Topic: [ANN] Genstake [GEN] [QT WALLET UPDATE] [STAKE-MINE] [SCRYPT] [FULL POW/POS] - page 28. (Read 37135 times)
June 03, 2015, 05:43:45 AM
Forked from jyap808/jumbucks
June 03, 2015, 05:40:33 AM
Looks good. Added to ipoMiner for mining on direct port 3491.
June 03, 2015, 05:35:59 AM
June 03, 2015, 05:35:35 AM
LOL 1 coin reward 
June 03, 2015, 05:34:23 AM
ok, so how long will it take to reach the hardcoded limit of 15 mill coins and how will there be an incentive to keep coins if there is no rewards or no mining?
...and what about the premine?
...and what about the premine?
June 03, 2015, 05:33:32 AM
Website
http://www.genstake.com/
Pools
https://www.suchpool.pw/gen/
https://www.ipominer.com/
http://gen.binpool.com
http://hashgoal.com/pool/GEN/
Explorer
http://explorer.genstake.com/
http://gen.altexplorers.info:3011/
Exchanges
Bittrex
Yobit
Market Cap
http://coinmarketcap.com/currencies/genstake/
Introduction
Genstake is about trying something different with staking. Staking was designed originally to yield a percentage of a coinholder's total coins over time, every year, in exchange for supporting the network. Developers walk a fine line between coding high interest percentages to entice holders to stake to support the network while trying to keep the interest percentages low enough that inflation doesn't kill the coin. People have become accustomed to 'Mining Periods' of hyper inflation where the initial coinbase is established, after which mining becomes impossible and the network relies entirely on holders to stake in order to maintain the network and process transactions.
Genstake aims to change all that. With Genstake, staking blocks doesn't give you interest on the coins you already have; staking blocks gives you a full block reward. Effectively, each of your coins becomes a little mining rig on the network, working diligently to mine you more coins. Gone are the days of 0.02 coins for staking a block. Staking a block with Genstake produces 20 Gencoins.
There will always be traditional mining on the Genstake network as well - in fact, at first, everyone will have to mine the traditional way. Genstake uses a Scrypt POW system, and each block minted with Proof-Of-Work produces 5 Gencoins. Not too much, but that's the point. The idea is for the POW mining system to always be a viable point-of-entry into the Genstake system for people that don't want to or can't afford to buy the coins off the market. Theoretically, as people mine enough coins through POW to start stake-mining, they'll stop mining POW and move strictly to POS. This natural mechanism should keep POW difficulty at a reasonable level for everyone to be able to take part, and with POW/POS running in permanent concurrency, the risk of a 51% attack is made practically impossible.
Genstake utilizes a natural reward halving system, cutting the supply that is released through the pos/pow system by half every year. There is a hard limit of 15m coins written into the code, but depending on the balance between POW and POS over the years, there's unlikely to ever be more than 13M coins.
Genstake aims to firmly put the future of the coin in strong hands, while attempting to always leave the door open for anyone to get involved with the coin through traditional means. Who can compete with POW when monsterous hash is being thrown at a coin? There's almost no way into a valued pure POW coin these days without spending a serious amount of money on hardware. And for POW/POS coins, so much hash goes into the POW phase that the only way average Joe can get in is to get lucky right at the beginning before the difficulty grows too large.
With Genstake, hopefully once the initial dust settles it will become a coin that is accessible to everyone, and because of it's inherent value to stake-mine itself it will be mostly kept off of the market and held by strong hands that will support the network indefinitely. Coins that do find their way onto the market will only give others more staking power on the network and enable others the opportunity to generate more coins for themselves.
Coinbase Growth Timeline
| Date | Estimated Total Coin Supply |
| June 10, 2015 | 173,000 GEN |
| June 15, 2015 | 263,000 GEN |
| July 1, 2015 | 542,000 GEN |
| August 1, 2015 | 1,100,000 GEN |
| September 1, 2015 | 1,658,000 GEN |
| October 1, 2015 | 2,198,000 GEN |
| November 1, 2015 | 2,756,000 GEN |
| December 1, 2015 | 3,296,000 GEN |
| January 1, 2016 | 3,854,000 GEN |
| February 1, 2016 | 4,412,000 GEN |
| March 1, 2016 | 4,934,000 GEN |
| April 1, 2016 | 5,492,000 GEN |
| May 1, 2016 | 6,032,000 GEN |
| June 1, 2016 | 6,590,000 GEN |
| June 1, 2017 | 9,875,000 GEN |
| June 1, 2018 | 11,517,500 GEN |
| June 1, 2019 | 12,338,750 GEN |
| June 1, 2020 | 12,749,375 GEN |
Specifications
General
Block time: 60 seconds
Min transaction fee: 0.0001
Confirmations: 10, maturity: 20
Max Coins: 15,000,000
Premine: 1000 GEN
P2P port: 9341, RPC port: 9342
addnodes:
node1.genstake.com
node2.genstake.com
node3.genstake.com
node4.genstake.com
Proof-Of-Work
Algo: Scrypt
Block Reward: 5 GEN, Halves Annually
Max Height: None
Proof-Of-Stake
Block Reward: 20 GEN, Halves Annually
Min age: 4 hours
Max age: 30 days
Wallets
Windows v1.0.3 (June 21, 2015)
Mac OS X v1.0.3 (June 21, 2015)
Source
Github Source
Translations
Spanish
Russian
Indonesian
Dutch
Polish
Portuguese
Hebrew
Turkish
Hindi
French
Romanian
Donations for development are not expected but are appreciated.
GEN: GPeAWdV7fNo1xtPPTvQK7M7Wh6bKWAxA7e
BTC: 16KyAYF5oo9BYxk9zseUmmzP229rRe1KkF
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