Galilel Coin

The first crypto currency with Hybrid Consensus Algorithm and Masternode voting for period based reward burning




Galilel Coin

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.

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Hybrid Proof-of-Stake (ghPoS)

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.

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Term Deposits (gTD)

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.

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Money Supply Control (gMSC)

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.

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Instant On Masternodes (gIOMN)

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.

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Transparency and Trust

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.

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Galilel Statistics

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
Mainnet 3140.45 45148.19 253835 283 4h 43min
Testnet 679.93 9288.10 14354 6 0h 6min
Specifications

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Coin Information

General information about used algorithm, ticker symbol, staking and masternode collateral.

Description Parameter
Coin Name Galilel
Coin Ticker GALI
Hash Algorithm Quark
Consensus Algorithm PoS + zPoS Hybrid
Block Size 2 MB
Block Time 60 Seconds (Re-targeting every block)
RPC Port 36002
P2P Port 36001
Type PoW / PoS / zPoS / MN
Minimum Staking Age 2 Hours
Maturity 120 confirmations
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
Masternode Collateral 15.000
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 Information

Zerocoin minting specifications.

Description Parameter
Zerocoin v1 activation Block 250000
Zerocoin v2 activation Block 340000 (planned)
zGALI Automint 10%
zGALI Rewards (from block 340001) MN 50%, zPoS 50%
zGALI Denominators 1, 5, 10, 50, 100, 500, 1000, 5000
Accumulator Modulus RSA-2048
Maturity 240 confirmations
Send Eligibility 20 confirmations
Fees (mint) 0.01 GALI per minted zGALI denomination
Fees (spend) No fee
Proof-of-Work Rewards

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 Rewards

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
Downloads

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Whitepaper and Guides

Official Galilel media files with logos, banners, images, icons, videos and the whitepaper (WP).

Source

Galilel wallet is available in source for compilation of unsupported platform.

Source Code Checksums Signatures
galilel-v3.0.0.tar.gz SHA256SUMS SHA256SUMS.asc
Blockchain Snapshot

Galilel blockchain snapshot is created every night, used for fast bootstrap of new wallets.

File Size Date Height
blockchain-253270.tar.gz 225,82 MB 2018-11-18 253270
blockchain-251846.tar.gz 224,33 MB 2018-11-17 251846
blockchain-250430.tar.gz 223,67 MB 2018-11-16 250430
blockchain-249000.tar.gz 222,7 MB 2018-11-15 249000
blockchain-247568.tar.gz 226,25 MB 2018-11-14 247568
blockchain-246165.tar.gz 194,04 MB 2018-11-13 246165
blockchain-244751.tar.gz 192,18 MB 2018-11-12 244751
Repositories

Galilel repositories include wallet, backend and daemon source as well as media files.

Team

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Leadership and Development

Meet the team behind Galilel.

Maik Broemme
Babyface#7772
Founder & Developer
Miles Clay
Bossteck#6262
Co-Founder & Designer
Roadmap

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Milestones and Estimations

What we build and when you can expect it.

  • Q2/2018 1
    1.Enable and release MAINNETRESOLVED
  • Q3/2018 11
    1.Create block explorer (SSL secured)RESOLVED
    2.Create discord bot for block heightRESOLVED
    3.Create discord bot for donation monitoringRESOLVED
    4.Create discord bot for GitHub monitoringRESOLVED
    5.Community poll: Max Coin SupplyRESOLVED
    6.Community poll: MN/PoS reward distributionRESOLVED
    7.Community poll: MN collateral amountRESOLVED
    8.Community poll: Reward structure modificationRESOLVED
    9.Create branding (logos, banners and icons)RESOLVED
    10.Release Galilel v2.0.0 with community vote resultsRESOLVED
    11.Know Your Developer (KYD) public verificationRESOLVED
  • Q4/2018 7
    1.Enable and release TESTNETRESOLVED
    2.Refactor Galilel codebase to latest PIVX 3.1.1RESOLVED
    3.Enable Decentralized Autonomous Organization (DAO) for blockchain votingRESOLVED
    4.Release Galilel Coin whitepaperRESOLVED
    5.Release Branding GuideRESOLVED
    6.Release Galilel v3.0.0 with Zerocoin v1 activation at block 250000RESOLVED
    7.Create BitcoinTalk AnnouncementOPEN
  • Q1/2019 3
    1.Release Galilel v3.1.0 with Zerocoin v2 with private Proof-of-Stake (zPoS) at block 340000IN PROGRESS
    2.Release Galilel v4.0.0 with Instant On Masternode (gIOMN) at block 380000IN PROGRESS
    3.Start Android wallet developmentOPEN
  • Q2/2019 2
    1.Release Galilel v5.0.0 with Hybrid Proof-of-Stake (ghPoS) at block TBDOPEN
    2.Release Galilel Android wallet v1.0 with Instant On Masternode (gIOMN)OPEN
  • Q3/2019 1
    1.Release Galilel v5.1.0 with Term Deposit (gTD) at block TBDOPEN
  • Q4/2019 2
    1.Release Galilel v6.0.0 with Money Supply Control (gMSC)OPEN
    2.Release Galilel Android wallet v2.0 with Term Deposit (gTD)OPEN
  • Q1/2020 1
    1.Release Galilel Android wallet v3.0 with Money Supply Control (gMSC)OPEN
Exchanges

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Buying and Trading

Galilel can be traded on the following exchanges.

Marketing

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Marketing and Awareness

Partners and market capitalisation websites promoting Galilel and providing monitoring or masternode hosting services.

Community

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Contact Us

Get in touch with the core team of Galilel, join our Discord channel, follow us on Twitter and Facebook or write a post in BitcoinTalk forum.