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What is Mirror Protocol (MIR)? How to buy MIR in India?

Mirror Protocol

Snapshot:

  • What is Mirror Protocol (MIR)?
  • Who are the founders of MIR? 
  • How does Mirror Protocol (MIR) work?
  • Key Attributes of MIR
  • How to buy Mirror Protocol (MIR) in India 

What is Mirror Protocol (MIR)?

Mirror Protocol (MIR) is an Ethereum token that allows creators to issue synthetic assets, that help track prices of real-world assets. The project aims to enable 24/7 equities trading by minting “synthetic” versions of the real assets. MIR tokens can also be used to propose and vote on important changes to the protocol. 

In other words, mirrored assets are tokens that behave like a mirrored version of real-world assets by reflecting the exchange prices on-chain. They give traders the price exposure to real assets while enabling fractional ownership, open access, and censorship resistance as any other cryptocurrency. Unlike traditional tokens which serve to represent a real, underlying asset, mAssets are purely synthetic and only capture the price movement of the real asset.

Who are the founders of MIR?

Mirror was developed by Terraform Labs (TFL), the group that has built the Terra blockchain. The MIR blockchain was built to be dedicated to building out the Terra tooling and application ecosystem. 

How does Mirror Protocol (MIR) work?

The Mirror token has two functions:

  • Mirror Protocol’s MIR acts as a governance token that enables its holders to vote and help in deciding on the changes to the protocol.
  • MIR is distributed as a reward to users who provide mAsset liquidity to AMMs.
  • The synthetic assets on the Mirror Protocol are known as mAssets.

HOW TO BUY Mirror Protocol (MIR)?

Use these three-step processes to buy your first MIR using the CoinDCX crypto app in India

  1. Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
  2. Verify the account: You need to complete your KYC, to buy MIR on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
  3. Buy MIR: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].

The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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