What is GenesisX?
The Masternode/PoS cryptocurrency that focuses on Security, Privacy, Transparency & Governance
Our primary goal is to increase security through the integration of a Two Factor Authentication (2FA) system to reduce hacking and scamming across the blockchain industry. Secondarily we're working to improve the Zerocoin protocol to increase anonymity and privacy across the GenesisX blockchain.
GenesisX is a completely transparent blockchain. To that end, we produce budget documents on a regular basis which contains financial information about the pre-mine as well as information on funds raised in the pre-sale (BTC funds), and show how funds are being spent to steadily improve the project. You can view an example of a budget document by clicking here.
Masternode governance is a cornerstone of GenesisX. Governance enables the community to be actively engaged with, and vote on, project developments. These community proposals may includes voting on items such as expenditures and where we allocate the funds to increase marketing, exchanges and listing.
The algorithm we are using is Xevan (fork from PIVX). This means GenesisX is powered by Proof-of-Stake (PoS) and Masternodes. The Masternode system allows for incredibly fast transactions while simultaneously eliminating the need for expensive and power hungry GPUs & CPUs based miners.
For those who do not know of Zerocoin or the possibilities of this extension. Through zero-knowledge proofs, coin holders financial transactions are kept completely private and anonymous. In other words, Zero-knowledge proofs allow for financial transactions to occur with the only public information being that money was indeed sent or received.
The GenesisX team believes that the budgeting information should be made public so all investors can see their investments are going towards the development of the project, the marketing and getting XGS more public. All transactions on the explorer will link to the transactions on our budget page. Furthermore, connecting the budgeting system and governance together - we will allow the community vote on further adaptions and what we will spend our finances on to improve and promote GenesisX.
MN Holder Reward System
GenesisX provides utility to holders of XGS through the GenesisX Secure Storage platform. To use the GenesisX Secure Storage users will pay a certain amount of XGS to use our secure and private storage servers. On a monthly basis, 50% of the funds raised in this process will be distributed between Masternodes owners. The other 50% will go towards server costs and project development.
GenesisX Secure Storage
A platform is going to be released from GenesisX in the coming months (Q1, 2019) which will allow users to upload files on a XGS Secure Storage Platform. We will be connecting a payment gateway of XGS so people can use this to pay for cloud storage plus we have many plans to increase security, privacy and include the blockchain in this system.
Click here to view Storage Webpage
We have introduced a governing system which enables and gives masternode holders rights to vote for possible upcoming changes and gives them power in this project so the community is supported. A proposal system will also be integrated.
The PoS Algorithm for XGS is Xevan and to be precise is a fork of PIVX. The maturity period for XGS is 3 hours and the block time is 60seconds.
There is currently a lot of discussion going on regarding the fork we have planned in Q4 2018. We are discussing whether we will proceed with a PoS/MN fork and link the new currency to GenesisX and develop another utility OR fork BTC and make XLGS a PoW coin. Either way we know for certain the coin will be a Max supply of 50million and everyone with GenesisX will receive this coin in the ratio 1:1. There is still an awful lot to discuss regarding this but there are plans in the works.
Choose your type of wallet you will be requiring whether it be linux or windows.
You can buy XGS (GenesisX Currency) from one of our exchanges.
Transfer your XGS from the exchange to your wallet and start earning rewards!
Android/IOS wallet coming soon!
If you have a web wallet or would like to create one. You will be able to very soon!
The Core Team
Location: United Kingdom
Discord: GenesisX-Tom #1243