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Summary of Genesis Shards
Overview
- Genesis Shards (GS) is a decentralized ecosystem on Polkadot, reimagining NFTs as a DeFi option.
- Aims to create a seamless cross-chain liquidity environment for pre-IDO tokens.
Founders
- Co-founders: Garlam Won and Nilotpal Mukherjee
- Garlam Won: former head of marketing at Harmony, head of global partnerships at ICONIZ, and advisor to several projects.
- Nilotpal Mukherjee: former investment banker at Deutsche Bank and strategic consultant at Accenture.
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Introducing Genesis Shards: A New Era of Blockchain Innovation
Introducing Genesis Shards (GS): A Revolutionary Concept
Genesis Shards (GS) constitutes a decentralized ecosystem built upon Polkadot, revolutionizing non-fungible tokens (NFTs) as a decentralized finance (DeFi) paradigm, thereby fostering a seamless, cross-chain liquidity environment for pre-initial dex offering (IDO) tokens.
Genesis Shards acknowledges the prevailing issues plaguing the pre-IDO landscape, notably the scarcity of token liquidity stemming from the absence of a viable trading market and inconsistent over-the-counter (OTC) trading practices, which culminate in a heightened risk of defaults.
Genesis Shards is poised to empower network participants to seamlessly access and trade pre-IDO tokens with unparalleled efficiency and security. By harnessing the power of community support, projects can now tap into token liquidity early on in their lifecycle. This innovative approach is made possible by the availability of NFTs in the over-the-counter (OTC) market, which can be transformed into a liquidity conduit for pre-IDO tokens.
Genesis Shards was established in 2020 and successfully secured $2.7 million in funding in March 2021, paving the way for the launch of a novel pre-IDO market. The impressive roster of investors includes esteemed names such as 3Commas, Axia8, OKEx Block Dream Fund, LD Capital, Spark Digital Capital, Momentum 6, and several others.
The Visionary Founders Behind Genesis Shards
Meet Garlam Won and Nilotpal Mukherjee, the visionary co-founders behind Genesis Shards.
Prior to establishing Genesis Shards, Garlam Won held esteemed positions as Head of Marketing at Harmony and Head of Global Partnerships at ICONIZ. Additionally, he has lent his expertise as an advisor to a diverse range of projects, including Kylin, PAID Network, Raze, PolkaFoundry, KPAD, and SPLYT.
Won graduated with a degree in finance from Garlam University. He has accumulated a wealth of experience, having worked as an investment banker at JP Morgan and as a management consultant at Deloitte. Notably, he has also served as the chief blockchain editor at Financial Street Media, where he delved into the intricacies of the blockchain ecosystem.
Nilotpal Mukherjee boasts an impressive professional pedigree, having served as an investment banker at Deutsche Bank and a strategic consultant at Accenture. In 2018, he assumed the role of business lead at Marlin Protocol.
Unveiling the Unparalleled Attributes of Genesis Shards (GS)
According to the team, Genesis Shards’ overarching objective is to establish a comprehensive marketplace for pre-IDO NFT liquidity, thereby unlocking novel opportunities for the broader DeFi ecosystem.
Genesis Shards pioneers a novel marketplace for illiquid tokens by ingeniously encapsulating time-locked fungible tokens within unique non-fungible tokens (NFTs).
The GS token serves as the native utility token of Genesis Shards, facilitating seamless interactions within the ecosystem. Specifically, GS is utilized for Genesis Access, Genesis NFTX, and empowers holders to participate in the governance of the Genesis network.
To integrate GS tokens into the Genesis network, they must be swapped for Genesis Access NFTs. The quantity of tokens held dictates the access privileges accorded to members.
GS is the native token on the Genesis NFTX platform, empowering users to reap the benefits of reduced swap fees for tickets and access cards, as well as seamless interactions with Genesis smart contracts.
GS token holders are endowed with governance privileges, with their voting influence directly correlated to the quantity of tokens in their possession.
What Is the Total Supply of Genesis Shards (GS) Coins in Circulation?
The highly anticipated public launch of the GS token successfully debuted on April 14, 2021, via the decentralized fundraising platform Polkastarter (POLS), marking a significant milestone. Notably, Genesis Shards executed a dual IDO on Polkastarter, thereby facilitating a simultaneous launch on both Ethereum (ETH) and Binance Smart Chain (BSC) networks.
The total supply was apportioned between the ETH pool, comprising 70% on the Ethereum network for POLS holders, and the BSC pool, accounting for 30% on Binance Smart Chain.
As of April 2021, the GS token boasts a circulating supply of 12,030,988 units and a total supply of 218,911,248 units, underscoring its substantial presence in the cryptocurrency landscape.
The Genesis Shards Network: A Fortress of Security
Genesis Shards constitutes a decentralized ecosystem, powered by Polkadot, which leverages nominated proof-of-stake (NPoS) as its consensus algorithm, thereby bolstering chain security. Notably, all parachains interconnected with the Polkadot Relay Chain reap the benefits of enhanced economic security, courtesy of the validators responsible for the Relay Chain.
Polkadot’s innovative data validity and availability scheme enables seamless interaction between chains, fostering a decentralized ecosystem where each chain maintains its autonomy in governance while being united in their collective security.
Acquiring Genesis Shards (GS): A Comprehensive Guide to Exchanges and Marketplaces
Genesis Shards (GS) are currently listed and actively traded on the following esteemed exchanges:
- Uniswap (Version 2)
- The 1inch Exchange
- DODO on Binance Smart Chain (BSC)
Discover the simplicity of investing in digital assets with our comprehensive, step-by-step guide to purchasing Bitcoin and other prominent cryptocurrencies.
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