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BUDGET PROPOSALS

Galilel Coin (GALI and zGALI)

is an open-source public and private Proof-of-Stake digital crypto currency for fast (using SwiftX), private (Zerocoin protocol) and secure micro transactions. Our main goal is to create a decentralized fully secure and anonymous network to run applications, which do not rely on any central body control. By having a distributed system, thousands of users will be responsible for maintaining the application and data so that there is no single point of failure.

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Dynamic Zerocoin Proof-of-Stake (dzPoS)

In Galilel, we implement a dynamic version of Zerocoin staking. Zerocoin staking generates rewards in denominations, which represent an integer value. The smallest possible denomination is one. In the first version - warmup phase - we always use the smallest denomination value for testing purposes. The drawback of this approach is that Zerocoin staking is very CPU intensive and probability to generate an orphan block is higher as a public coin stake can solve the block later but distribute it to the chain earlier. In the second version - full phase - we auto determine the best denomination structure based on the block reward amount. This significantly reduces the probability to generate orphan blocks.

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Proof-of-Transaction (ghPoT)

In traditional economics with money transfers between bank accounts, it is possible to specify a subject so that the recipient can assign the amount to a specific invoice. It is not possible in current wallet implementations. It allows specifying a comment or comment-to value, which is not part of the transaction and only stored locally. To assign an invoice to a particular payee it is necessary to create a wallet address with a one-to-one mapping between both stakeholders. In Galilel, we include an additional data field and attach it to the transaction, which is stored in the block. It is an encrypted field and decryption is only possible by the wallets, which negotiated the transaction. It solves the transaction assignment problem and allows payment-processing gateways to identify the payee of an invoice as it is with traditional fiat invoices.

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Hybrid Proof-of-Stake (ghPoS)

While Proof-of-Stake (PoS) is an environmentally friendly consensus algorithm, it creates rewards only as long as the desktop wallet is running. One solution to this problem is to sign-up to any shared Proof-of-Stake pool and stake in the cloud. However, the disadvantage is that user need to trust the staking pool and transfer specific amount of coins to it. It can lead to situation that huge amount of coins are stored in a few wallets. This is a weak situation for a decentralized network approach and is a fundamental part to reach consensus. Private staking, so called Zerocoin Proof-of-Stake (zPoS), has the same problems and limitations. In Galilel, the solution to this problem will be a complete hybrid consensus algorithm named Galilel Hybrid Proof-of-Stake (ghPoS). We will extend Proof-of-Stake with mobile staking capabilities for both public and private staking.

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Term Deposits (gTD)

While mobile staking is dependent from network difficulty and amount of staked coins, the Term Deposit function allow to lock coins for a certain period and generate predictable rewards. The user decides the period to lock coins. Once locked, moving or spending coins for purchases is impossible, cancellation of term deposit before expiration time is impossible. This will effectively reduce the coin supply during the lock period.

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Money Supply Control (gMSC)

Inflation control is the most challenging part for digital money to be recognized and accepted as alternative to fiat money. Without any controlling mechanism, the value of any digital money is unpredictable. This leads to situation when investors' starts betting on the value and this can seriously damage the market within hours and immediately eliminates the possibility to push digital money into market as accepted payment option. With inflation control, we believe that people outside the digital money sphere are attracted to use it, as there is no need to look every day at their portfolio. Unlike central banks in case of fiat money, there will be no central place for watching and maintaining money supply. In Galilel, we implement a decentralized approach to burn coins, so called Proof-of-Burn mechanism for private and public staked coins. While this is one necessary step to control money circulation, masternode owners get the possibility to vote for reward reduction or complete burning for a specific period to reduce coin generation. We name it Galilel Money Supply Control (gMSC), effectively Proof-of-Burn v2. This mechanism burns only rewards, never term deposits and development budget.

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Instant On Masternodes (gIOMN)

Masternodes gained already a lot of attraction in digital money sphere. While many new digital crypto currencies try to create ridiculous high return of investment (ROI) coins and fail after coin inflation kicks in as well as having unbalanced reward distribution between masternodes and staking wallets, this is not the main purpose for running a masternode. In Galilel, the main use-case for masternodes is securing the network while having the opportunity to vote of future development aspects as well as maintaining coin circulation. However, the main weak point for available masternode implementations is the requirement to have the blockchain synced and indexed on each machine acting as a masternode. Galilel Instant On Masternode (gIOMN) solves this problem by implementing a shared blockchain to run one-to-many wallet daemons in a client server model. It is comparable to "Instant On" model available in Electrum client.

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Transparency and Trust

The trust relationship between investors and the project team is the key to success. Therefore, we have created a GitHub organization named Galilel-Project, which tracks all our development activities in public repositories including all our backend code and passed Know Your Developer (KYD) public verification. The project uses mostly MIT, GPLv3 and CC-BY-NC 4.0 open source and open content licenses. The translation and localization process uses Transifex platform.

Get in contact and join our community channels

Click on the country on the map to open the telegram link (if available).

Galilel Statistics visualize the current real-time snapshot of the blockchain network. The wallet notification system updates the statistics automatically once a new block has been detected in the network.

Network Hashrate (GH/s) Difficulty Height Masternodes Average Reward Time
Mainnet 3055.12 48776.33 1199658 280 4h 40min
Testnet 2967.58 42883.41 336618 9 0h 9min

General information about used algorithm, ticker symbol, staking and masternode collateral.

