HODL THAT! #15: GIN COIN – The Drunken Master(node)
When I was in search for a hosting solution for my ALQO masternode (which we featured in our last HODL THAT! issue) I found the crypto masternode hosting service by GIN (of course right after signing up for a much more expensive service) and got in touch with GIN COIN. The service has lots of hype in Masternode Country, as per the easy setup and the bargain prices. But today we want to get deep into the project behind and not the service alone they offer. We wanna get drunk with some good ole Gin – a GIN masternode.
First off, GIN is another quality product with a working & thriving service one can really use. From a very basic perspective, I don't want to invest long-term into any useless “Internet Money Projects” made off the hot air – and this is what I like very much with GIN and what will make me invest into another Masternode here once my buy target is reached. But let's get into the project, starting with their product.
The GIN Platform
Gin Platform is a web-based environment that was created to enable users with limited technical knowledge to deploy and set up masternodes (MN). By setting up and deploying masternodes via the GIN Platform users are able to earn a passive Masternode income without setting up the tech on your own server. Since its launch, the platform has generated massive buzz and interest in the crypto-space, especially due to the ease of use and the very cheap prices.
This project is mainly aimed at democratizing and simplifying the process of masternodes creation and ownership. The platform allows for instant and anonymous validation of blockchain transactions using turnkey masternodes. Users are allowed to set up masternodes by following simple prompts. This platform has been a major hit for crypto-enthusiasts with little or no technical understanding of the process. The platform as a default resident coin known as the GIN Coin but nevertheless supports numerous other altcoins. The development team is continuously working to add more coins and options to the platform. Important for us, as future GIN holders, is that the GIN coin has an actual use directly here on the platform, as the users have to hold GIN in their account to pay for the hosting fees. This is an intelligent step, as GIN holders benefit in multiple ways: The price is calculated in USD, so with a rising GIN price, your hosting costs decline further, while with the growing user base it is likely that more coins will be held, which stabilizes the price of it. Very smart thinking here. Also, you can see on the platform itself, that this project is enthusiastic about crypto itself and makes use of other legit working crypto products, like for example CIVIC for the authentification.
While most people are aware of the terms cryptocurrencies, blockchains, and Bitcoin. Masternodes are pretty uncommon and foreign to many outside the crypto-space. Before further delving into the working of the GIN platform, it is only prudent that we review these terms for people new to this topic. We also wrote a post about masternodes months ago.
By definition, Masternodes refer to wallets/nodes that keep a full copy of the blockchain ledger. Unlike ordinary nodes, master nodes can also be used for other functions besides storing and relaying transactions. Masternodes can be used to validate transactions thus increasing the overall speed, privacy, and functionality of the blockchain. Masternodes can also be used for voting and budgeting within a blockchain network. The scope and magnitude of Masternodes will, however, vary from one platform to another.
So how does GIN work?
The GIN network uses two tiers of authentication to protect its network. The first tier is the Proof of Work (PoW) scheme, whereby miners are rewarded (yes, GIN COIN is minable) with new tokens after proving they have participated in verifying and validating transactions. The second scheme of validation is the use of Masternodes also known as Proof of Service. This scheme deploys features such as Governance, PrivateSend, and InstantSend to protect the network. Like participants in the PoW participants, masternode owners will also be rewarded with GIN Coins. Masternodes on the GIN platform are growing to be an attractive source of passive income.
For many blockchain networks running a masternode requires considerable time and resource investment. Users are not only required to purchase highly expensive equipment like for mining, but they are also required to possess extensive technical prowess. GIN has, however, come up with a simple and convenient process to set up masternodes. To set up masternodes users only need to have 1000 GIN Coins as collateral, a Virtual Private Server with a dedicated IP address and considerable disk space to store the blockchain.
The platform deploys a seamless and simple Graphical User Interface that is based on a trust-less and code-lees environment. The web-based application will allow you to create and deploy masternodes by following a simple number of prompts and steps. The platform is fitted with a simple but comprehensive dashboard. The masternodes created in this process are thereafter hosted at Vultr data centers.
GIN Cloud Node
In relation to its objective of seamless accessibility and simplicity, the GIN platform has just recently released a Cloud Node. This ground-breaking technology is geared at enhancing the network's security and accessibility by leveraging on the cheap cost of running cloud-based masternodes. With Cloud Node users with smaller rewards will be able to gain enhanced security and support through sharing resources with other Masternodes on the same server. The Cloud Node plan is priced at a monthly fee of $4.5.
