In this article, we will discuss Galactrum in full. From it's birth to current state, technical analysis, statistical breakdowns, the ups and downs of the journey so far as well as how each obstacle has been dealt with.
We will also explore the future development of Galactrum and why it has all the keys to unlocking the true power of blockchain technology.
Quick Reference for easy access to specific information.
I. Origin
II. Overview
III Community
IV Launch
V. Masternodes
VI. Exchanges
VII.Future Development
VIII. Conclusion
I. Origin
Galactrum is an Autonomous Digital Currency that is self-governing and self-funded. Based on the Dash platform, Galactrum was started with the idea that currency should be free of censorship. The developers have incorporated a democratic voting system that allows community members to propose ideas. These ideas are then voted on by the Galactrum Community(see Overview). The ideology behind this system is to further decentralize the control of currency and bring a fresh new approach to blockchain technology.
Galactrum is built on the Lyra2v2 algorithm. This makes it ASIC Resistant. It is also a very stable and resilient algorithm to counteract Nicehash and other centralized profit machines that disrupt blockchains. With a low nethash required to make it unprofitable to pump this algorithm is easily in the top 3 for a road to true decentralization and possibly the best.
II. Overview
The Galactrum Community are essentially Shareholders, in the sense that it is built from contributing members to the networks stability(Masternode Operators) and they have a vote in the development and progression of Galactrum. When a voting cycle begins all proposals are presented to the Community and each Shareholder may cast their vote(s) for upcoming projects. Proposals are written and voted on directly in the blockchain, making the Galactrum DAO censorship resistant and transparent.
Shareholders vote on the projects submitted and after a consensus is reached, approved projects receive funding to reach their goals. All transactions are transparent as there is a built-in allocation of funds in the Block Reward Algorithm. After block 197,100 10% of each block mined will go towards this development fund to further enhance the progress of Galactrum.
III. Community
Whether you are a minor or major community member, or perhaps you are new and just watching from the sidelines, we consider any contributions that bring value to the project part of our community. This isn't limited to financial investment. We have a strong user base that operates primarily in discord with many active and supportive members. The community helps each other with technical support, as well as relaying as much information as needed to ensure that all inquiries are answered thoroughly.
With a continuosly growing activity level, the community has been impressive in coming together and realizing the potential they hold as this a rare project with limitless room to grow, and the ownership is in the publics hands.
IV. Launch
Galactrum Launched on Dec 13 2017 to a wide acceptance. It was almost immediately listed on several notable pools including Masterhash, BSOD.PW, altminer.net and more. The nethash held consistently around 800GH/s-1.3TH/s spread across multiple pools. Unlike most masternode based projects, the developers had great foresight into this field and did not activate rewards to Masternodes until Dec 22 2017. This was pre-determined and worked in many ways to help further decentralize the early distribution of coins. As most projects choose the option of auctioning off multiple Masternodes to the highest bidder and promising a very high Return On Investment(ROI), Galactrum's developers saw the downfall in this strategy.
By withholding Masternode rewards and distributing 100% of rewards to the miners for 10 days, it gave an equal playing field for all parties to have a chance to get their Masternode up and running by the target date. This lead to a great launch as rewards were spread across 50+ Masternodes initially as opposed to the 5-10 we see in other projects. When developers allow instant rewards to the first Masternodes on the network these individuals receive a ROI that is just absurd (In some cases as little as 3 days!). This leads to a massive problem where the early investor is able to generate 5000-6000 coins in a 20 day period. This centraliztion leads to even bigger problems including price instability and potential 51% attacks.
Late in December of 2017 the Galactrum blockchain experienced its only fork to date. This issue was rectified by the developers notifying the pool that had forked and assisting them in getting back on the right chain. The forked pool was also supplied with ORE to distribute to their miners to compensate miners for the forked blocks (it is rare to see this done).
V. Masternodes
Number of active masternodes on the network since launch
Masternodes are essential to the strength and security of the blockchain but they also provide important features. Instantsend, Privatesend, Cloaking these are some of the crucial functions Masternodes provide and there is so much more we can do with it! As stated earlier the Galactrum proposal and voting system is hosted directly on the blockchain. This is the easiest and most transparent method of holding a 100% tamper proof vote to-date.
