The first general purpose crypto currency with Hybrid Consensus Algorithm, Dynamic Zerocoin Proof-of-Stake, Proof-of-Transaction and Masternode voting for period based reward burning
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.
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.
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.
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.
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.
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.
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.
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.
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|
General information about used algorithm, ticker symbol, staking and masternode collateral.
|Consensus Algorithm||PoS + zPoS Hybrid|
|Block Size||2 MB|
|Block Time||60 Seconds (Re-targeting every block)|
|Type||PoW / PoS / zPoS / MN|
|Minimum Staking Age||2 Hours|
|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|
|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.
|Zerocoin v1 activation||Block 245,000|
|Zerocoin v2 activation||Block 245,000|
|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|
|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|
What we build.
|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|
|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|
Partners and market capitalisation websites promoting Galilel and providing monitoring or masternode hosting services.