Frequently Asked Questions (FAQ)
- What is Galactrum?
- How does Galactrum implement self-governance?
- What is the DAO?
- How does the voting work?
- When does the voting system take into effect?
- What are the requirements for operating a masternode?
- What is Galactrum's proof-of-work algorithm?
- How will Galactrum's block reward change over time?
What is Galactrum?#
Galactrum is an autonomous digital currency, aiming to establish a robust and advanced system for commerce and self-governance.
How does Galactrum implement self-governance?#
Galactrum establishes self-governance through a transparent proposal and voting system. Anyone may submit a proposal pertaining to the current state and the future development of Galactrum for a small fee, paid in ORE, which will be burned. These proposals will then be voted on by the DAO. Writing proposals and votes directly to the blockchain results in a decentralized and censorship resistant democracy.
What is the DAO?#
The Decentralized Autonomous Organization (DAO) consists of Galactrum masternode operators. Operating a masternode is the only requirement to holding a seat on the DAO.
How does the voting work?#
Each masternode on the network may cast 1 yay/nay vote per proposal. Proposals must receive at least 10% yay votes of the total possible votes. Every vote is cast on the Galactrum DAO for public view in each cycle.
When does the voting system take into effect?#
The first voting cycle begins at block 197,100. Votes are tallied and budgets are paid every voting cycle, which is 21,900 blocks long, or approximately 30 days.
What are the requirements for operating a masternode?#
An amount of 1,000 ORE is required to operate a masternode. Be sure to check out our masternode setup guide.
What is Galactrum's proof-of-work algorithm?#
Galactrum’s PoW hashing algorithm is Lyra2REv2, which is designed specifically to resist the development of custom mining hardware and multi-pool mining.
How will Galactrum's block reward change over time?#
Galactrum’s block reward starts at 10 ORE and decreases by 50% every 5 years (1,314,000 blocks). Block reward will halve 32 times, with an estimate of 160 years in block time until the block reward reaches zero.