Giant is the use of blockchain technology and smart contracts for digital assets to be self-managed, to achieve "smart bets" with a distributed network.
Digital assets are programmable assets that exist in the form of electronic data. With blockchain technology, the digitization of assets can be decentralized, trustful, traceable, highly transparent, and free of intermediaries. On the Giant blockchain, users are able to register, trade, and circulate single type of assets - Giant Coin.
Giant has two forms of digital assets: global assets and contract assets. Global assets can be recorded in the system space and can be identified by all smart contracts and clients. Contract assets are recorded in the private storage area of the smart contract and require a compatible client to recognize them. Contract assets can adhere to certain standards in order to achieve compatibility with most clients.
Ecosystem is vital for the open source community. In order to achieve the goal of an intelligent economic network, Giant will be committed to the development of its ecosystem, providing mature development kits, improving the quality of project documents. We plan to support the following Giant-based applications and ecology and to reward improvements to the design of the experience:
Giant has a single native token, Giant Coin (abbreviated symbol GIC).
GIC coins emission is unlimited, but the reward for a block is regulated depending on the block height. At the beginning, the emission curve is designed for the rapid growth of the network, while further, the number of issued coins will decrease. The decrease will occur both due to the reduction of the fee for a block, and due to burning of the transaction fees. Burning of the transaction fees is an important element of the Giant network, since the fee is required to create a transaction and to execute the smart contract. Burning of the fees in the Giant network provides a long-term effect by increasing the value of GIC and by eliminating the problem of transaction spam. The emission of Giant is divided into two phases:
A key element of the Giant economy is Giant masternodes. Masternode is a full node of the Giant network and it is associated with a frozen collateral of GIC on the account of the masternode owner. By helping to scale and to validate the Giant network, the owner of the masternode receives the following options:
The Masternode Reward depends on the phase and number of enabled Masternodes in the network. In general, payments for a standard day for running a Masternode can be calculated by using the following formula:
(n / t) × r × b × a
Return on investment for running a Masternode can be calculated as
(n / t) × r × b × a
where variables are the same as above.
|PoW Phase||Block||Miner + Masternode||Coin Emission||Total Supply||Inflation Rate|
|Premine||1 — 500||0||200,000||200,000||—|
|08.05.2018 — 04.06.2018||501 — 20,000||2 GIC + 8 GIC||194,990||394,990||49.37%|
|04.06.2018 — 01.07.2018||20,001 — 40,000||3 GIC + 12 GIC||299,985||694,975||43.16%|
|01.07.2018 — 20.08.2018||40,001 — 71,400||4 GIC + 16 GIC||628,000||1,322,975||47.47%|
|PoS Phase||Block||Staker + Masternode||Coin Emission||Total Supply||Inflation Rate|
|20.08.2018 — 07.05.2019||71,401 — 262,800||4 GIC + 16 GIC||3,827,980||5,150,955||74.32%|
|07.05.2019 — 07.05.2020||262,801 — 525,600||2 GIC + 8 GIC||2,627,990||7,778,945||33.78%|
|07.05.2020 — 07.05.2021||525,601 — 788,400||1.6 GIC + 6.4 GIC||2,102,392||9,881,337||21.28%|
|07.05.2021 — 07.05.2022||788,401 — 1,051,200||1.2 GIC + 4.8 GIC||1,576,794||11,458,131||13.76%|
|07.05.2022 — 07.05.2023||1,051,201 — 1,314,000||0.8 GIC + 3.2 GIC||1,051,196||12,509,327||8.40%|
|07.05.2023 — ∞||1,314,001 — ∞||0.4 GIC + 1.6 GIC||—||—||—|
As you can see, the GIC supply is designed for the fast accumulation of Masternodes in the Network during the first years. By that we can ensure the speed of transactions once the Giant based projects start.
200,000 GIC Premine (3.88% of the PoW phase) is reserved for the following purposes:
Note that the pre-mined coins are excluded from the process of staking after the Proof-of-Stake phase begins.
The Giant decentralized and self-financing governance system empowers the community to steer the direction of Giant. This system will allow someone to make a management proposal using the application giantpay.network. Proposals are voted on by masternodes to direct the future of the currency and projects. Initially the Giant block reward allocates 0% into a community-governed Treasury Fund. In the future, after the implementation of the planned for 2018, the community will decide what percentage of the reward block will go to the Treasury Fund. This fund will be fully open to audit by the public, providing assurance of the fund’s intended use.
The Giant community will be able to determine if a certain course of action is feasible by using the mechanism of proposals. The budget allocation will only be conducted after a two-step vote. The first stage will be held on our Discord server. The second stage - a masternode owners vote - will be opened if the proposal passes the Discord vote. This means that all users will be able to have a say in a sensitive question of budget allocating, including the masternode dividends. The masternode owners can be compared to the board of shareholders.
Blockchain technology provides us with a decentralized, tamper-resistant, highly reliable system in which smart contracts are very useful. Giant has an independent smart contract system: GiantContract.
Giant smart contract system consists of two parts.
The first implementation of the API for smart contracts will focus on the issues of implementing smart bets, but in the future, smart contracts in the Giant network will become increasingly universal.
Decentralization, transparency and other good features of the Giant project will be demonstrated in the first Giant decentralized application — Giant.Exchange.
Centralized binary option companies have been known to scam investors by manipulating the price feed in their favor, hold their funds and suspend accounts when payout is to be proceeded. Traders are being robbed by fraudsters. They may win the trade or two but still lose their money.
Giant.Exchange founders aim to build an independent and decentralized platform for the binary options industry based on the Giant blockchain. Traders on the Giant.Exchange receive:
We create a 100% on-chain system, as we believe the foundations of the Giant blockchain are solid and can support a high user-friendly Dapp.
We do not bet against traders but provide a large catalog of assets and create marketplace by letting bankrollers (masternode owners) create varied asset contracts by themselves on our platform, e.g. 1 minute BTC/USD, 5 minutes BTC/ETH etc.
Giant.Exchange has a separate White Paper that describes its features and technological aspects.
This project would not be possible without the previous work of the Bitcoin and Dash development teams. We appreciate their efforts greatly. We are excited to belong to an open source community and appreciate the opportunity to contribute to this growing technological field.
Cryptocurrency investments are inherently high risk. Before using any cryptocurrency, it is important to consider the nature, complexity and risk. Do not invest more than you can afford to lose. It is important not to use coins with taking into account the possible loss, since the type of change in these currencies is highly volatile and the Giant team is unable to regulate market-defined prices. We strongly suggest seeking advice from your own financial, investment, tax, or legal adviser. The Giant Development Team will always act in good faith and is not liable for the use of Giant by other community members, people or institutions.
Giant is a distributed network that combines digital assets, smart contracts and masternodes. The Giant system will use many original technologies, as the infrastructure for the products which may benefit from the user-generated Smart Bets and transparency.
To make this all possible, the digital currency called Giant Coin (GIC) is used for all Giant in-blockchain operations. GIC as a single mean of payment of Giant based projects is capable of becoming mass used among users of Giant based projects and investors running Masternodes.