Following the conclusion of Airdrop 4 last week, the team and I held a meeting to discuss the next plan for Genesis to help us fulfil our goals and continue to move forward. I’m glad to report that it was a fruitful meeting with a lot being discussed. As a team, we’ve decided on the direction that we want to go in and how best we can make that happen. As promised, we’ve got several important announcements that we hope you will like.
Before we get into the meat and bones of this weekly update, I’m pleased to confirm that the Genesis website will be re-designed before the end of the year. The main reason for this is to better reflect what exactly Genesis is. We also feel that it needs to be crystal clear what we are and what we bring to the crypto scene and the new website will allow us to do this.
Not only that, but the website will be updated to reflect the announcements we are making in this blog so that all the information is clear, concise and easy to find. While our current site is functional and does a job, we feel there’s a lot of room for improvements, especially when it comes to user experience.
Announcing the Genesis HODL Program
One of the features that gets requested the most by the community is a HODL Program or a reward for holders of Genesis. As we’re not using a PoS system, there are limited ways to earn Genesis Coins other than purchasing them. While this isn’t a bad thing, we agree with our community that holders of Genesis should be rewarded for doing so.
Therefore we are pleased to officially announce the Genesis HODL Program! The HODL program will aim to reward holders of Genesis and to encourage people to continue to hold GEN.
This is how it will work.
Every wallet address holding GEN will be checked on the last day of each month. Each address that is holding more than 5000 GEN will earn 5% interest each month, payable on the 1st day of the next month.
Here’s an example.
- On December 31, Address A has 5000 GEN in their wallet. As they have reached the threshold to qualify, on January 1, Address A will receive a payment of 250 GEN which is 5%.
- On December 31, Address B has 10,000 GEN in their wallet. As they have reached the threshold to qualify, on January 1, Address B will receive a payment of 500 GEN which is 5%.
- On December 31, Address C has 2000 GEN in their wallet. As they have not reached the threshold to qualify, on January 1, Address C will NOT receive a payment.
The following month the process repeats itself. So long as a wallet has 5000 GEN or more, they will receive their interest payment. Any address that does not have 5000 GEN or more on the last day of each month will not receive interest for that month. However if they then have 5000 GEN or more the next month, they will of course gain interest.
The first payments will be made on January 1 2018, meaning that to qualify you must have 5000 GEN in your wallet on December 31 2017.
The interest rate and minimum threshold amounts are subject to change. Any changes will be announced 30 days before the next interest period.
So far the airdrops have been a huge success, even if they have been a lot of work. As there was a large amount of GEN leftover from Airdrop 4 due to people not meeting the requirements, we have decided to hold three further “quick-fire” airdrops before the end of the year, in addition to the HODL Program above.
These airdrops will be announced just before they start and will only contain 100 places with each place receiving 1000 GEN. In total, 300,000 GEN will be distributed through these quick-fire airdrops.
These will be the very last airdrops. The main reason for that is that unfortunately, a large number of people who have applied for previous airdrops are unable to read the requirements or rules or can not provide the right links that are required. Not only does that waste a considerable amount of our time, but some of these people then continue to fight their case on Telegram which wastes even more time.
Please take the time to read the requirements for each airdrop carefully before applying. These will be provided before the airdrop starts.
Announcing the Genesis Forum
To be a truly community focused crypto, we feel that it is crucial that we have a place where our community can have open discussions and act like a real community. Therefore we are pleased to reveal that we are working on our own forum for the Genesis community.
With the forum, our intentions are to be a welcoming community for both newcomers to cryptocurrency and veterans alike. We feel that a lot of the communities currently out there for other projects are very technical and can be daunting places for newbies. It’s crucial that there’s a place that newcomers can come, ask questions and get to grips with crypto while being in a friendly, fun and safe environment.
Users of the Genesis forum will also be rewarded GEN for contributing to the community, answering questions and being active. Our aim is to have the forum up and running before the end of the year. Initially, the process of rewarding GEN may be done manually however we are looking into the possibility of implementing a points based system that is then converted to GEN and sent to users each week/month. This will take a bit of time to figure out so please be patient.
Web Wallet Development
A recent poll we conducted on Twitter revealed that the most wanted addition to Genesis right now is a web wallet that will allow users to check their GEN balances, transaction history and send GEN on our website.
What would you like to see next for Genesis and the community? Let us know what you would like to see first. Please note that this is just a poll to gauge interest and not reflective of what will definitely happen next. #Genesis #cryptocurrency #Crypto
— GenesisCoin (@TheGenesisCoin) 18 November 2017
We are currently looking for a developer to take this on for us while we work on the other areas of Genesis and begin development on other applications. We are in contact with a developer and are in the final stages of finalising an agreement. Therefore we hope to have an official announcement soon.
Marketing & Exchanges
Our roadmap stated that we would conduct a marketing campaign in December. This was our intentions however as a team we decided against starting a marketing campaign in December and will instead market Genesis in the future.
The main reason we all agreed on was that we felt it would be most beneficial to the project and community to run a marketing campaign when we have made more progress and there is “more” to market. A marketing campaign can be both expensive and time consuming and right now we feel that it would not be the best use of our resources as we don’t believe we would be able to fully capitalise on the opportunity at this moment in time based on the stage we are at.
As for exchanges, it’s a similar situation. We’ve got our eye on a few exchanges that are realistic to be listed on and we have the funds to help get us listed. However at this moment in time, we feel that it’s not the right time. Simply put, these exchanges state that coins who do not meet certain trading volumes within a set period of time will be delisted, regardless of the fee they have paid. Right now, we believe we wouldn’t meet those targets and therefore would be, essentially, throwing money away.
It is absolutely crucial that we use the resources available to us as efficiently as possible.
Getting listed on Coinmarketcap will be the next target before getting added to bigger exchanges. For that, we need to reach $10k trading volume in a 24 hour period. Smaller exchanges may be added over the next month or two though.
It’s an exciting time right now to be invested in cryptocurrency and blockchain technology. We really are at the forefront of a technological revolution. Ethereum is an example of that and is an incredibly powerful platform. However it also has its flaws and drawbacks and is still an evolving technology.
One of the key aims of Genesis is to be flexible. Ethereum allows this to a certain degree however after long discussions as a team, we feel that transitioning to our own Blockchain in the future should be a long term goal.
A big reason for this would be that it would allow us to carve out own identity further. As you will be aware, there are literally thousands of ERC20 tokens on Ethereum, all promising the same but relying 100% on the Ethereum network. While speed and low fees definitely apply to Genesis, they also apply to every other token created on Ethereum. So while it is a nice feature, it’s not “unique” to us.
One of the major flaws in using Ethereum right now we feel is the need to hold Ether to pay Gas fees for every transaction and interaction involving GEN. We feel this is a barrier to entry for newcomers especially when it comes to dApps. There is talk that in the future Ethereum will allow for Gas to be paid for in tokens and if this happens it will be a major step towards making it easier for mass adoption.
If we had our own blockchain though, we would not have this issue. You wouldn’t need to hold two currencies to pay with one, as is the case with Ethereum and any ERC20 token.
The reason we mention this is to give you an insight into what we’re thinking as a team. Of course, this may all change. No work has even started on our own blockchain so right now it is purely discussion. We feel that it’s important that you feel like you’re being kept up to date though as hopefully you’re along for the ride long term.
The community and being community driven is the most important factor for us and that will remain key regardless of whether or not we are on Ethereum or own Blockchain. Nothing changes except the technology and the cryptocurrency scene is constantly evolving and we feel it’s good to remain flexible and have one eye on the future.