Even though I do tend to ignore new altcoins when they have only just been released, sometimes they do manage to catch your eye. I have seen a lot of talk on Twitter about GreenBacks, and according to their BitcoinTalk thread, they also have an infrastructure up and running, which intrigued me. Let’s find out what the deal is with GreenBacks!
Even though a lot of altcoins promise to be “the next big thing”, and most of them fail miserably in delivering on that promise, GreenBacks seems to be thinking along the right lines at least. A lot of key technologies and businesses have been announced, which will make up the GreenBacks network. A whitepaper is released, and there is also a document called Terms & Conditions. So much information to go through.
Before we get into more details about the technologies and businesses, it is important to note the community will have a big say in the future development of this altcoin. As the world of cryptocurrency keeps evolving, so will GreenBacks by adding and developing features requested by the users. The big goal is to achieve mass adoption, which is easier said than done. Nothing is impossible in the world of cryptocurrency though.
With an initial coin supply of 20 million GB, and a yearly inflation of up to 10% (depending on the amount of coins staking), things could get very interesting very soon. Users who opt to stake their coins will earn a 10% interest per annum, and will see PoS rewards appearing after at least 8 hours. From what I can gather, there is no maximum coin age set.
It is worth noting there will not be a mining phase for GreenBacks. The entire coin supply has been sold under ICO rules. This ICO was not hosted through an exchange though, but can be accessed via an investment website here. A total of 112,44 Bitcoin was invested, which is a fair amount if you ask me. A portion of this ICO funds (2%) is used to set up a GreenBacks stabilization funds, and over 6 Bitcoin is being held in escrow.
The reason why some of the funds is being held in escrow, is because some ICO buyers wanted that extra layer of trust. BitcoinTalk member DABS is the one responsible for this escrow funds. You can find out more information about his escrow service by clicking here.
Now I did mention there were some important documents which have been released by the GreenBacks team. Up first, we have their whitepaper, which you can find here, and provides us with very useful information. The other document are the Terms and Conditions, which can be found here. I can’t recall ever seeing an altcoin releasing a Terms and Conditions document to the public to be honest. Most interesting!
On to the plans for the future. I mentioned how GreenBacks is setting up a network of businesses and technologies in order to attract more investors, and provide an infrastructure for GreenBack as a cryptocurrency. No less than 6 different projects have been announced, and more are expected to be announced in the near future.
As I said a few paragraphs ago, there is a GreenBacks stabilization fund. As with other altcoins, the idea behind such a fund is to buy up as many GB from the open market as possible, in an effort to maintain and support the price per coin. If all goes to plan, between 10% and 15% of the entire GB coin supply will be held by this stabilization fund, and all those coins will be held for staking purposes.
GreenBackers Loyalty Program
Cryptocurrency investors should be rewarded, as they give the coin more credibility and a financial injection. In exchange for purchasing and staking a chunk of GreenBacks, investors will receive certain rewards based on their “GreenBacker” level. More information about this loyalty program can be found in the whitepaper which I posted earlier.
GreenBacking Crowdsource Site
Having a proper developer for your altcoin is one thing, but without a strong community, your coin is going nowhere. Allowing community members to post project ideas, which can then be voted on by the other members of the community, sounds like the right approach. The GreenBacks team hopes to see at least one project being developed every week, and some of the ICO funds will be used as initial funding where needed.
One major issue a lot of altcoins are running into is making your coin usable to purchase virtual or physical goods or services. GreenBacks users will have their own separate marketplace, which will also serve as the redemption site for the GreenBacks Rewards Points. More information about the GreenBacks Rewards Points can also be found in the whitepaper posted earlier.
Even though the name wouldn’t suggest it, this will actually be a WordPress plugin allowing merchants to easily integrate GreenBacks payment processing. As you may know, most cryptocurrency-related shops are built on the WordPress platform, so this seems like a good fit.
We have saved the best and biggest project for last of course. GreenBacks Inc. will be a start-up crypto company, which will focus on implementing seamless person-to-person transactions for GreenBacks and Bitcoin. By developing special payment processing hardware, and GreenBacks Debit Cards (which will work for USD/BTC/GB), this should lend legitimacy and credibility to GreenBacks as a currency. More information can be found in the whitepaper.
Even though all of the above sounds very good (assuming they can deliver on their promise of course), a LIVE development roadmap was posted as well. A wallet update is expected to be released before the end of August, and more projects are already lined up. You can find the GreenBacks development roadmap here.
As you can imagine, there will be a lot of people who still have questions about GreenBacks and their ideas and projects. In order to provide the best customer/community support, a Live Chat Support feature is available. If you don’t have time for a chat, but do have an urgent question, you can simply create a support ticket. More information can be found here.
There are a few partnerships in place between GreenBacks and cryptocurrency-related companies. As of this writing, partnerships with Prypto and CoaEx have been confirmed, and more partnerships are expected to be announced over the coming weeks.
As far as exchanges go, you can currently trade GreenBacks on BitTrex and LazyCoins.
Last but not least, you might want to check out the GreenBacks Youtube video :
To find out more about GreenBacks, you can use the following sources :
Website : http://www.greenbackscurrency.com/
BitcoinTalk : https://bitcointalk.org/index.php?topic=740744.0
Twitter : https://twitter.com/GreenBacksDev