Galilel Coin (GALI and zGALI) is an open-source public and private Proof-of-Stake digital crypto currency for fast (using SwiftX), private (Zerocoin protocol) and secure micro transactions. Our main goal is to create a decentralized fully secure and anonymous network to run applications, which do not rely on any central body control. By having a distributed system, thousands of users will be responsible for maintaining the application and data so that there is no single point of failure.
While Proof-of-Stake (PoS) is an environmentally friendly consensus algorithm, it creates rewards only as long as the wallet is running. One solution to this problem is to sign-up to any shared Proof-of-Stake pool and stake in the cloud. However, the disadvantage is that user need to trust the staking pool and transfer specific amount of coins to it. It can lead to situation that huge amount of coins are stored in a few wallets. This is a weak situation for a decentralized network approach and is a fundamental part to reach consensus. Private staking, so called Zerocoin Proof-of-Stake (zPoS), has the same problems and limitations. In Galilel, the solution to this problem will be a complete hybrid consensus algorithm named Galilel Hybrid Proof-of-Stake (ghPoS). We will extend online Proof-of-Stake with offline capability for both public and private staking. Offline staking is always on with 5% of the block reward paid out if offline wallet finds a block.
While offline staking is dependent from network difficulty and amount of staked coins, the Term Deposit9 function allow to lock coins for a certain period and generate predictable rewards. The minimum required amount of coins to use Galilel Term Deposit (gTD) is one thousand 1.000 GALI. The user decides the period to lock coins. Valid options are 1 month, 6 month, 1 year, 2 years, 3 years, 4 years or 5 years. Once locked, moving or spending coins for purchases is impossible, cancellation of term deposit before expiration time is impossible. This will effectively reduce the coin supply during the lock period.
Inflation control is the most challenging part for digital money to be recognized and accepted as alternative to fiat money. Without any controlling mechanism, the value of any digital money is unpredictable. This leads to situation when investors' starts betting on the value and this can seriously damage the market within hours and immediately eliminates the possibility to push digital money into market as accepted payment option. With inflation control, we believe that people outside the digital money sphere are attracted to use it, as there is no need to look every day at their portfolio. Unlike central banks in case of fiat money, there will be no central place for watching and maintaining money supply. In Galilel, we implement a decentralized approach to burn coins, so called Proof-of-Burn mechanism for private and public staked coins. While this is one necessary step to control money circulation, masternode owners get the possibility to vote for reward reduction or complete burning for a specific period to reduce coin generation. We name it Galilel Money Supply Control (gMSC), effectively Proof-of-Burn v2. This mechanism burns only rewards, never term deposits and development budget. The period for coin burning will be 1 month. Every month is applicable for voting.
Masternodes gained already a lot of attraction in digital money sphere. While many new digital crypto currencies try to create ridiculous high return of investment (ROI) coins and fail after coin inflation kicks in as well as having unbalanced reward distribution between masternodes and staking wallets, this is not the main purpose for running a masternode. In Galilel, the main use-case for masternodes is securing the network while having the opportunity to vote of future development aspects as well as maintaining coin circulation. However, the main weak point for available masternode implementations is the requirement to have the blockchain synced and indexed on each machine acting as a masternode. Galilel Instant On Masternode (gIOMN) solves this problem by implementing a shared blockchain to run one-to-many wallet daemons in a client server model. It is comparable to "Instant On" model available in Electrum client.
The trust relationship between investors and the project team is key to success. Therefore, we have created a GitHub organization named Galilel-Project, which tracks all our development activities in public repositories including all our backend code and passed Know Your Developer (KYD) public verification. The project uses mostly MIT, GPLv3 and CC-BY-NC 4.0 open source and open content licenses. The translation and localization is done with Transifex.
Galilel Statistics visualize the current real-time snapshot of the blockchain network. The wallet notification system updates the statistics automatically once a new block detected in the network.
|Network||Hashrate (GH/s)||Difficulty||Height||Masternodes||Average Reward Time|
General information about used algorithm, ticker symbol, staking and masternode collateral.
|Consensus Algorithm||PoS + zPoS Hybrid|
|Block Size||2 MB|
|Block Time||60 Seconds (Re-targeting every block)|
|Type||PoW / PoS / zPoS / MN|
|Minimum Staking Age||2 Hours|
|Send Eligibility||6 confirmations|
|Rewards (till block 1500)||MN 60%, PoW 40%|
|Rewards (till block 205000)||MN 60%, PoS 40%|
|Rewards (from block 205001)||MN 70%, PoS 30%|
|Last PoW Block||1.500|
|Max Coin Supply (January 2020)||19.035.999|
|Max Coin Supply (January 2030)||45.315.999|
|Max Coin Supply (January 2040)||71.595.999|
|Max Coin Supply (January 2050)||97.875.999|
|Dynamic Coin Supply||All transaction fees and zGALI minting fees are burnt|
|Community Donation Address||UUr5nDmykhun1HWM7mJAqLVeLzoGtx19dX|
|Dev Budget (from block 250001)||10% in monthly superblock|
Zerocoin minting specifications.
