What is GINcoin?
GINcoin provides an easy way for users to set up a cryptocurrency masternode.
What is a masternode?
A masternode is a node that broadcasts the most up to date version of a blockchain. Masternodes help blockchains synchronize faster. Masternodes typically require a high collateral of a cryptocurrency to ensure that there is an economic incentive for that masternode to broadcast honest and valid transactions. For their service, masternodes are rewarded with a portion of a cryptocurrency’s mining block reward.
What problem does GINcoin address?
Setting up a masternode may require a lot of time, especially for those that are not technologically savvy. Also, some masternodes may also be too expensive for somebody to deploy on their own. Both problems lead to users depending on others and trusting them with their funds to help set up their node.
What is their solution?
The GIN platform enables users to deploy masternodes with just a couple clicks. No technical savviness is required. GIN currently supports 19 different cryptocurrencies but plans on supporting more cryptocurrencies in the future. The platform is already fully functional.
In the future, GIN plans on creating a way for users to trustlessly share masternodes so people can have create cheaper access to masternodes.
How does it work?
The GIN platform hosts a masternode for its users by asking for a couple of details that prove that the users own the proper collateral needed to host a masternode. The GIN platform never asks for private keys and it never has custody over a user’s coins. The GIN platform charges a daily fee of $0.5 USD worth of GINcoin. The fee is used for hosting and for maintaining the masternode. Hosting and maintaining a masternode outside of the GIN platform could sometimes cost more than $0.5 USD per day, so some users may save money by using the GIN platform.
What is the point of the GINcoin?
The fee to use the GIN platform can only be paid in the form of GIN coin. Here are some other details about the GINcoin:
What is there to expect in the future?
The team is planning to create a trustless shared masternode to eliminate the need for trust in sharing a masternode for some more expensive masternodes
There are many new fast blockchains that do not use masternodes (EOS, NEO, ADA, TRON, Icon, etc.) that may make masternodes obsolete. However, there are also some new blockchains like VeChain and Zencash that intend on offering support for masternodes.
BlockWolf likes the Gin Platform because it has a working product that makes setting up a masternode significantly easier that the process in the status quo. It could save users hours by alleviating the set up process. There is a threat of other new blockchains without masternodes, but some people love the passive income that masternodes produce so we expect masternodes to stick around, even if blockchains like EOS are successful.