Decentralized Autonomous Organization (DAO)
Genesis is a DAO (Decentralized Autonomous Organization) based on blockchain. In Genesis, users (nodes) vote to update community rules and blockchain protocols. Genesis provides scalability through sidechains. Each sidechain is considered a virtual country. Each country can have its own method of governance, providing unlimited possibilities. Anybody can start a sidechain, just like you can run a smart contract on Ethereum.
The token issued by Genesis is named after Gencoin (NES). Possessors of Gencoin have not only the right to use NES but also relevant benefits it stands for. The systemic economic diagram demonstrates the means of acquiring Gencoin. Genesis society will issue 2 billion Gencoin in total. Every year, an additional 5% tokens will be further issued through Block Producers.
Genesis Token Applications
● Gencoin is the benchmark token of Genesis. Each member of Genesis society will be in need of holding certain Gencoins when he/she is carrying out any event in Genesis. The depth of your Gencoin pocket determines the nature and influence of every actions you initiate. Meanwhile, most of the significant actions in Genesis society—for example, build a country, set up a group—entail certain Gencoins as a pledge, which can be redeemed after those services are launched.
● One can establish smart contracts on Genesis, but it requires certain Gencoins in pledge.
● Gencoin can be used in Genesis market to buy application modules used to build your own country.
● Gencoin can be used in business registration and the scaling application of Genesis upper layer logic.
● Gencoin is used in the affirmation of actions conducted by the users in the virtual world. The affirmation varies as to different countries. For instance, becoming a citizen necessitates a possession of 10 NESs at least in one country while in another country just 0.1 Gencoin is required. At the same time, the rights to users with different possessions are varied