Besides the Cloud Node, the platform retains a Dedicated Node, priced at $12.6 per month. This plan provides each Masternode with a dedicated server and associated resources. The fees on this plan are paid in GIN on a daily Basis. Users are allowed to migrate to and from each of these plans seamlessly using a downgrade or upgrade button embedded on the platform’s Dashboard.
Security & GIN
GIN platform deploys cold wallets, essentially meaning that collateral coins are stored away from the blockchain. With cold staking, it is virtually impossible for unauthorized persons to access your coin even in the event of a breach of the GIN platform, which is highly unlikely. The added layer of security provides insurance to users such that their investments are impenetrable. Besides cold staking, Vultr data centers which host GIN's masternodes are renown for their resilience and reliability.
The Masternode Portfolio
The GIN platform currently hosts over 5,500 nodes with a total portfolio value of over $8.9 million. The platform currently supports over 110 coins among the major coins supported by the platform include GIN, DASH, PIVX, ZEN, ANON, and ALQO. The development teams are in the process of adding more coins as well as developing new technologies that will enhance the speed, security, and privacy of the network.
The GIN Team and Community
The GIN community is made up of vibrant and passionate individuals who believe in the future of fully decentralized and democratized crypto ecosystem where anybody and anyone can be a participant regardless of their financial or technical muscle. Led by Emil Muthu (CEO), Dragos Badea (CTO), Alexandra Andreescu(CFO), and Alexandru Stanescu(CLO) is a team of driven and multi-cultural individuals hoping to revolutionize the concept of Cryptocurrencies and masternodes.
The support team is available through social media avenues such as Twitter, Facebook, Telegram, Reddit, and Discord. The platform’s webpage also offers a chat window through which one can communicate with the team. The communities on Reddit, Discord, and Telegram are also vital for users to share sentiments, feedback, and review of the platform's services.
GIN COIN is a relatively new cryptocurrency that is both open source and decentralized. The coin shares many similarities with the Dash Coin with features such as InstantSend and PrivateSend. The coin which is the resident coin for the GIN platform was designed with an aim of creating a turnkey solution for Masternodes. The GIN Coin is geared to solve a real-life problem where crypto investors are deterred from setting up masternodes for lack of technical skills and equipment.
The Market Outlook for GIN Coin
Since its inception GIN has continually grown in its price and market share. According to coin ranking site CoinMarketCap, the coin is currently ranked at position 335 with a market cap of $7.191 million. The site indicates that there are over 4 million GIN coins in circulation. Data from CoinMarketCap indicate that the average price for a GIN coin is approximately $1.77 USD or 0.00038721 BTC. On average GINs worth over $50, 000 USD are traded daily. The market cap for this coin looks very good, considering how many are locked in for Masternodes and or held on the platform for the services.
GIN Coins are currently available on three major cryptocurrency exchanges Cryptopia, CryptoBridge, and CoinSwitch. According to the coins website, plans are underway to enlist in even more exchanges to allow users a variety of trading options. On Cryptopia the coin is tradeable with Bitcoin, Litecoin and DOGE coin, though we would not recommending trading it there – this exchange is dodgy as f#ck. Cryptobridge is OK, but a DEX which requires you to purchase their tokens first to be able to place orders, etc. Coinswitch is the easiest way to get your GIN.
One of the most popular futures of the GIN Coin is the ability to split rewards between miners and masternodes. Both the miners and the masternodes receive an equal split share of the block rewards. The coin transactions are also strongly enhanced with the abilities to perform transactions in a block time of around 2 minutes which is seven times faster than the speed of Bitcoin. The coin has also set up a mechanism to curb inflation by halving the rewards after every year from 2021. The expected total supply of GIN coin is projected to be 10.5 million GINs. Initially, the Coin utilized the NeoScrypt hashing algorithm but has since moved to Lyra2Z algorithm. Lyra2Z is not only more secure and thinner but is also ASIC resistant and mineable via CPUs and GPUs,
GIN Coin Wallet
The GIN Coin wallet also is known as the Gin Coin Core is available for Linux, Mac, and Windows environment. The wallet is free and open source hence it is available for everyone, anywhere at any time. The setup process is also pretty simple and straightforward. After downloading the application one is supposed to follow a few simple prompts for installation. The GIN coin wallet offers users the unique ability to select the storage location of the blockchain files. Users are therefore solely responsible for storing their coins. Once downloaded the wallet is synchronized with the user accounts and its ready to send and receive coins.
