“GalleonCoin (GALE): Sailing Towards a Decentralized Future with Culture, Community, and Crypto”

3 min readFeb 15, 2024

Introduction:

In the world of cryptocurrencies, where trust is elusive and financial systems are often centralized, GalleonCoin (GALE) emerges as a unique player with a mission beyond just creating wealth. This article delves into the roots of GalleonCoin, its vision, coin specifications, and the driving force behind its creation.

The Trust Issue:

GalleonCoin starts by addressing a fundamental issue in conventional currencies — trust. The trust required in central banks, commercial banks, and other financial institutions has often been breached, leading to financial crises and skepticism. GalleonCoin aims to provide an alternative, decentralized financial system where trust is not a luxury but a built-in feature.

Cryptosphere Evolution:

Since its inception in 2008, the cryptocurrency world has witnessed meteoric rises and dramatic falls. GalleonCoin acknowledges the highs and lows of the cryptosphere, emphasizing the need for genuine projects that focus on providing fast, secure, and private value transfer. The article hints at the pitfalls of numerous successor coins devolving into extortion rackets and emphasizes the importance of avoiding false prophets and exorbitant transaction fees.

Cultural Preservation and Community Contribution:

The GalleonCoin team introduces a unique element — a commitment to cultural preservation. With a nod to the historical significance of the Manila Galleons, the project seeks to contribute to the preservation of a 400-year-old Chabacano dialect, facing the risk of fading away. The article highlights the team’s dedication to making donations from the pre-mine to individuals and organizations with similar cultural preservation goals.

Tokenization Trend:

Acknowledging the trend towards tokenization of goods and services, GalleonCoin sees an opportunity to raise the bar by introducing a new language to the crypto world. The team comprises crypto enthusiasts with diverse backgrounds, and their collective expertise positions GalleonCoin as a pioneer in the Philippines’ cryptographic landscape.

Project Overview:

GalleonCoin’s mainnet went live in November 2021, offering an exchange coin within its ecosystem. Built on PIVX with Blackcoin PoS and Bitcoin core codebase, GALE utilizes the Seesaw reward balancing system for decentralized governance and privacy. The article provides a detailed coin specification, including PoW/Masternode/PoS details and a breakdown of reward distribution.

Funding and Distribution:

GalleonCoin allocates funds for donations, development, liquidity, administration, airdrops, and faucets. The halving schedule and reward distribution are outlined, showcasing a balanced approach to supporting various aspects of the project.

Vision and Roadmap:

Quoting Nobel Prize winner Professor Milton Friedman, the article discusses the vision of reducing the role of government through the internet and reliable e-cash. The roadmap extends to 2030, with milestones like building a mining community, conducting a meme competition, and exploring further exchange options. The GalleonCoin team aims to reverse a tide, declaring that “Galleons Are Now Great Again.”

Proof of Stake, Masternodes, and Seesaw Reward System:

GalleonCoin employs Proof of Stake for consensus, with nodes receiving rewards based on their stake. Masternodes play a crucial role, providing additional functionalities like coin mixing, instant send, and voting on the budget. The Seesaw Reward Balance System ensures a fair distribution of rewards between staking nodes and Masternodes, promoting stability and profitability.

Why Fork PIVX?

The article explains the decision to fork PIVX, emphasizing the importance of community-driven, open-source solutions. GalleonCoin focuses on providing a platform for funding, voting, and supporting ideas, especially in third-world countries where traditional financing may be challenging.

Conclusion:

GalleonCoin stands out not only as a promising cryptocurrency but as a project with a mission to preserve culture, empower communities, and contribute to a decentralized financial future. As the crypto world continues to evolve, GalleonCoin aims to set sail towards a paradigm where trust is inherent, and financial systems are truly decentralized.