The Wonderful Journey of Privacy Begins!
GhostVeterans.com is a community website dedicated to the privacy focused cryptocurrency called Ghost.
Ghost is a decentralized proof of stake network controlled by Ghost coin holders and users. Ghost has no central company or owner, and is ran and maintained by the community. Ghost is one of the few coins that allow staking, which allows you to share in the fees generated by the Ghost blockchain. Staking has no minimum coin requirements.
With Ghost, transactions are processed on its own blockchain in under 120 seconds with just a fraction of a penny paid in transaction fees. Ghost utilizes a limited inflationary reward structure, commonly seen in PoS networks. Every 2 minutes a new block is created on the network, minting 12 GHOST coins that are ultimately adjoined to the total supply.
Here is the following structure: 6 Ghost are allocated to the Ghost Veterans Pool for securing the network. 4 Ghost goes to the staker or pool that creates the block. 2 Ghost are distributed to a Dev. fund for future development controlled by the community.
The emission rate will remain at 100% (i.e. 12 Ghost), for the first two years. After the first two years, the emission rate above will be reduced every year by approximately 5%. It will fall each year, until it reaches 10%. Once 10% is reached (in around 45 years in the future), it will never reduce further. This will provide an incentive for stakers to keep staking. The initial coin supply was only 13,573,415 GHOST and the max supply will be 55,000,000 in many decades from now. To see the current supply at any time go to ghostscan’s status page.
Proof-of-Stake vs Proof-of-Work. The Ghost project utilizes the proof-of-stake consensus algorithm. In this process, participants use their digital assets as collateral (as opposed to mining in proof-of-work), where they prove themselves in the network. In other words; Instead of spending electricity to prove to other nodes that a miner has worked to create a block, a “staker”, in a different trust model, uses the cryptocurrency they own to attest their honesty through their stake in the network.
Ghost Voting is currently in development. Ghost holders will have the opportunity to vote on future developments and roadmap changes using the development fund to finance all new initiatives. Voting will be simple, a user can pay a small amount of Ghost to put forward a topic for consideration. Individual votes will be weighted based on the amount of Ghost that they hold. If the vote meets a minimum threshold, it will be considered approved.
Approved initiatives will receive allocated funds from the dev fund and bounties will be created for the tasks required in that project. All community members are eligible for the bounty. This allows anyone to begin work on the open source platform, resolve any issues or build out new features and be paid directly in Ghost tokens for their work.
This entire voting process helps bring a whole new perspective to blockchain development and the crypto space in general. Users having a say in how the project moves forward gives a level of transparency and direction which is rare within this space. This is what we love most about Ghost and are excited to see it developed in the future.