XRMine October 21, 2022


This is a self-assessment, meaning, it is information that the issuer has written themselves. The XRP Ledger Foundation does not recommend or endorse any individual token. Read more.

Basic information

Project name: XRMine
Currency: XRMine (58524D696E650000000000000000000000000000)
Issuing account: rfXMq3BMX2dTzJtG4pnhr49u6sHkVQXpWL
Distribution accounts: rKdrRL3dVhfXVqx3FPMB9Ef6BXSmuwzFXr, rGe24P5aZckhpfsXSsSwRa68pgtaio4yZw, rJBFRnbNiTskPhMdL4Q6f82tpMDmKLvVCV, rhMQtrwERAqUkogE39faCqypGPPCSUAK2T, rKKiDcEBgeKfMJ1VugDo47bMMBNph2FLsd

This is revision number 1, signed October 21, 2022 by rfXMq3BMX2dTzJtG4pnhr49u6sHkVQXpWL

Description: Our project XRMine aim's to provide a new method of token distribution that will increase the accessibility of tokens created on the XRP Ledger.

The idea is to create a faucet that can be accessed by our users, Where they will easily be able to set up trust lines and mine tokens held within.

We hope to establish strong partnerships throughout the XRP Ledger to increase the awareness of the amazing projects being built upon it.

Unique selling points: What makes this token unique, compared to the broader landscape of tokens?

We are building on the Ledger to improve the accessibility of all tokens created within.

XRMine tokens have been made fundamentally to access the application we are developing.

Our native token will be used to access the application via a burning process, This will increase the security of the application whilst reducing the supply, increasing scarcity.

Purpose: What is the reason for issuing a new token, rather than using an existing? What purpose does this token serve, that is not possible with the native XRP token or other already existing tokens?

There's a number of reasons why we have created our token and are pushing the development forward.

As an Token issuer the current methods of distribution take up a lot of time, they can be costly and in some cases end up with days of complaints regarding missing tokens.

Our new way of distributing tokens will stop issuers having to do all the hard work, XRMine will do that for them allowing them to concentrate all of their efforts on the projects they are building.

Currently there are only three methods of token distribution and we feel this is rather limited, The established methods are individual transactions, Airdrops and Staking.

Individual transactions –
These are transactions that are usually peer to peer for a payment a gift or as a trade, which is great for the odd transfer here and there but is excessively time consuming when attempting to do it en mass.

Airdrops -
An airdrop is used when you wish to send tokens out to all of those with trust lines set, There can be a number of requirements such as a holdings or requesting some form of KYC registration. These often catch out a lot of people and can lead to days of sending individual transactions because they were unaware of the requirements.

Crypto currency staking involves locking up a portion of the asset you own as a way of contributing to the blockchain network, in exchange those staking can earn a percentage reward typically in the form of the asset they have locked up. The danger of this is that if the value of the asset drops you cannot access the locked up portion and can end up in negative equity.

Whitepaper/sales material: https://xrmine.io/whitepaper

The whitepaper includes concepts of how and when are the tokens created, total supply and if applicable the distribution models and total amount of allocation.

Risk reminder: The issuer has disclosed a warning or a reminder of the risks associated with crypto/tokens.

Bug bounty program: This is not applicable for this token.

Sovereign Entity

The self-assessment is made by a soverign entity (i.e. not a legal entity, such as a general partnership, limited partnership, private limited company, public limited company, corporation, commercial association or other).

Website: www.xrmine.io

Website information: The website should disclose the following information:
  • Contact information: e-mail and other contact information
  • Core team members
  • Whitepaper if available

The website contains relevant information.

Legal requirements: Legal requirements may vary per country and project. It is the responsibility of the legal entity to ensure legal compliance.

The issuer has assessed whether and what legal requirements apply to the project (licenses, jurisdictions, anti-money laundering regulations etc).

Self-assessment revisions
Revision 1October 21, 2022