2018 has been a tough year for crypto all round and none have felt the negative effects of the bear market harder than altcoins, including Ethereum. Since our last update post, however, I am pleased to reveal that work on the future of Genesis has progressed greatly, even if the crypto market has not.
However, I firstly want to thank everyone for your continued patience with Genesis. Not a whole lot has been communicated over the past few months but I have remained active on Telegram, answering questions as and when they arise. The truth is, there wasn’t too much I could say.
I’ve always envisioned Genesis being a platform. Genesis has always been more than just a token. It’s been a community. It’s symbolised something different, transparent and honest. While 99% of airdrop tokens have either died or faded away, Genesis has continued and will continue to grow.
Announcing the Genesis Marketplace
I am pleased to officially announce the Genesis Marketplace, a decentralised marketplace built exclusively on Ethereum - a cross between eBay, Amazon and Fiverr!
The Genesis Marketplace will be the go-to place to spend cryptocurrency where you can buy physical and virtual products as well as freelance services. In addition to purchasing items, users will also be able to sell their own items and offer their skills and services in return for crypto.
With the marketplace, the core aim is to provide a platform that gives a number of different cryptocurrencies an actual use case. As of now, there aren’t any functioning marketplaces on Ethereum which provides users with a place to spend their crypto or to receive it for selling items or by offering a service. Thanks to the blockchain, we can offer this whilst also ensuring that we fix a number of issues that eBay and other places face when it comes to fraud, chargebacks and of course, high fees.
In earlier updates where I discussed the future of Genesis, some of you may remember me hinting at the possibility of creating a cryptocurrency marketplace. That was the main goal I had in mind and I am delighted that this is the official direction Genesis will be going in.
I will make a more detailed, dedicated blog post in the future with regards to what exactly the Genesis Marketplace is, how it works and why there’s a demand for it.
The Next Step
Right now we have a functioning internal build of the marketplace which allows users to purchase items. There’s also a backend where users can create their own listings for sale. The next step will involve working on the design elements as well as making it as user-friendly as possible. The core systems needed are in place however we are not yet ready to release this to the public.
In the future, we will be releasing a test version of the marketplace for the Genesis community to test. This will enable us to receive invaluable feedback and to make sure that the systems in place work when stress tested. As well as myself, another developer has joined the Genesis team and together this has enabled us to spend the last few months working on and creating the Genesis marketplace.
The Future of the Genesis Token
The GEN token will be central to the Genesis Marketplace. Not only will it be available as a payment method, it will also be used within the Genesis ecosystem by users to purchase additional features, such as paid promotions of items and services. Essentially, GEN will be a utility token used on the Genesis Marketplace.
We are also considering implementing several incentives to drive the use of GEN on the marketplace itself. Examples will be added benefits to users when paying with or accepting GEN as a payment.
Genesis Token Swap?
As Genesis only has a limited supply of 16,000,000 tokens, most of which have already been distributed within the community, we have concerns about whether or not the current Genesis token will allow us to achieve our goals.
Therefore we have considered creating a new GEN token and implementing a token swap. If we created a new token with a supply of 160 million, for example, a token swap could be performed at a rate of 1 GEN for 10 NEWGEN.
By creating a new token, it would enable us to increase the overall token supply. This would provide us with more tokens to use in incentive programs, such as through a cashback system. We could also hold a token sale or donation system to allow us to raise additional funds to aid us in the development of the marketplace. This would allow people an opportunity to get additional GEN tokens while helping to support the project. This could also help us pay for marketing to promote the marketplace in the future.
If we decided to keep the GEN token as it is, we wouldn’t be able to offer any of these things. However, it would mean there is a very low supply. Another positive of keeping the current token is that we are already listed on several exchanges, albeit smaller ones.
We can see the benefits of creating a new token and performing a token swap. We can also see the benefits of keeping the current token. So we’re keen to know what our communities thoughts are with regards to this matter.
We won’t make any formal decisions until we have carefully considered our communities feedback.
Please have your say by voting in the poll here.
I’m very proud of what we managed to achieve with the Genesis Forum. Unfortunately, over the past few months, it hasn’t been maintained or used as much as it was in the first few months. There’s a number of reasons for this but the truth is that I haven’t had the time to dedicate to the forum especially as I’ve been busy with the marketplace. Not only is time short, but it also costs money each month to maintain and keep it running.
Therefore I have decided that it would in the best interest to close down the Genesis Forum at the end of its current plan which expires on September 2.
This is a hard decision to make as a lot of time was spent getting it up and running and the first few months were great. However it served its purpose and with the change in direction of Genesis, I feel it may be in the best interest to see it come to an end.
I will listen to the communities thoughts with regards to the forum and will finalise a decision shortly.
In the event that the Genesis Forum does close, users can withdraw their Genesis Points between now and September 2. You need a minimum of 500 Genesis Points on the forum to cash out. These payments will be made in early September, so please don’t worry if your coins aren’t sent soon after cashing out.
If you have less than 500 Points, please contact me and I will allow you to cash out your points into Genesis Coins.
The Genesis HODL Program will continue as usual for the next two months, at the very least. The future of the program will depend on what we decide will happen with the Genesis token. If we stick to our current token, it is unlikely we will be able to continue with the HODL Program due to the supply of tokens decreasing.
The HODL Program will be available for August and September.
August payments will be made in early September, with September payments being made in early October.
Interest rates for these two months will be at 2%.
To qualify for the HODL Program, you must have 5,000 GEN or more in your wallet (not an exchange) on the last day of the month.