Tag: Masternode

When I was looking for a hosting solution a bit ago. All for my ALQO masternode (which we featured in our last gem coin exploration) I found the crypto masternode hosting service by GIN. Of course, right after signing up for a much more expensive service. So I got in touch with Gin Coin. The service has a lot of hype in Masternode Country, thanks to its easy setup and bargain prices. But today, we want to get deep into the project behind it. Conversely, 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 for the long term. So I don't get trapped in any useless "Internet Money Projects". Many of which are made of hot air. Hence, this is what I like very much about GIN. It is what will make me invest in another masternode here once my buy target is reached. But let's get into the project, starting with their product. The GIN Coin PlatformGin Coin Masternode PlatformAbout MasternodesSo how does GIN Coin work?GIN Cloud NodeSecurity & GINThe Masternode PortfolioThe GIN Team and CommunityThe Market Outlook for GIN CoinUnique FeaturesGIN Coin WalletGin Coin MiningHow did GIN keep up with its roadmap?When to buy this Gem? Gin Coin ExchangesConclusion The GIN Coin Platform Gin Masternode Platform Gin Coin Masternode Platform The Gin Coin platform is a web-based environment. It 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 can earn passive Masternode income. All of this 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 because of the ease of use and low cost. This project is mainly aimed at democratizing and simplifying the process of masternode creation and ownership. The platform enables instant, anonymous validation of blockchain transactions via turnkey masternodes. Users can set up masternodes by following simple prompts. This platform has been a major hit among crypto enthusiasts with little or no technical understanding of the process. The platform uses a default resident coin, the GIN Coin, but it also 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 the GIN coin actually used directly here on the platform? Users must hold GIN in their accounts to pay hosting fees. This is an intelligent step. GIN holders benefit in multiple ways. The price is calculated in USD. So, with rising GIN prices, your hosting costs decline further. Thus, while the user base is growing. It is likely that more coins will be held. This, in turn, will stabilize the price. Very smart thinking here. Also, you can see it on the platform itself. This project is enthusiastic about crypto itself. Thus, makes use of other legit working crypto products. For example, CIVIC for authentication services in turn. About Masternodes 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. Thus, it is prudent to review these terms for people new to this topic. We also wrote a post masternode months ago. By definition, Masternodes are wallets/nodes that maintain a full copy of the blockchain ledger. Unlike ordinary nodes, master nodes can also serve other functions beyond storing and relaying transactions. Masternodes can be used to validate transactions, thereby increasing the blockchain's overall speed, privacy, and functionality. 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 Coin 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 the verification and validation of transactions. The second validation scheme 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 PoW participants, masternode owners will also be rewarded with GIN Coins. Masternodes on the GIN platform are becoming 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, such as mining. Subsequently, they must also possess extensive technical prowess. GIN has, however, developed a simple and convenient process for setting up masternodes. To set up masternodes, users need only 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, simple Graphical User Interface built on a trustless, codeless 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 line with its objective of seamless accessibility and simplicity, the GIN platform has recently released a Cloud Node. This ground-breaking technology! it is geared at enhancing the network's security and accessibility. It does this by leveraging the low cost of running cloud-based masternodes. Cloud Node users with smaller rewards will be able to gain enhanced security. Also, they gain support through sharing resources with other Masternodes on the same server. The Cloud Node plan is priced at a monthly fee of $4.5. In addition to 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 between these plans. Thus, doing it seamlessly using a downgrade or upgrade button embedded on the platform’s Dashboard. Security & GIN The GIN platform deploys cold wallets, meaning collateral coins are stored off-chain. With cold staking. One learns it is virtually impossible for unauthorized persons to access your coins. Even in the event of a breach of the GIN platform, which is highly unlikely. The added layer of security provides users with assurance that their investments are impenetrable. In addition to cold staking, Vultr data centers, which host GIN's master nodes, are renowned 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 are GIN, DASH, PIVX, ZEN, ANON, and ALQO. The development teams are 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. Each of them believes in a future of a 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). GIN is a team of driven, multicultural individuals hoping to revolutionize the concept of Cryptocurrencies and master nodes. 