The purpose of this summary is to give a brief overview of the aims of the Galilel Core project. The main focus lies on giving a non-technical explanation of the Blockchain features and the rationale behind them with regard to real world applications and dynamics. For a technically detailed explanation of the features presented here please refer to our Whitepaper.
The Galilel cryptocurrency (further simply referred to as GALI) is a general purpose coin. This means that its sole purpose is to act as a medium for transactions. It is not bound to a platform or specific use case. Bearing this in mind the blockchain features behind the currency itself aim to emulate properties of fiat currencies and the monetary systems that build the underlying infrastructure of those currencies. Money as our society knows it has three classical properties. It’s a store of value, a medium for exchange and a unit of account. In order to being a medium for exchange and a unit of account it’s fundamental to establish money as a store value which is something most cryptocurrencies are still struggling with. GALI tackles this problem by implementing blockchain features that aim at providing those properties. Specifically this means to establish blockchain imminent features that allow to control the monetary supply and make it attractive for transaction purposes.
What do those blockchain features look like and what do they try to achieve in real world examples?
The first blockchain feature that was implemented is DYNAMIC ZEROCOIN PROOF-OF-STAKE (dzPoS).The Zero Coin Protocol is used with the specific goal that the privacy feature will emulate real life business situations ...
This month we did our first interview with Maik Broemme, Founder & Lead Developer of Galilel. Maik is also Senior Program Manager for Storage Solutions.
Hello Maik, we are very happy to welcome you as the first person interviewed by us.
The project was taken over by you last year. How did it come to that?
In July 2018 it became apparent that the Blockchain Developer did announcements that could not be kept to the deadline and very daring formulations about the future of the project. As he then became less and less accessible and tangible, I had asked him several times to hand over the project to me. Since my identity was always public, many community members already knew about my development background and my expertise at that time. After some weeks and discussions, I got the access data to take over the coin. That was it. For me Galilel was interesting because the initial coin specs were not bad. There were some small parts that weren’t well balanced, but we all adjusted them in a community vote after the takeover. In September 2018, the community voted on the current Reward structure, the collateral and the Masternode vs. Staking Reward distribution
Were you involved in the project before?
Yes, I have been active in the old Discord Channel since the Genesis Block. In the beginning, I helped users with the wallet or Masternode setup and later, after the collateral adjustment from 5,000 to...
After a year of transition the Galilel Core project is currently on track to expand and push development after gaining some solid footing in the last couple of months. After the initial development phase several people joined the project team under the guidance and leadership of Maik Broemme aka Babyface to drive the project and establish a future vision for it. The first months of such an endeavor were connected to a lot of change and the Galilel team wanted to use the new year as an occasion to give a review of what was done so far and where the project is heading.
When developing a cryptocurrency the first thing that usually has to be clarified is the purpose of the coin itself. The initial developer set up the coin as a masternode/Proof-of-Stake(PoS) cryptocurrency after an intital Proof-of-Work(PoW) phase. While this set up is fine, being a cryptocurrency that utilizes masternodes is not a purpose in itself and masternodes should not be seen as an investment tool but for what they are: verify transactions on the blockchain and make them faster. Since the original deployed codebase was stale, the first order of business was to update the code base. Initial testing showed that the code base had no exploits and the Galilel team proceeded to bring it to the newest PIVX source and integrating Zerocoin protocol. This was done with the aim in mind that Galilel should be a General Purpose Coin.
In general most cryptocurrencies which we see today aim to provide some kind of platform solution meaning that they basically offer a currency that is first and foremost used on a respective platform or service which the coin developers themselves offer...