Galilel — Interview with CEO Maik Broemme
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 15,000, I collected the needed capital from the community to pay for the change on masternodes.online (MNO).
At the moment you are the only developer working on Github, what will the future look like for Galilel?
For the three — Desktop, Mobile and Instant Paper — Wallets we are currently developing that is correct. However, every good project starts with an idea and a developer. For me, the blockchain as a technology represents a challenge as an open source developer, because you have to maintain and secure it for the long term. However, our team has already grown considerably, with Christian we have been able to bring a very good backend and frontend developer into our team, which relieves me of all non-Wallet specific developments. He is now more active in the website and media repository than I am and has also worked out our design guidelines.
Blockchain and Open Source developers will become aware of the project over time, we advertise explicitly that we are a Blockchain Development Coin and not another service or platform.
In your opinion, will the milestones in the Q1 2019 roadmap still be reached?
With roadmaps it’s always such a thing. In a way they are always a bit volatile. We’ve almost finished our Android Wallet, it’s not in the Playstore yet, but it’s already available as beta on our website. Due to the two proof-of-stake exploits, we had to deviate from our roadmap. Security is always the first priority in every blockchain. As we are a blockchain with fully activated Zerocoin Private Staking and an active exploit for both “Fake Stake Spent” and “Zerocoin Wrapped Serials”, we had to react quickly. What currently makes Galilel unique is our dynamic Zerocoin Staking. In contrast to PIVX, our chain was not fixed to a fixed Zerocoin Staking Reward, but we adapted it dynamically with our Reward Reduction. This means that even coins with a high number of Max Coins can be equipped with Zerocoin, because we automatically calculate the best denomination. In principle, however, this is a developer feature because it significantly simplifies coin forks with fully activated Zero Coin Staking.
With which partners is Galilel currently working most intensively?
There is a list of all partners on our website. I would like to emphasize Dextro.
Dextro.io currently also accepts Galilel as a payment option if you host Masternodes of all supported coins there
What will your marketing strategy look like in the near future?
At the moment we are concentrating on CoinMarketCap (CMC) finally listing us. We have been working on this topic since the beginning of January and have already answered all the questions in many rounds. At the same time we are concentrating on the foundation of the company. In Germany, crypto currencies are treated like Fintech startups, which is why this proves necessary due to the limitation of liability. Furthermore, it is important for us that we get a Mobile Wallet in the current year in the Apple Store and this requires a company in crypto currencies since mid-2018. In addition, we are increasing the awareness of Galilel in small steps that do not overburden us financially, for example with the integration into Bisq. It was free for us because we created the pull request ourselves. We will do the same in the next few weeks with further Exchanges.
There are now more than a handful of Privacy Coins on the market, what would Galilel like to do differently than the well-known competition?
We concentrate on blockchain features, privacy was just the first part for us, the big preliminary work has already been done by the PIVX team. One of our long-term goals is to continue to decentralize the blockchain. For example, we will extend Masternodes so that they can decide on the rewards for the coming month in addition to budget votes. This will give Masternode owners the ability to control the coin’s inflation, much like today’s central banks do. Another feature we call Proof-of-Transaction is that it makes it possible to specify a unique subject for each transaction, which only the participating wallets can see, this is stored encrypted in the blockchain. This allows merchants to assign payments permanently and uniquely without having to create a separate receiving address for each incoming payment. This is comparable to the purpose of a bank transfer.
How does Galilel deal with the future bans on privacy coins?
Privacy is only a feature of the blockchain and can be deactivated by spork. The blockchain itself will always contain a public coin part. We only give users the option to choose one or both. I like to compare this with a knife. Just because I can hurt someone with a knife, knives are not forbidden. On the other hand, privacy coins also offer completely new possibilities for companies. Companies also hesitate with crypto currencies because, as soon as they accept them as means of payment, their assets are permanently transparent and open to everyone. This may be good for some areas such as public finances, in the free market economy however certain financial metrics and data points related to a company’s finances are usually kept secret or only published during auditing or tax filing.
How do future planned use cases at Galilel look like?
We are a generic crypto currency without being tied to a specific purpose. I only make this clear because there are tons of coins that have been developed for a specific use case. Of course, this strongly limits the intended use and in the end also the value proposition of a crypto currency. I always take the following example: In the supermarket at the checkout, I don’t pay for A-brand coffee with Coin A and B-brand coffee with Coin B either. If possible, I would like to pay for every item with the same currency anytime and anywhere. This is exactly where Galilel comes in. After the foundation of the company, we focus on cooperation with payment service providers who already have crypto currencies in their portfolio.
Last but not least, a very frequently asked question from our community: To what extent does Galilel differ from PIVX?
The question can indeed be answered quite easily. There are currently two main differences.
First, in PIVX, 3 zPIV are always minted if you do private staking. In PIVX there never was another possibility, because Zerocoin was implemented after the rewards had already dropped to 5 per block. With the PIVX implementation, however, you cannot create a coin fork that would generate, for example, 5000 coins per block and credit 80% to the private Staker. In the PIVX case then 4000×1 zPIV would have to be minted; in one block. But this would take too long, so a Public Staker would rather solve the block and the Private Staker would never have a chance to integrate it into the chain. In our case we would have 4×1000 zGALI minten, i.e. only 4 RSA-2048 calculations instead of 4000. This gives you a real chance to integrate the block into the chain. In every privacy coin the private and public stakeholders compete for the block. To make it short: PIVX forking with new Genesis block and activated Zerocoin is difficult to realize, with Galilel this is no problem, we want other projects to fork from us and even promote it.
PIVX uses the SeeSaw algorithm for the reward distribution between Masternodes and Stakers. In a nutshell: The more active Masternodes run in the blockchain, the higher the rewards for a Staker. The more the difficulty increases through Stakers, the higher the rewards for Masternode operators. On one hand, it guarantees an even balance between staking and Masternode rewards. On the other hand, rewards must also be regarded as what they are, namely as a reliable and predictable cash flow stream. In Galilel the rewards are still divided classically, 30% Public Staker and 70% Masternode owner or 60% Private Staker and 40% Masternode owner. The distribution is still well balanced while the estimation of the rewards is predictable.