GOSSIP 2.0 Blockchain Update

Announcements from the GOSSIP project

Moderator: GOSSIP-Team Group

Post Reply
User avatar
GOSSIP-TEAM
Site Admin
Site Admin
Posts: 40
Joined: Sun Aug 12, 2018 12:19 pm
Location: Europe
Contact:

Sat Mar 09, 2019 12:05 am

Dear comminity,

after countless hours of coding and testing now it's time to release the new GOSSIP 2.0 blockchain.

1. Technical details GOSSIP 2.0 Blockchain
  • Swap ratio: 10:1
  • PoS/MN system without PoW
  • Premine: 19M for the swap + 6M possibility to swap other projects to GOSSIP
  • Block time: 90 seconds
  • MN/PoS ratio: 65% MN / 35% PoS
  • Masternode collateral: 9999 GOSS
  • Governance proposal fee: < block 277,777 = 100 | > block 277,777 = 50 GOSS
  • Governance funds: max. 10% from the block rewards
  • Coin maturity: 59 blocks
  • Minimal coin age for staking: 2 hours
  • Codebase: PIVX 3.x
  • Code fork from: PHORE
  • Integrated governance voting function in the wallet
  • Easy masternode setup function in the wallet
2. Swap Procedure

Planned start: 22nd March 2019 - 5 p.m. GMT +0

We have our own swap platform (which was used too for the CSPN swap). The swap will be possible till 31nd August 2019 5 p.m. GMT +0. We will set up 3 steps so that we have a reason to leave the old blockchain.
  • 22.03 - 22.04. = 10:1
  • 23.04 - 30.04. = 15:1
  • 01.05 - 31.08. = 20:1
On the 22nd March we will calculate the ROI from the existing GOSSIP 1.0 blockchain. This value is used as 100% for the swap factor. The old blockchain must continue to work and increase the retiring masternodes of ROI, this would be unfair to the people who have already swapped. We will recalculate the swap factor several times a day with the increased ROI of the old blockchain and adjust the values.

Example: We are in Phase 1 and the swap ratio is 10:1, the ROI before the swap was 295%. On the 25th March the ROI is 505%, because many people swapped their coins but we have masternodes in the old chain still running.

We will calculate: ROI of 295% to a swapfactor 10 = ROI of 505% to a swap factor of X

Image

Result: ROI 295% to 10 = ROI 505% to 17

It means, the swap factor will be 17:1 and will be same same like the 10:1, because you earned more coins on the old chain than the people which changed immediately.

If there are less than 50 masterternodes on the old blockchain for more than 5 days, we reserve the right to shut down the old chain, because it has no value to maintain the old chain with a few nodes which didn't change. In this case, we will manually exchange the old coins to the new one.

3. Exchanges

We spoke with Graviex and CryptoBridge. For Graviex the swap is not the problem at all. All will be the same (name, ticker, logo, etc.)
For CryptoBridge can only work a 1:1 swap, all other swaps they can't handle. The coin must be new listed. The standard listing fee are 3 BTC now. During the last weeks (or months), our trading volume on CryptoBridge is nearly 0$. To relist the coin on that exchange is worthless. The main idea is here to list on another exchange, like Crex24 or so. The listing fees on Crex24 are actually around 0.6 BTC.

Update: Even to list new can't work on CryptoBridge. It is not possible for them to add us under the same ticker. So we can only delist GOSSIP from CryptoBridge and to find another exchange.

Image

4. Reward table

Image

5. Further plans, purpose of GOSSIP

I think this point will be the most exciting. The new chain is running, what do we want to do with the GOSSIP coin?
In short: We want to offer services around the blockchain. The payment for this will be of course in GOSS.

How it looks in detail:
  • Social Media
We want to be active in social media channels, like twitter, youtube and of course our own forum. To show our presence, to sell advertising on the forum etc.
  • Blockchain Development
We want to offer to create new chains (wallet deveolpement). And this with many different options. Like you can change the collateral or/and the rewards on the fly without an update. Also compiling of wallet's and changes of existing blockchain code.
  • Tools Development
We want create many needed tools around the blockchain. This can be different block explorers, web wallets, different types of bot's (discord tip bot, telegram bot's etc), DNS seed servers etc. One intresting point is, we will offer the swap platform as Service as a Service product.
  • Swap Service
We premined around 7M of coins more than we need for the swap. The idea behind is, to have the option to swap another project (or two). This coins are on hold and the address will be published on the website that everybody can look into it.

All this will be write down to the whitepaper, which is the next task after the swap. When the whitepaper is done, we will create a new website with an integrated webshop for our products.
Post Reply