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|I think the internet is going to be one of the major forces for reducing the
role of government. The one thing that’s missing but that will soon be
developed, is a reliable e-cash.”
– Professor Milton Friedman, a Nobel Prize winner in
The project is an evolution of the Proof-of-Stake Concept pioneered by King
and Nidal’s whitepaper Peer-to-Peer Crypto-Currency with Proof-of-Stake.
GalleonCoin may very well be decried by some as just another PIVX fork, yet
there is a method to our madness.
We have programmed in a generous Proof-of-Work phase of 5 million blocks,
with no reward halving, to provide a little love to the mid-range GPU-mining
community which is currently being squeezed out of Ethereum mining due to
larger DAG file sizes. The 1000 GALE block reward could make medium-term
gains via pool mining for persons with even modest graphics cards to mine
profitably in the long term. The project values a marge mining and
masternode community as in eventual updates we expect to launch
tokens,apps, and games hosted on our blockchain.
Once the 5 million minable blocks are past, GALE will avoid the perils of
irreversible deflation inherent in all PoW-based coins thanks to the Proof of
Stake (PoS) system programmed into the blockchain. The masternode system
provides blisteringly fast transaction speeds, stable governance, and,
provides a low-cost route to passive income for webmasters, who as anyone
who knows anything internet knows operate on the slimmest of margins
during the best of times.