|Zerocoin v1 activation||Block 250000|
|Zerocoin v2 activation||Block 340000 (planned)|
|zGALI Rewards (from block 340001)||MN 50%, zPoS 50%|
|zGALI Denominators||1, 5, 10, 50, 100, 500, 1000, 5000|
|Send Eligibility||20 confirmations|
|Fees (mint)||0.01 GALI per minted zGALI denomination|
|Fees (spend)||No fee|
Proof-of-Work is used as instamine protection and will end at block 1500.
|Block Height||Reward||MN||PoW||Coin Supply||Stage Runtime||Stage End|
|Block 1||220.000 GALI (premine)||60%||40%||220.000||0 days||2018-05-25|
|Block 2 - 1500||1 GALI||60%||40%||221.499||1 day||2018-05-26|
Proof-of-Stake will start at block 1501 until max coin emission is reached.
|Stages||Block Height||Reward||MN||PoS||Coin Supply||Stage Runtime||Stage End|
|Stage 1||1501-12000||100 GALI||60%||40%||1.271.399||7 days||2018-06-02|
|Stage 2||12001-22000||90 GALI||60%||40%||2.171.309||7 days||2018-06-09|
|Stage 3||22001-42000||80 GALI||60%||40%||3.771.229||14 days||2018-06-23|
|Stage 4||42001-100000||70 GALI||60%||40%||7.831.159||40 days||2018-08-02|
|Stage 5||100001-160000||60 GALI||60%||40%||11.431.099||42 days||2018-09-13|
|Stage 6||160001-205000||50 GALI||60%||40%||13.681.049||31 days||2018-10-14|
|Stage 7||205001-250000||25 GALI||70%||30%||14.806.024||31 days||2018-11-14|
|Stage 8||250001-340000||15 GALI||70%||30%||16.156.009||62 days||2019-01-15|
|Stage 9||340001-430000||10 GALI||70%||30%||17.055.999||62 days||2019-03-18|
|Stage 10||430001-ongoing||5 GALI||70%||30%||ongoing||ongoing||ongoing|
Official Galilel media files with logos, banners, images, icons, videos and the whitepaper (WP).
Galilel wallet is available for a wide range of platforms and architectures.
Galilel blockchain snapshot is created every night, used for fast bootstrap of new wallets.
Galilel repositories include wallet, backend and daemon source as well as media files.
Meet the team behind Galilel.
What we build and when you can expect it.
|1.||Enable and release MAINNET||RESOLVED|
|1.||Create block explorer (SSL secured)||RESOLVED|
|2.||Create discord bot for block height||RESOLVED|
|3.||Create discord bot for donation monitoring||RESOLVED|
|4.||Create discord bot for GitHub monitoring||RESOLVED|
|5.||Community poll: Max Coin Supply||RESOLVED|
|6.||Community poll: MN/PoS reward distribution||RESOLVED|
|7.||Community poll: MN collateral amount||RESOLVED|
|8.||Community poll: Reward structure modification||RESOLVED|
|9.||Create branding (logos, banners and icons)||RESOLVED|
|10.||Release Galilel v2.0.0 with community vote results||RESOLVED|
|11.||Know Your Developer (KYD) public verification||RESOLVED|
|1.||Enable and release TESTNET||RESOLVED|
|2.||Refactor Galilel codebase to latest PIVX 3.1.1||RESOLVED|
|3.||Enable Decentralized Autonomous Organization (DAO) for blockchain voting||RESOLVED|
|4.||Release Galilel Coin whitepaper||RESOLVED|
|5.||Release Branding Guide||RESOLVED|
|6.||Release Galilel v3.0.0 with Zerocoin v1 activation at block 250000||RESOLVED|
|7.||Create BitcoinTalk Announcement||OPEN|
|1.||Release Galilel v3.1.0 with Zerocoin v2 with private Proof-of-Stake (zPoS) at block 340000||IN PROGRESS|
|2.||Release Galilel v4.0.0 with Instant On Masternode (gIOMN) at block 380000||IN PROGRESS|
|3.||Start Android wallet development||OPEN|
|1.||Release Galilel v5.0.0 with Hybrid Proof-of-Stake (ghPoS) at block TBD||OPEN|
|2.||Release Galilel Android wallet v1.0 with Instant On Masternode (gIOMN)||OPEN|
|1.||Release Galilel v5.1.0 with Term Deposit (gTD) at block TBD||OPEN|
|1.||Release Galilel v6.0.0 with Money Supply Control (gMSC)||OPEN|
|2.||Release Galilel Android wallet v2.0 with Term Deposit (gTD)||OPEN|
|1.||Release Galilel Android wallet v3.0 with Money Supply Control (gMSC)||OPEN|
Galilel can be traded on the following exchanges.
Partners and market capitalisation websites promoting Galilel and providing monitoring or masternode hosting services.