Giant Coin (GIC) is a digital currency which is planned to be used as a sole means of payment in various decentralized applications (DApps) based on the Giant blockchain. When establishing the system, the project team made sure to adhere to the ideals of decentralization. In practice, this means no more financial scandals based on the conflict of interests. The Giant Coin network is operated by masternode owners. All masternode owners have made an initial investment of 1000 GIC and thus they are interested in the increase of the system well-being. Various votes will be held to ensure the safe future of the project.
Giant Coin will soon move to the Proof-of-Stake (PoS) model, meaning that masternode owners and the number of stakes held by each participant will be compared and automatically regulated. This ‘see-saw’ principle comes from Zerocoin whitepaper and the cryptocurrency called PIVX. The move to PoS is backed by several crucial factors: there will be a reduction of block time and the subsequent increase of the speed of transactions, scalability (long-term growth) issues will be solved and, lastly, mining whales will not be able to harm the project economy anymore. Details can be read in a dedicated educational material. An illustrative table which compares the main features of Giant blockchain to other popular products is available in a separate article.
• PoW Algorithm: Quark
• Premine: 200,000 GIC • PoW Blocks: 2 - 71400
• PoS Blocks: Starting from 71401
• Block Time: 120 Seconds
• PoW Max Coin Output/Supply: 1,323,000
• PoW Ending: 20th Aug 2018 09:35:08 UTC
• Masternode Requirements: 1,000 GIC
• Maturity: 201 Confirmations
• Prefix: GIC adresses start with the capital letter "G"
• Ports: 40444 (p2p) / 41444 (rpc)
PoW Reward Distribution
Proof of Work block rewards, masternode reward allocation starting at the 9th May 2018
|Block Height||Reward Amount||Masternodes||Miners|
|Block 2 - 500 (ended)||0 GIC||0||0|
|Block 501 - 20000 (ended)||10 GIC||8 GIC||2 GIC|
|Block 20001 - 40000 (ended)||15 GIC||12 GIC||3 GIC|
|Block 40001 - 71400 (ended)||20 GIC||16 GIC||4 GIC|
PoS Block Rewards
Proof of Stake will automatically be enabled at block 71401.
|Block Height||Reward Amount||Masternodes||Stakers|
|Block 71401 - 262800 (current)||20 GIC||16 GIC||4 GIC|
|Block 262801 - 525600||10 GIC||8 GIC||2 GIC|
|Block 525601 - 788400||8 GIC||6.4 GIC||1.6 GIC|
|Block 788401 - 1051200||6 GIC||4.8 GIC||1.2 GIC|
|Block 1051201 - 1314000||4 GIC||3.2 GIC||0.8 GIC|
|Block 1314001 - infinite||2 GIC||1.6 GIC||0.4 GIC|