GINcoin Whitepaper

Abstract

A global computer network running a common protocol would enable the distribution of workloads, apps or jobs, making them resilient to single points of failure and enhancing censorship resistance. We propose a solution that employs a cryptocurrency protocol for fleet and workload management. Economic support is provided by the cryptocurrency protocol allowing the settlement to take place at the protocol level.

Introduction

The past 5 years have seen an explosion in experimental cryptocurrency[1] technology and the slow adoption of a very limited subset for solving real world and business problems. With the benefit of open source software at their basis, cryptocurrencies copied from one another and evolved while creating new innovations to provide solutions for security[2], managing inflation[3] and governance[4].

One of the notable innovations is the masternode protocol, pioneered by the Dash[5] cryptocurrency in 2015, which introduced elegant solutions for several challenges at the same time: 1) incentive for a network node to stay up, making the Dash network increase in size and strengthening it; 2) economic incentive to keep large amounts of Dash locked, putting positive pressure on price; 3) running of specialized software to offer additional instant services to the network[6]. Since Dash introduced the market to the concept of masternodes it has been copied by over 500 other cryptocurrencies[7] changing it slightly but very rarely using it for purposes other than its economic advantages.

With the growing popularization of masternodes, especially during 2017, a new wave of investor joined the masternode market attracted by the “set it and forget it” passive income incentives presented by newly created projects. That new wave learned quickly the technical prowess needed to setup and maintain a masternode was not easy to acquire.

With this opportunity in mind came our creation of Gincoin[8] and the GIN Platform[9] in Feb 2018, both paired together to offer technically unexperienced investors an automated tool for building and managing masternodes for more than 120 masternode coins, effectively lowering the entry barrier for this type of investment. GIN Platform became the first of its kind and in the past 12 months more than a dozen similar services were launched, commoditizing the masternode hosting market and heavily competing on price by offering services of various levels of quality and security.

We consider that our objective of lowering the entry barrier to masternode investment has been achieved and look forward to putting our knowledge and understanding of this subset of cryptocurrency to good use by enabling masternodes to solve real world problems for people and organizations.

We propose the GIN Freighter Fleet, a support for running distributed apps or jobs, in a decentralized system that is resilient to single points of failure and control. The network is created by the existing Gincoin masternodes by adhering to the new GEA Protocol further detailed in this paper.

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GINcoin Whitepaper

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