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Whitepaper
Shelby Sowell - [email protected]
Abstract: While Bitcoin solved several issues regarding the development of blockchain technology and brought it into mainstream focus, it is missing several enhancements now synonymous with blockchain projects. The ideology of cryptocurrency is to redistribute the balance of financial power back to the people who are being undermined by increased government scrutiny on taxes and securities regulation. Genesis continues Satoshi Nakamoto’s dream of decentralization and the acceptance of digital currencies by providing businesses and e-commerce with a stable platform from which to operate, powered by a developed blockchain with seamless integration into pre-existing developed systems.
Key Terms: Genesis, Equihash, Cryptocurrency, Blockchain, Masternodes, Point-of-Sale
Genesis is a fair-launch, decentralized cryptocurrency built upon the modern 0.16.3 BTC codebase, providing the most stable base possible. Furthermore, Genesis has been specifically engineered to integrate future Bitcoin updates directly into the technology stack ensuring that Genesis benefits from the most robustly tested blockchain in existence.
Genesis further adds the known stability of the Equihash algorithm boasting efficient blockchain processing, thus allowing fast transactions with low fees. Utilizing the Equihash 192.7 variant, Genesis will be supported by a large GPU mining network.
As of launch, Genesis is the first and only Equihash cryptocurrency running a modern BTC codebase (0.16.2 at the time). As of 4.1.2019, Genesis is the first and only Equihash Masternode currency running on BTC codebase 0.16.3.
- Be the first true blockchain driven payment processer that non-technical consumers can adopt anywhere
- Change perceptions between cryptocurrencies being viewed as a currency instead of an asset.
Between mass user adoption, heavy development of blockchain technologies and integration paralleled with business implementation, Genesis is well positioned to accomplish these goals.
Since Bitcoin’s inception, [1] there have been many advancements in blockchain technology. Unfortunately, not all additions to the technology stack achieve their intended goal. Blockchain technology still suffers from scalability, Government acceptance, and volatility to name but a few. These are some of the most pertinent reasons why business and e-commerce have not moved from centralized ecosystems to decentralized blockchains.
Cryptocurrency was designed to be an alternative form of fiat currency where government agencies and financial institutions are no longer in control of your finances. This vision has failed, however, as cryptocurrency is more commonly declared as an asset, rather than a currency. The majority of people currently holding cryptocurrency treat it as an investment rather than a means for financial transaction, where the premise of becoming rich far outweighs its utility. This is not necessarily a failure on the part of the individual cryptocurrency owner but a more systemic failure of the whole cryptocurrencies ecosystem. Cryptocurrency has become stagnant with respect to trying to move away from this preconceived “asset” perspective.
A small handful of cryptocurrencies have aimed to combat this by creating marketplaces, but there is little more outside of this venture. Ultimately, there are no cryptocurrencies that are used in day to day transactions. Until this happens, cryptocurrency will never be a true currency and remain merely an asset
The longevity of cryptocurrency will be negatively affected if we, as a whole, continue to treat it as an asset. If crypto does not become a mainstream payment platform, it will most likely fade away as a failed experiment. The “new” adopters will lose faith in cryptocurrency and genuine investors will become disinterested favoring more traditional physical assets over the intangible.
Being honest, there is no simple fix but there are a number of measures that could improve the current situation. The remedy to this problem can not only be administered by the developers and managers, but also by the user base as a whole. Changing the mindset of consumers, governments and companies can only be done by real, focused efforts and validated results.
The way Genesis plans on delivering these results is threefold.
Mass user adoption is the primary mechanism for enabling change. The Genesis user base needs to consist of like-minded people who want to bring blockchain based payment processing to the mainstream, not just visualizing it as an asset to accumulate. We will accomplish this by having a fair launch, Proof-of-Work based platform that will introduce a unique rewards system, bounties, and airdrops for participants across our forums, chat groups and social media outlets.
Considerable effort will be producing a Pre-Announcement campaign on major altcoin announcement forums and social media outlets. Our primary goal is to ensure that all cryptocurrency enthusiasts hear of Genesis allowing anyone and everyone to become a part of this crypto revolution.
We fully acknowledge that strong technology is not enough to succeed. We must marry this with a stalwart community. Taking time to lay the foundations of a strong community will have innumerable benefits at later stages of the project.
The Genesis team plans on securely implementing blockchain technology into Point-Of-Sale and payment processing outlets utilizing bespoke software and hardware developed by our team on top of the Genesis blockchain. As the team did not perform an ICO, auction, or token sale, Genesis will grow organically through user adoption cycle in order to complete these tasks.
