collateral that they desire.
This brings me to the burn out feature. While many coins promise a useful platform, oftentimes there is no tangible link between the platform (if it is even built) and the value of the coin. Burn out allows users to actually invest in the growth of the Midas platform — which as more of these features are expanded, the growth potential is extremely high! As the platform continues to grow, more people will use the platform, expanding the pool of people who will invest in the Burn Out feature. This means more rewards will be shared, as well as lower the supply of Midas coins — creating a two fold economic benefit: a nice ROI for investors as well as increased coin scarcity! For more information on the Burn out feature, check out this article!
As 2019 continued, it became clear that the Masternode market was decaying rapidly, largely due to rampant scamming and a lack of innovation. This spurred Midas to expand their offering yet again — this time beyond Masternode coins. For the first time, Midas listed Bitcoin — the king of all cryptocurrencies — as an Instant share. Though it’s still in Beta, users who deposit BTC will receive a 15% ROI dividend on their deposits, paid on a weekly basis. Plans are in place to extend this offering to ETH and USD — making the Midas platform rival others such as the Celsius network (for example).
The combination of these features: instant share, instant buy, and shares of non-PoS coins makes Midas easily the most diverse crypto platform available for users currently. With more features on the way, such as a fully integrated exchange, instant sell, trading bot shares, and expanded burnout features, Midas will continue to differentiate itself and establish its place in the market.