A Beginner´s Guide to Buying, Selling, Using, and Mining Melon:
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Technology is amazing. The amount of information, processing power and potential that we hold at our fingertips, or even on our wrist is mind blowing. The more advanced we become technologically, the more our possessions will be digital, not physical. These digital assets have value. Some have a lot of value, to the point where it is worthwhile to invest, trade and manage your digital assets on the open market.
While digital assets might be revolutionary, the way we trade and manage these investments isn’t always up to date. But Melon, a new cryptocurrency, is using the power of blockchain to revolutionize the way we manage our digital assets.
Melon (MLN) is a cryptocurrency that uses blockchain technology to allow users to trade and manage their digital investments. It is built on Ethereum’s blockchain and takes advantage of smart contracts to help automate the investment management process. It’s specifically designed to be a new breed of capital hedge funds. In other words, they’ve migrated hedge fund investments to the blockchain.
A cryptocurrency by definition is a form of currency that is sourced digitally. That is, it’s not backed or sourced by a central bank or government with physical money or gold. Instead, it’s sourced on a blockchain. The blockchain is the backbone of the cryptocurrency. Part of the job of the blockchain is to be the ledger/account book, recording all of the transactions and storing them permanently and sequentially in blocks. Reddit and other popular websites can help further define Melon.
Knowing that Melon is based on Ethereum’s blockchain helps us know how to proceed with buying some MLN token. First, you’ll need to purchase Ether, the token for Ethereum. Being one of the most popular cryptocurrencies on the market, it’s relatively easy to purchase Ether and it can be done with cash or with credit card through either Coinbase or Cex.io.
Next, you’ll need a wallet to store the MLN token in, like Myetherwallet. Keep this open when going through the purchasing process as you’ll need your wallet’s address at various points.
The third step is to exchange your ether for MLN token. This can be done through an exchange site like Changelly or Kraken. This is when your Myetherwallet address is used in order for the MLN token to appear in your wallet.
Ready to turn your MLN back into cash? Essentially follow the above steps, but in reverse. Just as Changelly or Kraken was used to convert Ethereum into MLN token, now it’ll be used to transfer the MLN token back to Ethereum. Note that depending on the exchange site, you may need to sell Ethereum for Bitcoin (BTC) in order to fully cashout into your fiat currency, like to USD. You’re now able to withdraw your cash at an ATM.
There are a couple of different ways to use Melon. The first is to use it as a digital asset management platform, investing in different digital asset management strategies. Melon allows you to invest in the portfolio of others, or have others invest in your own portfolio. Trades and processing fees are paid for with the Melon token. A practical way to implement this is to use Melon to move traditional assets to blockchain tokens.
Another way to use Melon is by purchasing and investing in the MLN token and storing it in your wallet. The MLN token can then be used as a currency to buy other blockchain tokens on the cryptocurrency market. This is a popular way to use every cryptocurrency, as the value of each coin is unique to itself. The price of the MLN token and exchange rate into other currencies will help determine the next step for the investment.
As the popularity for Melon grows, the ways to use the MLN token will grow as well. Online gaming and poker is a popular outlet for spending cryptocurrencies, like Melon poker.
Mining a cryptocurrency is where users aid in the processing of the transactions on the blockchain. The specifics vary between coins, but because Melon is based on Ethereum’s blockchain, we’ll focus on Ethereum. An Ethereum miner is devoting his energy and computing power in the form of a calculator to help determine the value of various blocks of transactions. Ethereum mining helps secure the network, and pays miners with Ether (now three ETH per block), incentivising users to use their computer power to mine Ethereum.
As mentioned, Melon is based on Ethereum’s blockchain. Melong cannot be mined in the traditional sense of mining cryptocurrencies. However, users wanting to buy MLN can mine Ether, and use those coins to purchase MLN. The more Ether is mined, the more the market cap for the coin grows and the processing time for the coin shrinks. The value of the coin helps determine the profitability of mining the coin, as miners are paid with more Ether.
As a coin grows in popularity and usage, the more transactions are made with the coin. The blockchain needs to be able to handle the growth in order to process each transaction in a timely manner. This growth is called scaling. By looking at the price chart for Melon, you’ll see how much it has grown within this last year.
Part of Melon’s ability to scale is based on Ethereum’s ability to scale. This has been an extremely controversial issue, but some believed that it has turned a corner as of late. Their solution is Raiden, a technology that moves the bulk of the transactions off the blockchain and onto a separate peer-to-peer network. If the transaction times don’t slow down as the chart for Ethereum grows, then you’ll know if Raiden has been a success or not.
Melon’s value is in more than it’s coin. It’s found in what it is trying to do. And that is bringing hedge funds and digital asset management into the cryptocurrency world. It’s a place to manage portfolios on a decentralized, peer to peer network. This means it has eliminated third parties and safeguarded against identity theft. As more of our wealth is tied up in digital assets, the more we’ll see platforms like Melon be used to help manage these investments.