Adoption by the private sector will arguably be the hardest part of the listed steps, but conversely the most important with respect to long term success. To facilitate business implementation, Genesis will approach small/medium sized local businesses to begin utilizing the currency within their stores and retail channels. Genesis hopes to find additional small business owners through the user adoption cycle. Once we can document empirical evidence of our successes and show meaningful results, then Genesis will approach larger business. As it stands, the wheels are already in motion for a couple of local United States based establishments. Once the product is built, they’ll already be set for implementation.
Genesis utilizes features from existing cryptocurrencies such as Z-Cash [2], Dash [3] and Zero. The development team has analyzed codebases of these currencies and has created a hardened, robust Equihash-based currency built upon modern Bitcoin codebase. Equihash 192.7 was chosen as the Proof-of-Work variant due to its stability, security, decentralization and privacy. [4].
- Ticker: $GENX
- Pers. String: GENX_PoW
- Algorithm: Equihash 192.7
- Difficulty Adjustment: Zawy12’s LWMA
- Block Time: 60 Seconds
- Block Size: 2MB
- Confirmation: 100 Blocks
- Proof-of-Work Reward: 350 GENX + Big Blocks
- Masternode Reward: Primary between 1-180 GENX, Secondary between 20-199 GENX
- Founders Reward: 60 GENX
- Governance Allotment: 90 GENX
Genesis introduced bonus block rewards for miners to create a "goldrush". As such, Genesis has daily bonus blocks, weekly super blocks, monthly mega blocks and annual ultra blocks.
As the target block time is 60 seconds, on average there should be 1,440 blocks per day. Therefore, bonus (daily) blocks are every 1,440, super (weekly) are every 1,440 * 7, mega (monthly) are every 1,400 * 7 * 4 and ultra (annual) are every 1,440 * 7 * 4 * 12.
Most masternode coins suffer from a pumping and dumping of price and dumping returns.
In the latter half of 2018 when the team at Genesis Network decided to implement masternodes there was a split consensus within the community on whether this would be a good thing for the network or not. After the capitulation of most masternode coins throughout 2018, many users sneer at the thought of putting their money/time/effort into a new masternode coin.
The challenge faced to the Genesis team was as follows:
How can we change “masternode strife” perception for our cryptocurrency and promote the opportunities that masternodes can create for the network without having masternode owners constantly dumping rewards?
Typical masternode coins use a round-robin style payment system in which the node owner receives a full reward when it is their “turn”.
Genesis maturity based masternodes use time (number of blocks) to determine your reward in the same round-robin style payment method. Payments start small and increase towards a “mature” node based on time. Thus, your masternode reward would start at one coin (minimum) and increment until the max reward is met.
This, however, leaves a dilemma. If the reward starts small at one coin, what happens to the other 199 GENX? The most obvious answer would be to burn the remainder of the rewards, however, the team at Genesis thought of a better solution. Why not distribute these rewards to our node owners? These “leftover” rewards are thus considered as “secondary” payments.
The first (or primary) round-robin reward starts at 1 and works its way up to a max of 180 GENX per block. This leaves the secondary reward between 199 max and 20 min.
The secondary reward then is split between 20 random (opposed to round robin) nodes across the network per block.
Initially, the node will benefit more from randomized secondary payments rather than its primary payments. Once your node reaches full maturity and there is higher contention for primary rewards - secondary rewards (especially from newer masternodes) will also add a welcome boost to masternodes income.
=((TotalMasternodeReward - (MaxNumberOfSecondaryPayees x MinimumSecondaryPaymentAmount)) / (NumberOfBlocksPerDay x MaturityThreshold) x BlocksSinceMasternodeCollateralPaymentConfirmed
- Min Primary Reward: 1 GENX
- Max Primary Reward: 180 GENX
- Min Secondary Reward: 20 GENX/20 random nodes
- Max Secondary Reward: 199 GENX/20 random nodes
- 1440 blocks per day
- Satoshi Nakamoto (2009). "Bitcoin: A Peer-to-Peer Electronic Cash System"
- ZCash Core Developers. "ZCash - Internet Money"
- Dash Core Developers. "Dash - Reinventing Cryptocurrency"
- Alex Biryukov and Dmitry Khovratovich (2016). "Equihash: asymmetric proof-of-work based on the Generalized Birthday problem"