The Network Of Gin
What Is Gin Blockchain?
Gin Blockchain is based on an app which is there wallet also and is called Gin Wallet which is a cryptocurrency sharing platform and the GIN stands for Global Interest Rate (Global Interest Rate Blockchain). Gin platform is a DAO (Decentralized Autonomous Organisation) platform and Gin's own coin are simply called GIN coin. The platform do also support Covid-19 victims and victims of other diseases. When Gin Wallet was first released could you mine GIN coin for free which has changed a bit now, you can still mine GIN coin but not for free you'll need to deposit any asset that's supported by the Gin wallet to be able to mine. The mining rate of GIN coin is based on the value of your assets in the wallet.
Gin Wallet
The wallet is the home for the whole Gin blockchain and ecosystem, everything is done thru the app. The wallet offer many features and because Gin is a own blockchain doesn't the wallet support that many assets yet and the supported cryptos for now is Tether (USDT), Ethereum (ETH), Tron (TRX), Gin coin (GIN), Bitcoin (BTC) and Binance coin (BNB). This assets can be sent and received from the wallet. I told you that Gin wallet has many features and it has unfortunately is many of these features under development and haven't been released yet. The only thing to do inside the wallet now is to send and receive the assets mentioned above and utilize the mining feature. The wallet is just on Google Play for now but will soon be released on App Store to. You can also see the daily price of quite many more assets then the wallet support and the price change in % per 24h.
The features soon being released inside the wallet.
- Swap tokens
- Games
- an Exchange
- Promotions
- Integrated Chat
The wallet do also offer a service called GIN+ which is the service to support Covid-19 victims and to overcome the pandemic. The service is not only made for this but also to bring more profits to those choosing GIN+. The system will according to GIN+ send out tasks that is a must to complete and you will get interest according to GIN+ regulations for that. There is rules to follow in GIN+ and those not following these rules will get consequences for not doing so. You will need to a certain amount of GIN coin to participate in GIN+ and be able to make the tasks for more interest this amount can be changed from time to time but the amount you'll need for now is 2,000 GIN coin which is approximately $6,2 of today's price of $0.0031 per GIN coin.
GIN Coin
The native coin of the wallet and gin blockchain is as you already now GIN coin which is the power supply of Gin's ecosystem. There is not so much to say about this coin for now but the target price of GIN is $5 per GIN which is very far away for now but this is just the beginning of GIN and there is a lot of development left and will be listed of several big exchanges in the future. There has is a circulating supply of 8,026,998.29 GIN coins at the time of writing when this number reaches 10 million GIN coins will the mining of GIN stop.
GIN Mining
The mining was started at 1 GIN/H when the wallet was first released and it had that mining rate and when down when a specific amount had been mined in several steps. Now is the mining rate just based on the assets you'll have in the wallet and the compounded value of those. Look at the chart below to see the mining speed you get in contrast to the value of your assets.
0.2084 GIN/h if you have assets of a value above $50
2,084 GIN/h if you have assets of a value above $500
4,17 GIN/h if you have assets of a value above $1000
6,25 GIN/h if you have assets of a value above $1500
12,5 GIN/h if you have assets of a value above $3000
20.83 GIN/h if you have assets of a value above $5000
41,67 GIN/h if you have assets of a value above $10,000
To get the lowest mining speed doesn't require a fortune to invest into the platform, but if you want more mining speed there is quite big of a jump up to next mining speed of 2,083 GIN/h. So if you invest little over $50 now do you get 5.0016 GIN coins per 24h which has a value of $0,015 for now, or if we want can we switch perspective on this. If GIN coin reaches the target price of $5 in a few years and you now start to mine GIN coins now you'll get around 5 GIN coins per 24h with the lowest deposit to mine which is in the future around $25 per 24h if GIN reaches the target price. It's cocky to think this way but just if it reaches just half of the target price will you make a fortune if you start to mine today at the lowest mining rate and save every GIN you mine for selling it in the future.
This has happen before with both BTC and ETH, why not with GIN?. Sure GIN for now in not nearly as popular as the giants mentioned but from the start wasn't BTC or ETH big either. The crypto world is based on guesses which cryptos we do think will rise in value very much, sure some are much safer than others but you'll never know what coin/token will rise and do a x100 or x1000.
To mention is the mining of GIN now called "Mining PRO" which refers to GIN not being free to mine anymore. For now do you need to do a KYC to be able to trade your mined GIN which lowers the overall experience of GIN, it had been great if gin wallet was complete non-custodial.
You can download Gin wallet here and you can use my referral code to support my writing here which is: gE8PRkxBL3aq
Thank you for reading and all support!
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