[ANN] Genstake [GEN] [QT WALLET UPDATE] [STAKE-MINE] [SCRYPT] [FULL POW/POS]

[ThinkingOutLoud]

Genstake

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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
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Indonesian
Dutch
Polish
Portuguese
Hebrew
Turkish
Hindi
French
Romanian





Donations for development are not expected but are appreciated.

GEN: GPeAWdV7fNo1xtPPTvQK7M7Wh6bKWAxA7e
BTC: 16KyAYF5oo9BYxk9zseUmmzP229rRe1KkF

[1714884500]

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[1714884500]

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[EBK1000]

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?

[kcanup]

LOL 1 coin reward 

[CryptoSiD]

Building pool

edit: www.suchpool.pw/gen up

[ipominer]

Looks good. Added to ipoMiner for mining on direct port 3491.

[EBK1000]

Forked from jyap808/jumbucks

[notsofast]

Looks good. Added to ipoMiner for mining on the scrypt multiport (port 3333) -- direct port coming soon.

Seems simple and interesting enough for now. Thanks for putting up a pool for it ipominer! I'm sending hash your way.

[badam]

It seems to be an interesting concept, really curious where this could go

[iqlimasyadiqa]

hmmmm reward 1 , and premine 1000 , you got big reward stake for now 

[EBK1000]


{
"version" : "v1.8-11-gf6af004-dirty",
"protocolversion" : 60015,
"walletversion" : 60000,
"balance" : 0.00000000,
"newmint" : 0.00000000,
"stake" : 0.00000000,
"blocks" : 218,
"timeoffset" : -1,
"moneysupply" : 1217.00000000,
"connections" : 8,
"proxy" : "",
"ip" : "81.105.192.121",
"difficulty" : {
"proof-of-work" : 40.27404758,
"proof-of-stake" : 0.00024414
},
"testnet" : false,
"keypoololdest" : 1433328533,
"keypoolsize" : 101,
"paytxfee" : 0.00000000,
"mininput" : 0.00000000,
"errors" : ""
}

[superman1314]

Looks good. Added to ipoMiner for mining on the scrypt multiport (port 3333) -- direct port coming soon.

Coins minimum payment 10? Can you set up a little?

[scorpio18]

https://coin-miners.info/gen/public/ is up and running

[BillyBones]

LOL 1 coin reward  

Yeah but POS is 20 reward :-)

EDIT: premine is quiet big... They will hit a lot of POS blocks.

[kcanup]

15m coin total supply and i cant even mine 10 coins total with my power lol

I will watch what happens here tho 

[MineDumpNextOne]

premine will eat all POS

[iqlimasyadiqa]

Im not mine this , waiting exchange 1-2 days + DUmp from dev , and Buy many GEN , stake and i can  RICH ....

[iqlimasyadiqa]

premine will eat all POS

ya , u right

[shimlbit]

premine will eat all POS

ya min stake age 1 hr...so he will start to stake after 1hr.when 60-100 blocks are mined...so there are max 100 coins out which need 1hr to mature...so...20coin per pos block....good luck with that...this is an user unfriendly coin...dev starts with 1k and end with $

[ipominer]

Looks good. Added to ipoMiner for mining on the scrypt multiport (port 3333) -- direct port coming soon.

Coins minimum payment 10? Can you set up a little?

Yes, I've lowered it to 0.01 GEN as the minimum -- below that, you just have to pay the transaction fee (set to 0.0001).

[Cryptotrade.Exchange]

$GEN #Genstake is now listed on https://i.imgur.com/JxyE97J.png

Enjoy a safe, fast and reliable trading with 0% fees!


If you want more informations about our Exchange Platform check our official thread here: https://bitcointalk.org/index.php?topic=1005354.0




PLEASE DEV ADD TO THE OP, THANKS.