Gin Coin Mining
GIN miners are allowed the enviable privilege of mining together as a pool. Pool mining allows users to receive payouts regularly and consistently. While solo mining is still permissible, payouts may take a sizeable period of time (up to a month) depending on the abilities of a users mining rig. Some of the acceptable pools include AngryPool, ETpool, BSOD, Gos.cx, f2pool, and PPS.
GIN Coin deploys two set of mining techniques CPU and GPU. CPU mining simply refers to the process of adding records to cryptocurrency ledger by performing some calculations. The process is usually used by users to try out mining before making real purchases and investments. The process is however unprofitable and therefore not used by many.
In contrast, GPU mining is far much profitable and widely used. To mine using GPU, users are required to install Nvidia mining applications such as CCminer. Once the mining application has been installed, users are required to create a new batch file that will indicate the GPU's presence, total speed, and clock speeds. GIN coins can also be mined using AMD applications such as the sgminer fork.
When conducting GPU mining users should have a virtual memory of not less than 16GB. Miners should also be wary of stale or rejected shares. In the case of multiple rejected shares, it is advisable that users should make use of closer servers or lower the intensity of mining.
How did GIN keep up with their roadmap?
GIN Coin is a tremendously exciting coin and project that has grown by leaps and bounds since its inception a few months ago. Some of the Coins key milestones are listed below and they managed to follow their roadmap to a T.
- In February of 2018, the Company first launched one-click masternodes setup.
- March saw the implementation of 3rd party blockchain masternodes, extending the service to the other coin beyond GIN.
- Between March and April, there were concerted efforts to reach out to opinion leaders and creating awareness about the coin.
- In April the company extended the datacenters to avail a global infrastructure.
- In June the company launched a portfolio Dashboard to provide users with a seamless GUI and management features.
- In July all ALQO clients were migrated to GIN.
- September 2018 the platform was integrated with the CIVIC authentication app to allow simple, safe, and secure logins.
- In the same month, ZEN nodes were fully supported on the GIN platform.
- Most recently GIN was listed on Coin switch and can be traded with any other altcoin.
The GIN development community is continuously seeking a way to develop and enhance the coin with a plethora of features, collaborations and releases still in the pipeline.
Unfortunately, this is also the downside of the GIN coin investment. They run through their roadmap and have no open dates right now for the near future. We are sure there will be coming lots of great stuff, but right now there is nothing we can really count on. On the other hand it is a good sign that we have a fully focused and goal-driven team here that sticks up to their targets, fullfill 100% and then observe the harvest of their work to generate new targets to scale up.
When to buy this Gem? Gin Coin Exchanges
We did not yet purchase our GIN coins, as it is unfair to do it before we release this post and also as we are still far away from our wished purchasing price. Right now, the cost of the masternode would be ~0.4 BTC, while my rule of thumb in this BTC retracement phase, is it to pay no more than 0.3 BTC per node. We have been watching the price of $GIN for quite a while now and it just won't come down and remained stable, even once Bitcoin flirted with 4k. We are looking to buy in the area of the blue box, which seems to be a solid support and also offer the opportunity to own a masternode for 0.3 BTC as targeted. You can purchase GIN Coin at Coinswitch very conveniently, though you cannot place limit orders there. For that, you'd have to go with Crypto-Bridge , but make sure to buy some minor amount of BTS as well to be able to place/remove orders and to withdraw your GIN. The current GIN coin price can be seen in the fact sheet box above.
The business case behind GIN coin is sound and laudable. The demand for masternodes is still on the rise, and many not so tech-savvy individuals want to get their feet wet with that topic. Furthermore, the current bear trend enables to purchase Masternodes for a fraction of what they would've cost in bull times – now is the time to get your masternodes ready if you want to profit in this field yield your earnings. In December '17 a masternode for roughly ~0.3 BTC would have been an absolute INSANE offer. We can sense that the trend of masternodes is bound to continue as more and more masternodes project continue to be launched, and especially in terms of energy consumption, it seems to be the future for cryptocurrencies (along with stakeing). With an initial investment of 1000 GINs and possible return on investment of ~80% p.a. These facts, along with the area of competition – a sea of unprofessional looking websites – suggest GIN can be a good long-term investment.
The potential of GIN Coin has also been extensively demonstrated by the coins rise from obscurity to stardom in a short period of time. With the increased adoption of the GIN platform, its value and popularity will only grow upwards. With a credible, reliable, and transparent team behind the coin, investors can't help but take notice. In our opinion, the GIN Coin presents a viable long-term project that is worth holding onto. Have fun with your Gin Coin – but drink responsibly.