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 are on Reddit, Discord, and Telegram. Also, each is vital for users to share sentiments, feedback, and reviews 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 is the resident coin for the GIN platform. It was designed to create a turnkey solution for Masternodes. The GIN Coin is geared to solve a real-life problem. This problem is where crypto investors are deterred from setting up master nodes due to a 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 the coin ranking site CoinMarketCap. Gin is currently ranked 335th 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, such as Cryptopia, CryptoBridge, and CoinSwitch. According to the coin's website, plans are underway to enlist in even more exchanges. This will allow users a variety of trading options. On Cryptopia, the coin is tradable for Bitcoin, Litecoin, and DOGE. Though we would not be recommending trading it there. This exchange is dodgy as f#ck. Cryptobridge is OK, but a DEX requires you to purchase its tokens first to place orders, etc. Coin switch is the easiest way to get your GIN. Unique Features One of the most popular features of the GIN Coin is the ability to split rewards between miners and masternodes. Both the miners and the master nodes receive an equal split share of the block rewards. The coin transactions are also strongly enhanced. They can process transactions in a block time of around 2 minutes. Which is seven times faster than Bitcoin's speed. The coin has also implemented a mechanism to curb inflation by halving rewards every year starting in 2021. The expected total supply of GIN coin is 10.5 million GINs. Initially, the Coin utilized the NeoScrypt hashing algorithm but has since moved to the 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 known as the Gin Coin Core, is available for Linux, Mac, and Windows environments. 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 should follow a few simple prompts to complete the installation. The GIN coin wallet offers users the unique ability to choose the storage location for blockchain files. Users are therefore solely responsible for storing their coins. Once downloaded, the wallet is synchronized with the user's accounts and is 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. The payouts may take a sizeable period of time (up to a month). This depends on the abilities of a user's mining rig. Some of the acceptable pools include AngryPool, ET pool, BSOD, Gos.cx, f2pool, and PPS. GIN Coin deploys two sets of mining techniques: CPU and GPU. CPU mining simply refers to the process of adding records to the cryptocurrency ledger by performing some calculations. The process is usually used by users to test mining before making real purchases or investments. The process is, however, unprofitable and therefore not used by many. In contrast, GPU mining is far more profitable and widely used. To mine using a GPU, users must install Nvidia mining applications such as CCminer. Once the mining application is installed, users must 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 seminar fork. When conducting GPU mining, users should have at least 16 GB of virtual memory. Miners should also be wary of stale or rejected shares. In the case of multiple rejected shares. It is advisable for users to use closer servers or reduce mining intensity. How did GIN keep up with its roadmap? GIN Coin is a tremendously exciting coin and a project that has grown by leaps and bounds. Since its inception a few months ago. Some of Coin's key milestones are listed below, and they followed their roadmap to a T. In February of 2018, the Company first launched a one-click masternodes setup. March saw the implementation of 3rd party blockchain masternodes, extending the service to other coins beyond GIN. Between March and April, there were concerted efforts to reach out to opinion leaders and create awareness about the coin. In April, the company expanded its data centers to provide a global infrastructure. In June, the company launched a portfolio Dashboard to provide users with seamless GUI and management features. In July, all ALQO clients were migrated to GIN. In 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 CoinSwitch and can be traded alongside other altcoins. The GIN development community is continually seeking ways to develop and enhance the coin. With a plethora of features, collaborations, and releases still in the pipeline.Unfortunately, this is also a downside of investing in GIN coins. They are running through their roadmap and have no open dates in the near future. We are sure there will be lots of great stuff coming! But for 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. A team that sticks to its targets fulfill 100%. And then observes the harvest of their work to generate new targets to scale up. When to buy this Gem? Gin Coin Exchanges We have not yet purchased our GIN coins. It is unfair to do it before we release this post. Also, we are still far away from our desired purchasing price. Right now, the cost of the masternode would be ~0.4 BTC. While my rule of thumb is in this BTC retracement phase. There is no wish to pay more than 0.3 BTC per node. We have been watching the price of $GIN for quite a while now. It just won't come down and remains stable. Even once Bitcoin flirted with 4k. We are looking to buy in the area of the blue box. This seems to be solid support and also offers 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. I have to make sure to buy a minor amount of BTS as well. So I will be able to place/remove orders and withdraw your GIN. The current GIN coin price is shown in the fact sheet box above. Gin Coin Chart & Entry Conclusion The business case behind GIN coin is sound and laudable. The demand for masternodes is still on the rise. Also, many not-so-tech-savvy individuals want to get their feet wet with that topic. Furthermore, the current bear trend makes it possible to purchase Masternodes at a fraction of what they would've cost during bull runs. Now is the time to get your masternodes ready if you want to profit in this field and 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 masternode projects are launched. Especially in terms of energy consumption, it seems to be the future for cryptocurrencies (along with staking). With an initial investment of 1000 GINs and a possible return on investment of 80% ROI. These facts, along with the area of competition. A sea of unprofessional-looking websites. This suggests GIN can be a good long-term investment. The potential of GIN Coin has also been extensively demonstrated. Hence, 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. With a credible, reliable, and transparent team behind the coin, investors can't help but take notice. In our opinion, the GIN Coin is a viable long-term project worth holding. Have fun with your Gin Coin - but drink responsibly.

Tag: Masternode

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Tag: Masternode

GIN COIN “The Drunken Master(node).”

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