Galactrums developer has written an install script that will handle 99% of the Masternode Setup procedure for you. It is by far the easiest installation around. The only requirements for a user are to create a collateral transaction of 1000 coins, generate your private key and transaction id with 2 simple commands "masternode genkey" and "masternode outputs" run the script and copy/paste the values you generated earlier when prompted by the script. You then simply close your VPS session and start your masternode. The script takes more time than the human interaction depending on familiarity with the system.
Along with the utility of Masternodes comes the other "side of the coin", it's an investment. Masternodes gain rewards for the utility they provide to the network and are paid 50% percent of each block found per "round".
At the time of writing there are 543 Masternodes online. With roughly 700,000 coins in circulation this demonstrates the support of our community and the strength and growth potential of our network. Thats about 77% of the current circulating supply locked into Masternodes! Galactrum currently has an estimated daily generation rate of 7200 coins.
There is still plenty more we can do with Masternodes and we as a community, intend to adapt to the needs and demands of the modern world and to ensure our goals are met.
VI. Exchanges
Now this is where the story gets a little darker. If you like drama this is your chapter.
CoinsMarkets... Once the widely used starting platform of hopeful new cryptocurrencies, now the laughing stock of exchanges and the perfect "how not to manage an exchange" guide for the future.
Upon launch Galactrum was listed on coinsmarkets.com to introduce themselves into one of the the biggest starting platforms known. We were happy to test the market with some decent trade volumes and a consistent user base. On Jan 01 2018 the header message on coinsmarkets read "we are currently being ddos'ed". Some concerns were raised in the Galactrum Discord community and the developer(shensu) without hesitation paid the Cryptopia listing fee and posted a screenshot for the community to see. At the time of paying the 5,000,000 DOT required for a top end listing (BTC/LTC/DOGE pairings) this was in the ball park of a quarter million dollars!
Fast forward 2 days and coinsmarkets.com is offline. The dev team immediately rushed a listing onto stocks.exchange with a quick turnaround and were back up and running shortly thereafter. Unfortunately stocks.exchange has a very limited user base, and a very unstable, unreliable platform. They have since made some improvements but I still do not see it is an exchange worthy of listing on.
This was supposed to be a supplementary exchange for the public to trade on while the Cryptopia listing was still being processed.
As of March 14 2018, Galactrum has still not been listed on Cryptopia. The admins of their platform hade been unreliable and dismissive in their responses over the last 2 months until very recently, appointing a CEO and vowing to fix all the short term issues immediately. This gives us hope they will begin working diligently on their 2+ month backlog of prepaid listings and Galactrum may be added any time now.
VII. Future Development
Galactrum has a solid base platform with massive room to grow. Built on the Lyra2v2 algorithm, Galactrum is extremely ASIC resistant and energy efficient. This provides longevity over other algorithms that are currently being targetted by ASIC manufacturers.
Utilizing the democratic voting and proposal system, Galactrum has an unlimited number of advancements it can take in the future, shaped by the community behind it.
VIII. Conclusion
Galactrum is a strong project, with immense potential backed by competent and active developers. Additionally the community has rallied behind the project and shown great support, further increasing the value and stability of Galactrum.
With the developers currently working on publishing the Whitepaper, releasing mobile wallets, and the pending Cryptopia listing, there is a lot of expected growth in the near future.
I am excited to be a part of this project and expect a great deal of growth in the coming months!
https://galactrum.org/
https://bitcointalk.org/index.php?topic=2576111.0
https://discord.gg/xeVT9jP
https://twitter.com/galactrum?lang=en
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Today's date 14/03/2018:
For all readers, useful information about the day opening price:
Bitcoin: 9206$
Ethereum: 690$
Ripple: 0,79$
Bitcoin Cash: 1071$
Litecoin: 176$
Cardano: 0,22$
NEO: 83$
Stellar: 0,28$
NEM: 0,47$
EOS: 5,9$
Have a good day everyone!
Really great article about a fantastic coin. It truly amazes me the quality product this team keeps putting out. Even enable for atomic swaps now!