Genesis Mining Model

PoC (Proof of Consumption) functions as the consensus mechanism in Genesis. The mining process is as follows:

1)Consume to obtain computing power:
a)the customer makes the payment to the merchant for the goods or services;
b)the merchant allocates a certain percentage of the customer’s payment (in GC by default, or converted into GC by the merchant) and pays it as “computing tax” for computing power to the GC dividend pool that is entrusted and controlled entirely by Genesis;
c)Genesis then receives a sum of computing tax and simultaneously feeds back an equivalent sum of computing power to the customer and the merchant respectively in proportion to the computing tax paid by the merchant.

2)Mine with computing power:
the merchant and the customer holding the computing power can participate in competitive mining, whereby they obtain GS minted and offered by Genesis.

3)Hold GS for dividends:
GC tokens in GC dividend pool would actually be destroyed by Genesis in real time, causing a GC deflation and a subsequent rise in the market demand for GS and in GS price, which amounts to pay GS holders dividends in another way.