What is Genesiscoin?
A genesis block is the first block mined in the blockchain of all coins. What about GenesisCoin? Is it the begining of something? Of Course! GenesisCoin uses the Scrypt-Progressive-N algorithm which affords total protection from ASIC miners. We also implemented a few unique features in the GenesisCoin wallet. This wallet can calculate your 24-hour profits automatically based on your hash rate. To calculate profits, type your hash rate and you will see your daily profit instantly!. Everything is updated in realtime. Also, enjoy random ‘lucky’ blocks with containing bonus payouts. We have many things planned to incorporate in future releases of the wallet.Release date: March 16th, 2014
- Algorithm: Scrypt-Progressive-N with the N-Adapter increasing every 365 days, starting at N=2048 and ending at N=1899504000
- Start time: 06:00:00 P.M. (GMT) Monday, March 17, 2014
- Symbol: GNS
- Max Coins: 30 billion
- Block Time: 60 seconds
- Block Rewards: 20000 coins per block
- Decrease: 5% every 86400 blocks (~60 days)
- Difficulty Re-Target Time: Starts with 0.000244. From block 1 to 1439: retarget every 40 blocks. From 1440 onward all block will be using Kimoto Gravity Well algorithm to calculate difficulty
- Coin Maturity: 120 blocks
- Each block you have a 0.138% chance to get a 'Gold' block (payout x10), 0.27% to get a 'Silver' block (payout x6), and a 0.55% chance to get a 'Bronze' block (payout x3). That works out to having roughly 2 Gold, 4 Silver, and 8 Bronze blocks per day.