Weekly Update: January 29 – Web Wallet, Exchanges, Forum Ranks & More

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Another week has come and gone and we’re now nearly in February already! It’s been a good start to the year and developments for Genesis continue to happen at a steady rate. Here’s what’s been happening over the past week.

 

Development

Development of the web wallet has finished and we’re now in the final stages of testing to make sure everything works as intended. So far though all the issues we have encountered previously have been resolved and we’re confident that the web wallet will be ready to be released in due course.

We expect for the wallet to be released sometime in February. We’ll make an official announcement when we drop it along with a guide on how to use it and how it works.

In addition to the web wallet, I have also spent some time doing some more research into potential blockchain solutions and if it would make sense for us to transition to our own blockchain in the future. This is on-going and it’s unlikely that we’ll come to a final decision regarding this for some months. There’s a lot to consider so we’ll take it one step at a time.

 

Exchanges

Unfortunately there’s not too much to report with regards to exchanges. Last week we revealed that we had made several applications to join additional exchanges but so far we are yet to hear back. We will look to follow our applications up further in the near future but it’s important we remain patient due to the high volume of applications these exchanges receive.

There also appears to be some confusion regarding Genesis being listed on YoBit. We submitted our application to join YoBit last week and have so far not had a reply back. However people quickly spotted that not long after our application, YoBit appeared as a listed exchange for Genesis on CoinCodex. 

After investigating this, I would like to clarify that we are NOT currently listed on YoBit. It appears that CoinCodex has confused us for Genstake, which are listed on YoBit. This may be due to our ticker being GEN on CoinCodex, which is the same ticker Genstake use on YoBit. Therefore it is likely that they have pulled this data and as it matches and added it to our page. We will be contacting CoinCodex to hopefully get the issue resolved. This means that for the meantime, the price displayed needs to be taken with a pinch of salt as it’s not entirely accurate.

They also recently updated our listing to show that IDEX is a listed exchange. This is correct however due to minimum buy and sell orders IDEX have implemented, we don’t expect much volume if any to happen over there.

For the meantime, EtherDelta remains as our main and only active exchange.

 

Forum Ranks

This week we’re drawing up the plans for the new ranking system we are looking to implement on the forum. The main aim of the new ranks is to reward people for contributing positively and for engaging in quality discussions. This will also allow added benefits and perks to be unlocked as you rank up.

As you’re probably aware, point farming and spam has been a problem we have constantly been fighting since day one. So far we’ve done a pretty good job I’d say, however it does take time away from other areas to help manage and moderate the forum. By implementing this ranking system, we hope to automate the moderation further and better reward users who are using the forum as it was intended.

We have no estimate for how long this may take but this will be our next priority.

 

Lottery

Just a reminder that the very first Genesis Lottery will be taking place this Friday at 8pm UK time.

The winner of the lottery will receive 5,000 Genesis Coins.

Tickets for the lottery can be purchased until 7pm UK time on Friday.

There are two ways you can purchase a ticket. One of the ways is to buy a ticket with your Genesis Points that you have earned on the Genesis Forum. This can be done by going to the Store and purchasing a ticket from the lottery section. Each ticket costs 150 Genesis Points and you can buy as many tickets as you want.

The second way is to purchase a ticket with Genesis Coins. You can do this by sending 150 Genesis Coins to this address: 0xA1a89B86D72B50724075981685888efE2279488A

All tickets for that week’s draw must be purchased before 7pm UK time on the Friday. Any

If you purchase a ticket with your Genesis Points, your username on the forum will be your ticket entry. If you purchased using Genesis Coins, the wallet address that you sent the Genesis Coins from will be your ticket. If you purchase more than one ticket, you will be entered as many times as the number of tickets you have bought.

 

Update on HODL Program

The screengrab for the HODL Program for January will be taken on Wednesday January 31. Please make sure that you have at least 5000 Genesis Coins in your wallet before this screengrab is taken to ensure that you will receive your monthly interest for January.

Interest will then be paid to everyone who is eligible for the program on Thursday February 1. The interest rate for January is 5%, meaning everyone who meets the minimum requirements will receive 5% of their balance as added interest.

Please note that your Genesis Coins must be in your wallet and not on an exchange to qualify. For further clarity, the Genesis Coins need to be in an ERC20 compatible wallet. This program is different from the bank interest gained on Genesis Points which is specific to the forum.

You can purchase additional Genesis Coins to help you reach the minimum threshold on EtherDelta.

More details about the HODL Program and future interest rates can be found here.