Welcome to the MGEN Blockchain Development Journal #1
Welcome to MasterGenesis.
This is the first of many ‘Developer Journal’ entries that we will post to keep the community up to date with our progress. First, let us introduce you to what we are doing.
MasterGenesis is the parent company of our project ‘MGEN’, a NEW Blockchain platform created by our development team. Created for adaptability and scalability, the MGEN blockchain has the user and future in mind. We are based in Orlando, Florida — a virtual hub for blockchain innovation.
Here’s a few FAQ:
Compared to other chains, what sort of performance can we expect?
High performance has been a major focus for us from the outset in creating our Blockchain. Developed on Java and utilizing UDP network transmission, our network throughput is amazing. Adding to that, our system is creating and writing transactions and blocks in parallel, so we expect very high results beyond all existing and upcoming blockchain projects.
What sort of features will MGEN support?
An open node environment featuring both light and full node setups useable across a range of hardware from phones and PCs, all the way to Pi devices.
Sidechain creation with multi token support allowing for both currency and asset class tokens on sidechains.
Single and multistage smart contract support along with several easy to use contract issue systems for all user levels.
MGEN has simplicity as the driving force of its design and will enable customised account names and passwords rather than randomly assigned RSA key pairs.
These are a few of the more standard features you might expect or want to see in a blockchain project but are only a small part of the big picture you can expect to see.
Is MGEN going to be a PoW or PoS consensus system?
Neither, MGEN will use its own (Patent Pending) LIoN (Legitimacy & Integrity of Node) Consensus mechanism, which consists of several technologies working together through multiple stages creating a very secure Blockchain environment.
Is MGEN going to have MasterNodes?
The system will feature MasterNodes, and any user will have a variety of ways to become a MasterNode. MasterNodes will receive on average 2x more transaction fees then a standard node.
What are the types of projects MGEN is hoping to attract?
We believe the MGEN chain will be adaptable to a plethora of real-world settings. Due to its high throughput and transaction speed, as well as the ability to create asset class tokens, there is an instant affinity to ‘Gaming’ with digitized assets and token currencies. In addition to that, ‘Point of Sale & Finance’ for instant purchasing is also an easily integrable avenue. In the big picture however, we see unlimited potential for growth and expansion into almost every industry, like:
— Retail & Online sales
— Property Investment and Contracts
— Banking and Lending
— Manifest & Shipping systems
— Digital Rights Purchasing
— Medical & Prescription Records
— Digitized Bonds & Assets
— …and many more
What is the current development stage of MGEN?
We are currently in the process of elevating our PoC (Proof of Concept) to an MVP (Minimum Viable Product) level. We have drafted many of the aspects of our chain and will have a full whitepaper available for you all to view in the near future.
Do you have any partnerships at the moment?
We have made many great connections and are already in talks with several upcoming and existing companies looking to utilize MGEN as its host blockchain solution. Stay tuned for more details.
What’s next for MGEN?
We are currently in development and seeking people interested in being part of the MGEN project, from team members and co-operative groups, to partnerships and investors. Please feel free to reach out to us if you are interested.
Make sure to keep a close eye on our social media for more updates ;-)
The MGEN team
Check us out:
See MGEN’s CEO, Justin Dean, at Miami Blockchain Shift: