The big day of Genesis Vision (GVT) launch comes to somewhat disheartening announcement: The team starts a new project with yet another token
Anticipation ahead of the launch of Genesis Vision, decentralized, private trust management market of the future, boiled down to a rather disappointing announcement of yet another project: Genesis Vision Network with of course, another token with a ticker GVN.
But before we cover that story, let’s briefly touch upon the actual release of the GVT platform.
They deployed one module – manager only with the other modules for investors coming in two days. The reason was, as stated:
the simultaneous release of two modules would result in a stale and empty platform for the first couple of days. Even though we have thought through such a situation, there is still a significant gap between the time the investors and the managers start operating.
Once the other module is live as well, they will start a strong marketing campaign to speed up the adoption.
New project
As the team elucidates on their Medium post, there are two major obstacles for their project and both have something to do with the current state of top blockchains and cryptocurrency infrastructure. Exchanges are centralized and weak points while blockchains are unscalable and easily clogged by worthless project transactions. That prompted the team of Genesis Vision to start their new exchange that will not be based solely on blockchain, but rather a combination of blockchain and DAG, structure used by projects like IOTA.
The goal of the Genesis Vision Network Project is to create a fast, secure, and decentralized crypto exchange platform that offers margin trading and trust management features. Genesis Vision Network is an absolutely unique blend of two simultaneously working blockchains. The public blockchain’s main objective is to record the history of crypto asset transfers, while DAG is necessary to store the order books.
Purpose of GVN token
- Miner fee in GV blockchain for POW miners;
- Fee for confirmation of transactions for POW miners in the DAG;
- To place an order in the DAG, it is necessary to freeze a certain number of GVN.
- GVN is unfrozen during order cancellation or order execution;
- To obtain the role of POS miner or matcher, it is necessary to freeze a certain
amount of GVN in the blockchain.
GVN is a mineable currency, similar to Bitcoin with the bulk of the coins (70%) will be distributed to GVT token holders. The remaining 30% will be transferred to Genesis Vision for further distribution with an initial lock-up period of more than a year.
The community reaction was halfhearted with most of the holders preferring the team focusing on building up and finishing the initial project before launching another one. Some of them, however, were happy about free tokens raining down to their wallets.
Hi Captain Altcoin,
Please can you explain a little more why you’re disheartened by the Genesis Vision statement? I think allround the news is incredibly positive with managers creating programmes right now as we speak.
This version of Genesis Vision is still 3 months earlier than the roadmap stated!
Overall I am very happy with today’s outcome.
Kind Regards,
Joe
Hi Joe
Thanks for the comment!
That part of today’s announcement is fine. The new project is a distraction and resource dilution. Especially disheartening is the new token launch and something that has a scent of a money-grab, considering they will leave a good 30% for themselves.
A real money grab would be in another ICO. The team has shown a great deal of integrity by commiting to a token burn after the ICO ended, resulting in over 90% of the tokens being burned, and hence driving the price from initial ICO to a current 10x (near 1000%). Not many ICOs can say the same thing.
The platform was supossed to be launched Jan. 1st 2019, but was released two months early, yet people complain about a 48 hour delay. The “slow and steady” approach is probably the best when dealing with everyone’s hard earned money.
The annoucement of GVN is also unsurprising, considering that Genesis Vision already talked about a decentralized exchange that would remove itself from Ethereum’s blockchain if ever required as not be limited by it’s bandwidth (as such with the infamous Crypto Kitties).
And then they said they’d be dropping most tokens to GVT holders (which also acts as preventing 51% attacks against networks).
Its nothing short of good news, albeit the small bump in the road.