What Is GenesisX
GenesisX is a fully decentralized platform that seeks to offer users a transparent, secure and anonymous network to carry out transactions. The GenesisX network was developed to solve some of the main problems that are facing cryptocurrencies in general. Basically, the GenesisX platform was developed to ensure that the many problems facing cryptocurrencies are solved.
Most blockchain based cryptocurrency platforms that claim to offer users a transparent, secure and anonymous network are not actually doing so. They claim that their blockchain is transparent, but users are left in the dark about what is really happening on the network. Some, on the other hand, have claimed that they offer anonymous and untraceable transactions, but merchants and others are able to see the number of transactions their users carry out. This is mostly because they do not know the type of technology or infrastructure that would guarantee 100% anonymity. The GenesisX platform has been described by many as a problem solving one that seeks to offer users a more transparent and anonymous platform to carry out fast transactions. Also, on the GenesisX platform, the network is a fully decentralized and democratic one. The thoughts and opinions of users are sought before any decision is made on the network, this ensures that the users have total control of the activities on the network.
The main goal of this amazing blockchain based platform is that of turning their coin into a global payment tool instead of just being traded on the crypto market. The GenesisX’s XGS coin would be one that users all over the world will use to buy and sell products and services in an untraceable and anonymous way. With this goal in mind, the GenesisX platform is integrating an exchange, a transparent network, security and a democratic governance system into a wallet that would be used by all on the platform.
Another goal of the GenesisX platform is to strengthen the security of their platform through the implementation of the 2FA (Two-Factor Authentication) system that would be able to reduce all forms of scam and attacks across the blockchain.
Core Features Of The GenesisX Platform
1. Zerocoin Protocol; the GenesisX platform has implemented the Zerocoin protocol that was developed by a professor at the John Hopkins University, Matthew D Green. Basically, the Zerocoin protocol was developed to add anonymity to Bitcoin transactions. Although it was developed with Bitcoin in mind, it can also be implemented by all platforms. Not only does the GenesisX platform adopt this protocol, it has made major modifications to it. The modifications ensure that the amount of transaction carried out cannot be seen by anyone on the network besides the sender and receiver.
2. Governance system; unlike most platforms that are not democratic in nature, the GenesisX platform has implemented a governance system on the network that will enable masternode holders on the network the right to vote for changes that might be made on the network. The GenesisX platform is also seeking to integrate a proposal system as well. This governance feature makes the platform one of the most democratic in the cryptocurrency world.
3. Masternodes; the GenesisX platform makes use of the Xevan algorithm which is completely powered by the POS (Proof Of Stake) and Masternodes. This Masternodes system that has been incorporated into the GenesisX platform will enable ultrafast transactions at the same time eliminating the need for power hungry and expensive GPU (Graphics Processing Units) and CPU (Computer Processing Units) based miners.
4. XGS Budgeting Document; as mentioned earlier, the GenesisX platform is a fully transparent network and that is why it has deemed it fit to make budgeting information available to the public. This information will keep investors abreast of the gradual and steady development of the project. Connecting the governance and budgeting system will ensure that community members have the right to vote on the adaptions and technologies that will be implemented in the future as well as how the finances will be spent to improve the platform.
5. Masternode Reward System; through the secure storage platform, the GenesisX platform will provide utility to all holders of the XGS coin. All will have to pay a certain amount to make use of the secure storage platform and 60% of the funds raised will be shared between the Masternode holders on the network.
The GenesisX platform seeks to be one that will restore the confidence that users have on cryptocurrencies as it seeks to revolutionize and modify them. It seeks to offer users all over the world a platform that will enable them to carry out ultrafast transactions in a democratic, transparent, anonymous and secure network.
