It’s been a while since the last blog post on Genesis and our future developments, thanks in part to moving to a new website. It feels good to finally be able to release the new website and to be able to get back to writing update blogs for our community.
Firstly, from now on, we will be publishing monthly updates on Genesis which we hope will keep everyone up to date with everything that is going on with the project in a way that we can commit to providing on a consistent basis. The problem with weekly updates is that it’s often hard to fill them, especially when relatively very little happens that is worth reporting on. Of course, if there are any developments or announcements of significance that need to be made between blog posts, we will post them.
We are pleased to announce that we are committed to prolonging the Genesis HODL Program indefinitely, both between now and the upcoming token swap and beyond. As a result, we will be slightly increasing the supply of the new token when created to allow us to run the HODL Program for several years. It’s clear that the HODL Program is extremely popular with our community and has helped to keep interest in Genesis, even when progress has been slow.
Not only that, but there’s also a number of benefits offering such a program brings including giving holders a reason to hold onto their coins rather than trading them immediately, thereby helping to tackle the market problem of too much supply and not enough demand. As the Genesis Marketplace moves forward and the token has an actual use, we hope that this, together with the HODL Program, will really reward users for keeping hold of their Genesis Coins.
Genesis Token Swap
As we discussed last year, Genesis will be undergoing a token swap later this year which will see the supply of Genesis Coins greatly reduced. While we confirm in the near future the exact supply of the new token, in addition to how the swap will be carried out, we are looking at reducing the current supply of 16 million Genesis Coins down to around 2 million. This will make Genesis one of the lowest supplied ERC20 tokens with an actual use case.
Everyone’s balances will be divided by an equal ratio regardless of whether or not someone has 50,000 or 500 GEN at present. Any remaining tokens that are in possession of the development team, as well as extra tokens created for the HODL Program, will go towards ensuring the continuity of the HODL Program as well as future airdrops and bounty programs to increase awareness of the project. Depending on how the project progresses and the level of interest from the community, we also want to be in a position where we can sell some tokens to raise funds if the circumstances allow for it. Essentially, we want to allow ourselves enough tokens to work with while also keeping the circulating supply low and are committed to providing full transparency of where and what every token is available for.
We anticipate that this token swap will take place within Q1 of 2019, although we may decide to hold the swap at the start of Q2 if needed.
Genesis Forum Closure
It is with regret that we have made the decision to close the Genesis Forum. It was a decision we did not make lightly however we feel it is in the best interest of the project moving forward. We thoroughly enjoyed the run we had with the forum and we hope that everyone who participated in it has fond memories of the community we built.
Essentially, we can no longer justify the cost of keeping the forum running. That, together with the lack of activity and use of the forum in recent months meant that it was no longer sustainable for us to keep online.
We refuse to rule out a return to the forum in the future, however, this will depend on the state of Genesis and interest moving forward. If we get into a position where we can open it up again, we will consider it.
Our preferred route forward is to integrate a system similar to the forum with more community features and involvement directly into the main website. Whether or not this gets integrated into this site or we create a separate one to host this, we’re not sure. But we do have a desire to build a fully featured cryptocurrency community site.