(MENAFN- Hmedium.com) BitMart, a premier global digital asset trading platform, will list Coop Network (GMD) on October 19, 2021. For all BitMart users, the GMD/USDT trading pair will be officially available for trading at 8:00 AM EDT.
What is Coop Network?
The Coop Network is an open source PoS Blockchain which powers the co-operation. The Blockchain and its features was intended to be used by any Coop which is open to integrate new and progressive technologies.
People from all over the World can now interact and make common decisions with ease due to 21 century technology.
The Coop Network blockchain is a global platform. The GEOMA DAO COOP business model relies on blockchain technology in order to function at it highest potential.Built by business leaders from an innovative market, the Coop Network blockchain aims to find the perfect balance between distributed technology and centralized technology in order to achieve practicality for real world products. It will consist of off-chain solutions in order to scale production while maintaining the benefits of data transparency and security using distributed ledger technology. It will also use smart contract technology in order to replace 3rd party organizations or roles in order to promote automation, increase efficiency, and build trust. The process of building the ecosystem would also enable COOP partners and community to extend their utility value in the digital asset space.
Tokenomics
The Coop Network Blockchain is 100% proof-of-stake Blockchain and is a Fork of the original NXT Blockchain under Jelurida License. The unique proof-of-stake algorithm does not depend on any implementation of the token age concept used by other proof-of-stake cryptocurrencies, and is resistant to so-called nothing at stake attacks. Curve25519 cryptography is used to provide a balance of security and required processing power, along with more commonly-used SHA256 hashing algorithms. The currency of the Coop Network is GMD.
GMD is redistributed through the inclusion of transaction fees which are awarded to an account when it successfully creates a block. This process is known as forging, and is similar to the mining concept employed by other cryptocurrencies. Transactions are deemed safe after 10 block confirmations, and the current architecture and block size cap allows for the processing of up to 367,000 transactions per day.
GMD is used to interact with all the features of the platform.
●The Voting system - for governance purposes
●The Asset system - for those which hold social parts of the Coop and receive dividends
●The Monetary system - for DeFi purposes and claimable NFTs
●Account leasing - for Staking purposes
●Data cloud - for open accounting
●Token Bridge - for simple interaction between Blockchains
●Other, new features to be built in the near future.
TOKEN DISTRIBUTION
50% of the total supply is permanently locked by the governance council. The purpose of this action is to ensure the safety of the PoS Coop Network blockchain and to prevent 51% attacks by ill intended individuals or groups.
These wallets are Multi-Sign wallet, which means that funds cannot be moved without the approval of at least other 4 wallets and after a voting process, performed by all members. These wallets are public and can be monitored by the community.
10% are Tokens for the Development Team.They have a vesting period of 3 years. Tokens are locked in an escrow wallet and will be unlocked after 3 years at a rate of 10%/month.
13% of the total supply will be used for airdrops, staking rewards, listing purposes and marketing.
27% meaning 270 million Tokens are offered to form a global community.
About BitMart
BitMart Exchange is a premier global digital assets trading platform with over 5 million users worldwide and ranked among the top crypto exchanges on CoinMarketCap. BitMart currently offers 370+ trading pairs with one of the lowest trading fees in the market. To learn more about BitMart, visit their website, follow their Twitter, or join their Telegram for more updated news and promotions. Download BitMart App to trade anytime, anywhere.
About Coop Network
The Coop Network is an open source PoS Blockchain which powers the co-operation. People from all over the World can now interact and make common decisions with ease due to 21 century technology. To learn more about Coop Network, please visit their website, follow their Twitter and join their Telegram.
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