GINcoin GIN

$2.02
Market Cap $ 8.100 MM (#360)
24h Volume $ 41.461 K
Chg. 24h: -0.70%
Algo. score 3.2/5  (#404)
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GINcoin project purpose and description

GINcoin clarity of purpose

GINcoin purpose and aspects

GINcoin aims to provide cryptocurrency investors with an easy way of creating and deploying their own masternode(s) - regardless of their technical abilities. GINcoin masternodes and masternodes for other blockchains will be deployable in a couple of clicks or less. Our ultimate goal is to democratise the way masternodes are created and, as an effect, prove crypto is here to stay - by making it more user-friendly than paper money.

GINcoin categories

Digital currency

Short description

The GIN Platform is a web application that allows you to create cold wallet masternodes for GINcoin and other masternode coins, without having to deal with servers, terminals or Linux. This lowers the entry barrier to the masternodes market for non-technical people. GINcoin aims to provide cryptocurrency investors with an easy way of creating and deploying their own masternode(s) - regardless of their technical abilities. GINcoin masternodes and masternodes for other blockchains will be deployable in a couple of clicks or less. Our ultimate goal is to democratise the way masternodes are created and, as an effect, prove crypto is here to stay - by making it more user-friendly than paper money.

Abstract

GINcoin was built as a direct consequence of the problems stated before. With its GUI-based Masternode setup, the only hurdle investors may be faced with when looking to own a Masternode remains the financial one - securing enough collateral to actually deploy the node. However, not even that will remain a valid problem for much longer - our roadmap includes shared Masternode support for all partner coins. GINcoin is a peer-to-peer cryptocurrency that, on top of Bitcoin's features, supports instant transactions (InstantSend), private transactions (PrivateSend) and Masternodes. It is based on Dash. Similar to Dash, GINcoin uses a two-tiered network - miners, the first tier, handle creating new blocks, whereas the PrivateSend, InstantSend and Governance functions are handled by the second tier network made up of Masternodes. Masternodes require 1,000 GIN as collateral to prevent sybil attacks (wherein a peer-to-peer network’s reputation system is compromised by entities with forged identities). The collateral can be spent at any time, but that subsequently eliminates the masternode from the network. At its core, PrivateSend is a service that mixes users coins with others’ coins before sending them to a wallet, to ensure their anonymity. It is based on CoinJoin, to which it adds multiple modifications such as relying on masternodes rather than on a single website, chaining by mixing with multiple masternodes and restricting the mixing to only accept certain denominations, and passive mode. The maximum allowed for a PrivateSend transaction is 1000 GIN (just like with Dash).

Link to Roadmap: https://gincoin.io/#roadmap
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