Saturday, August 2, 2014

Greenbacks: A Pure PoS Based Coin with a Real World Adoption Plan

Courtesy of Greenbacks

GB Accepted: gWyzv2WB1mRfZHB6Gk33W8HvhbfGqTALzs

Greenbacks is a next generation cryptocurrency with an unique real world adoption concept.  There will be 20,000,000 coins distributed through an ICO sale of 10% of the total coin supply similar to ViaCoin's distribution model.  The pre-announcement was launched on August 15th, 2014 and the ICO sale will continue for 7 days.  Greenbacks is founded by fully anonymous member of by the name of greenbacksteam, created on July 20th, 2014.  Although the founders may reveal their real identities with pictures at a later date but do have plans to start a company behind Greenbacks Inc., according to the dev team.  The distribution model will be held via a trusted escrow member through a pre-sale website and each investor's coin distribution amount will be proportional to their total bid contribution which will in return determine the overall value.

Although there will not be a proof of work phase, Greenbacks is an innovative altcoin that has the XGB proof of work algorithm.  As mentioned above, there is a total of 20,000,000 coins and is a fully operational proof of stake coin with a 10% annual interest rate.  Greenbacks is capable of TOR integration, but the dev team have not decided to implement the anonymous technology as of yet due to their conflicting interest of acceptance from mass merchants.

The wallet's user interface is a next generation wallet with several built in functions compared to the usual simple first generation QT wallets.  The side tabs includes Overview for viewing balances, Send coins for sending coins, Receive coins for receiving addresses, Transactions for list of transactions, and Address Book for list of wallet addresses.  Special side tabs includes Block Explorer for block chain search and Social for IRC chat access.

The concept behind Greenbacks is based on real world adoption and merchant acceptance, which has been a 2 month process in the making and counting.  The Greenbacks dev team  has developed a plugin for merchants to simply accept GB and is currently working to achieve GB acceptance at ATM machines.  With the ICO funds for future development funding, Greenbacks may have a clear chance to achieve one of their biggest goal of creating physical reloadable Greenbacks Cards similar to Moneypak and Vanilla Cards, except the currency used will be GB.  If the Greenbacks team can achieve this feat then services like Prypto scratchcards could become obsolete, but luckily GreenBacks have developed a strategic partnership with Prypto.  This is an ambitious goal and a long term project, but the Greenbacks team hope to show their presence at your local Walmart and Walgreen stores in the near future.

Greenbacks marketing plans include releasing the QT wallet and obtaining custom Prypto scratch cards loaded with GB on launch day.  There is also plans to create physical bills and coins with QR codes on them, which will be distributed out at various Bitcoin and Altcoin conferences.  Through marketing, Greenbacks hope to be accepted by as well as building more long term partnerships with various businesses in order to reign as one of the top coins in Cryptoland.  Aside from strategic partnerships, GreenBacks hope to bring innovative features such as rewarding coin holders with a loyalty program and a community crowdsourced project site.

Greenbacks is not your typical altcoin because no other altcoin dev has been able to make real world adoption feel so easy.  You may find this coin to be ambitious because many coins have failed to achieve real world adoption, but you can be certain that this is not your typical pump and dump coin.  You may find Greenbacks to be a long term investment.

 "More than just a coin."  - GreenbacksTeam

Reddit:  None
CoinSource Trust Index:  7/7
Proof of Developer:  4/5

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