Viralchain
Contributor
GeekCash is a new digital currency, based on Bitcoin and Dash, that enables anonymous, instant payments to anyone, anywhere in the world. GeekCash uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. Exactly, GeekCash is a community governance, cooperation and growth to decentralized economy.
Geek is born not to compete feature compared to other coins in the market. It focuses on the ecosystem (under construction) for content creators, sharing passion, affiliate marketing, MMO... or using the Internet to sell or distribute their creations to their fans.
With solid foundations prepared beforehand, GeekCash have ambitious plans for the future.
What is Masternodes?
Masternodes are computers that run a GeekCash wallet and make decisions, such as locking transactions with InstantSend, coordinate mixing of coins, and voting on budget funding. Masternodes are required to have 10,000 GEEK collateral, a dedicated IP address, and be able to run 24 hours a day without a more than a 1 hr connection loss. Masternodes get paid start 25% and increased after each block, up to 80% of the block reward on every block, which is distributed to masternodes one at a time.
Masternodes enable the following services:
InstantSend (instant transactions). In contrast, Bitcoin takes about 10 minutes to confirm a payment.
PrivateSend (anonymous transactions). In contrast, Bitcoin transactions are totally public and traceable. Only the identity of the addresses is anonymous.
Decentralised Governance (masternodes govern, while the blockchain funds development). In contrast, Bitcoin is controlled by a few big miners and funded by 3rd party centralised institutions with self interests.
Masternodes are also given voting rights on proposals. Each masternode has 1 vote and this vote can be used on budget proposals or important decisions that affect Geek.
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Links:
https://geekcash.org
GeekCash
