What is Genesisenesis as the World's First Public Blockchain for Decentralized Commerce (DeCom),a public blockchain aiming for decentralized shared economy, is devoted to building a trusted Internet of Value, realizing the confirmation of the right of production means, optimizing or even disintegrating the monopoly economy and finally transforming human economic society from capitalist commercial civilization to socialist commercial civilization.Looking at the global economy, capital is monopolized by financial oligarchs and data monopolized by internet oligarchs. The high degree of monopoly of production means has led to a disparity in the distribution of economic profits.
Genesis = Decentralized Commerce (DeCom)= Common-prosperity Commerce + Efficient Commerce + Trusted CommerceDecentralized Commerce (DeCom), a much greater application of blockchain after decentralized finance (DeFi), is going to kick off the prelude to the next grand transformation of production relations.
What can Genesis doGenesis is the world’s first genuine consume-to-mine public blockchain. Genesis invents and uses Proof of Consumption (PoC), rather than Proof of Work (PoW) or Proof of Stake (PoS), to construct consensus mechanism and economic incentive, whereby Genesis continually converts commercial profits, rather than electricity power, to token value and thus rewards every contributor within Genesis ecosystem.
An analogy may make the point clearer. Think of Genesis as a tremendous decentralized common-prosperity commerce platform that is joined freely by numerous commercial entities as subsidiaries of the platform. In this platform, Genesis acts as an unselfish boss and ceaselessly issues additional platform shares (i.e., tokens) from scratch to reward contributors within Genesis ecosystem and distributes all profits to these shareholders.
It is in this sense that Genesis disagrees with the traditional parasitic finance paradigm that finance incubates and exploits commerce, and as instead, creates a symbiotic finance paradigm that finance should be derived from commerce and back-feed commerce.Genesis supports and is compatible with Ethereum Virtual Machine, which provides a great convenience for developers in creating various smart contracts involving DeFi and NFT (non-fungible tokens).
By minting NFTs conforming to ready-made standards in Genesis, assets from the physical world can be converted to on-chain digital ones that are enriched with additional superior attributes such as cross-platform circulation and peer-to-peer transaction, thereby forming a decentralized and reticular commerce that are emancipated from centralized platforms. Through various DeFi created and running on this blockchain, Genesis is going to function as a trusted intermediary for high-efficiency and high-frequency NFT trading and lays a foundation for the next generation of smart commerce.
The reticular commerce shaped by Genesis builds up a more efficient connection than the stellate commerce does with its connection intermediary being the e-commerce platform; furthermore, the reticular commerce avoids the exploitation and squeeze from the e-commerce platform, therefore reducing transaction costs in a great degree.
Background of GenesisGenesis is co-sponsored by world-renowned university laboratories and foundations. Team members are all from world-renowned universities or organizations, including The US. Ivy League University Labs, The Silicon Valley Developer Greek Alliance, and distinguished professors or senior consultants from Yale university, Google, Apple, PCWW, etc. And at the same time, multiple community branches in California, New York, London, Paris, Tokyo, Hong Kong and other regions are committed to the joint research and development of Genesis. Genesis has become one of the most worthwhile researches at the forefront of the blockchain for a number of universities due to its unique innovation.
So far, Genesis.X Labs has won the strategic support from The Yale Endowment, Makena Capital, Baas Blockchain Lab and so on. Genesis.X Labs is the Board Member of Caribbean Blockchain Institute, one of the first members of IC3 (The Initiative for Cryptocurrencies and Contracts), WBO (World Blockchain Organization).
As one of the strategic partners of Genesis.X Labs, Yale University will establish a blockchain laboratory in New Haven, Connecticut, USA. At that time, Genesis will be invited to become one of the laboratory initiators on behalf of the new technology field, and will cooperate with Yale University and other multiple blockchain laboratories to jointly research and develop the frontier trends of the future development of the blockchain industry.
Genesis combines the advantages of public blockchain, DeFi, NFT, and Meta-Universe’s benign tracks, which inspires blockchain industry’s achievement of more changes and innovations. Since its establishment, Genesis.X Labs has owned thousands of technology patents. At the same time, its GDEX, decentralized wallet, Genesis Protocol and Metaverse encryption network under development are also steadily advancing.
Genesis Application1.The commercial application value of GS Blockchain
GS Blockchain will give full play to the e-commerce industry, product traceability, supply chain finance, logistics system, IoT ecology, asset chaining, electronic data processing (TPS), and consumer entertainment. Basic function such as payment, consumption, digital currency, product anti-counterfeiting, and product right confirmation are all optimized.
2.Application of product tracing system
With the help of blockchain technology, the product traceability system can realize trust sharing among brands, distributors, retailers, consumers, regulatory agencies, and third-party testing agencies, and comprehensively improve brand, efficiency, experience, supervision, and the overall benefits of the supply chain.
3.Internet of Things transaction system application
The Internet of Things data transaction platform is one of the cores of public chain applications. On this platform, equipment manufacturers can establish channels for collecting and selling data; device users can provide personal data through this channel to obtain revenue; data buyer, such as Advertisers can also use this platform to accurately locate user, obtaining user’s profile data, and more efficiently achieving the purpose of dissemination at a lower price.
4.Supply chain finance application
The supply chain finance application system is based on the distributed storage function of blockchain technology. It naturally contains the characteristics of tamper-proof, decentralization, openness and visualization. It can effectively solve many pain points in traditional supply chain finance, in addition helping supply chain finance to break the bottleneck and develop innovatively .
Genesis Economic ModelGenesis token system comes with dual tokens: GS and GC.
The GS token is minted by mining in Genesis. It is the value subject as well as the certificate for rights and interests and is circulated in many parts including trading, mining, rewards & punishment, voting, dividend distribution, pledge and etc..
The issuance of GS is subject to the DDS (Dynamic Deflationary Supply) mechanism: the mining output of GS is calculated in real time by multiplying the exponential decay baseline by a floating coefficient yielded by a supply and demand model.The total number of GS to be issued in the first two years is estimated to be about 200 millions.
The GC token is an algorithmic stable token, issued by decentralization, with its stability maintained by algorithm and no external pledged asset required, and widely used in the Genesis ecosystem including both on-chain and off-chain scenarios of consumption and transaction.
About GenesisWeb:
www.genesischain.ioTwitter:
https://twitter.com/GS_Blockchain1Medium:
https://medium.com/@GS_BlockchainReddit:
https://www.reddit.com/user/Genesis_chainTelegram：
https://t.me/GSBlock_GlobalLinkedin:
https://ww.linkedin.com/in/blockchain-gs-9643a821a/
