GINCoin Pivots from Shared Masternodes to Develop a Global Computer Network
On the first anniversary of the genesis block on their network, GINCoin have confirmed they are no longer actively developing the shared node service, which had originally been slated for release in August 2018. Citing technical, regulatory and philosophical operational risks and barriers the co-founder's note concludes:
Until we take out of the equation the trust in a shared masternode operation, there will be no sound solution for shared master-nodes
In place of Gincoin’s original turnkey masternode coin whitepaper, which is no longer available on their website, the teams detailed announcement and new whitepaper released today reveals they have been working on expanding their operation outside the masternode hosting space.
Separate from Gin Platform Ltd, which currently remains an Active Private Limited Company registered in the UK, will be the GIN Foundation whose purpose will be to extend the utility of GINCoin and facilitate the creation of new uses for the coin through innovative research and financial support of projects. The GIN Foundation will be funded by the release of funds from the GINCoin pre-mine over the next 4 years and also through a yet to be decided block subsidy.
Long-standing community member, Spenser Mooney will be the newly appointed Chief Executive Officer at GIN Foundation and during the initial discussions between the Community and the Founders in the GINCoin discord channel following the announcement, it was confirmed the GIN Foundation will be registered in the Netherlands and the incorporation of the foundation will be completed within the next 14 days (09.03.19).
GINCoin's Chief Technical Officer, Dragos Badea told Masternode Buzz
While Gin Platform keeps its main business in the masternode hosting space, GINCoin receives a new purpose with the Freighter Fleet in enabling others, like Gin Platform, to offer real world applications and services on top of its masternode network.
The first release from the GIN Foundation is their new whitepaper which proposes a GIN Ecosystem Apps Protocol (GEA Protocol). A complete specification of the GEA Protocol is pending publication in a separate paper but essentially, it is proposed that the GINCoin masternode network will now be utilized to provide computational power as a service.
Services will be offered via a Distributed Apps Marketplace (DAM) with “Freighters” (GEA Protocol compliant GIN Masternodes) together forming a “Freighter Fleet” to provide the computational power for that service. Potential use cases cited in whitepaper for the GIN Freighter Fleet include data mining, machine learning/AI training, oracles and decentralized VPNs. A subsidy will initially be paid to Freighters on a weekly basis by the GIN Foundation as an incentive for participation but in the long term, it is proposed this will be replaced with an on-chain bid/ask operation directly between a DAM and the Fleet.
The first organisation to create a DAM will be Gin Platform Ltd in a joint effort with the GIN Foundation and members of the GIN community who have been invited to apply for their masternodes to take part in a Private Alpha Freighter Network. This will consist of 20 nodes in total running test workloads and is scheduled to begin on 03.03.2019.