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Home » Online Money » Crypto-Currencies » GenStake - [GEN] [SCRYPT] [POW/POS] (New Proof of Stake Technology)
GenStake - [GEN] [SCRYPT] [POW/POS] [message #32] Fri, 08 April 2016 23:48
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Algo: Scrypt
Block Reward: 5 GEN, Halves Annually
Max Height: None

Block Reward: 20 GEN, Halves Annually
Min age: 4 hours
Max age: 30 days

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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.

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

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


Genstake Crypto-Currency
BitcoinTalk Thread

[Updated on: Wed, 15 February 2017 08:34]

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