Description Parameter
Coin Name Galilel
Coin Ticker GALI
Hash Algorithm Quark
Consensus Algorithm PoS + zPoS Hybrid
Block Size 2 MB
Block Time 60 Seconds (Re-targeting every block)
RPC Port 36002
P2P Port 36001
Type PoW / PoS / zPoS / MN
Minimum Staking Age 2 Hours
Maturity 120 confirmations
Send Eligibility 6 confirmations
Rewards (till block 1,500) MN 60%, PoW 40%
Rewards (till block 205,000) MN 60%, PoS 40%
Rewards (from block 205,001) MN 70%, PoS 30%
Last PoW Block 1,500
Masternode Collateral 15,000
Max Coin Supply (January 2020) 19,035,999
Max Coin Supply (January 2030) 45,315,999
Max Coin Supply (January 2040) 71,595,999
Max Coin Supply (January 2050) 97,875,999
Dynamic Coin Supply All transaction fees and zGALI minting fees are burnt
Community Donation Address UUr5nDmykhun1HWM7mJAqLVeLzoGtx19dX
Community Donation Balance 0.00
Dev Budget (from block 250,001) 10% in monthly superblock
Dev Budget Multisig Address 7U3FMDhKv4j5bzauurPoX1TtqE7hPowSJi
Dev Budget Multisig Wallet (combined balance) 266958.96

Zerocoin minting specifications.

Description Parameter
Zerocoin v1 activation Block 245,000
Zerocoin v2 activation Block 245,000
zGALI Automint 10%
zGALI Rewards (from block 245,001) 1 zGALI
zGALI Rewards (from block 340,001) MN 40%, zPoS 60%
zGALI Rewards (from block 430,001) MN 40%, zPoS 60%
zGALI Denominators 1, 5, 10, 50, 100, 500, 1000, 5000
Accumulator Modulus RSA-2048
Maturity 240 confirmations
Send Eligibility 20 confirmations
Fees (mint) 0.01 GALI per minted zGALI denomination
Fees (spend) No fee

Proof-of-Work is used as instamine protection and will end at block 1500.

Block Height Reward MN PoW Coin Supply Stage Runtime Stage End
Block 1 220,000 GALI (premine) 60% 40% 220,000 0 days 2018-05-25
Block 2 - 1500 1 GALI 60% 40% 221,499 1 day 2018-05-26

Proof-of-Stake will start at block 1501 until max coin emission is reached.

Stages Block Height Reward MN PoS Coin Supply Stage Runtime Stage End
Stage 1 1501-12000 100 GALI 60% 40% 1,271,399 7 days 2018-06-02
Stage 2 12001-22000 90 GALI 60% 40% 2,171,309 7 days 2018-06-09
Stage 3 22001-42000 80 GALI 60% 40% 3,771,229 14 days 2018-06-23
Stage 4 42001-100000 70 GALI 60% 40% 7,831,159 40 days 2018-08-02
Stage 5 100001-160000 60 GALI 60% 40% 11,431,099 42 days 2018-09-13
Stage 6 160001-205000 50 GALI 60% 40% 13,681,049 31 days 2018-10-14
Stage 7 205001-250000 25 GALI 70% 30% 14,806,024 31 days 2018-11-14
Stage 8 250001-340000 13.5 GALI 70% 30% 16,156,009 62 days 2019-01-15
Stage 9 340001-430000 10 GALI 70% 30% 17,055,999 62 days 2019-03-18
Stage 10 430001-ongoing 5 GALI 70% 30% ongoing ongoing ongoing
Leadership and Development

Meet the team behind Galilel.

Maik Broemme
Babyface#7772
Development
Germany

Christian Grieger
Swooty#7324
Development
Germany

Manuel Gogoll
Cryptogerman#8070
Marketinga
Germany

Pascal Rebholz
crypto5.0#6432
Business
Switzerland

Patric Mainzer
Schokoladenbrezel đź‘»#3436
Support
Germany

Alex Mesquita
Alex Mesquita#9361
Advisor
Brazil

Achievements

What we build.

2018

1. Enable and release MAINNET RESOLVED
2. Create block explorer (SSL secured) RESOLVED
3. Create discord bot for block height RESOLVED
4. Create discord bot for donation monitoring RESOLVED
5. Create discord bot for GitHub monitoring RESOLVED
6. Community poll: Max Coin Supply RESOLVED
7. Community poll: MN/PoS reward distribution RESOLVED
8. Community poll: MN collateral amount RESOLVED
9. Community poll: Reward structure modification RESOLVED
10. Create branding (logos, banners and icons) RESOLVED
11. Release Galilel v2.0.0 with community vote results RESOLVED
12. Know Your Developer (KYD) public verification RESOLVED
13. Enable and release TESTNET RESOLVED
14. Refactor Galilel codebase to latest PIVX 3.1.1 RESOLVED
15. Enable Decentralized Autonomous Organization (DAO) for blockchain voting RESOLVED
16. Release Galilel Coin whitepaper RESOLVED
17. Release Brand Guide RESOLVED
18. Release Galilel v3.0.0 with Zerocoin v1 activation at block 245,000 RESOLVED
19. Release Galilel v3.1.0 with Zerocoin v2 with private Proof-of-Stake (zPoS) at block 245,000 RESOLVED
20. Create BitcoinTalk Announcement RESOLVED

2019

1. Release Galilel v3.2.0 with Dynamic Zerocoin Proof-of-Stake RESOLVED
2. Start Android wallet development RESOLVED
3. Release Galilel v3.3.0 with Zerocoin Light Node Protocol, Precomputed Proofs and Governance RESOLVED
4. Release Galilel Android wallet v1.0 RESOLVED
5. Creating legal entity in Germany for binding contracts and mobile wallet publishing RESOLVED