Zeepin has announced the start of a crowdfunding campaign for its GalaBox G1 Mining Machine. The GalaBox is designed for encrypted, distributed storage of digital assets and files, and acts as one node of the data storage cluster. Crowdfunding begins on August 8th at 10:00pm (UTC + 8), and will allow each account to purchase up to 11 GalaBoxes until the crowdfunding ends on August 25th.
The GalaBox G1 was designed by team BrandSky of the Zeepin Community and is being launched by Zeepin Chain. Users can insert hard disks in order to contribute to the distributed storage network, and begin storage mining to claim rewards. Rewards are calculated using GalaCloud’s DESNet, and can be tracked in real-time using a mobile app. More information on the GalaCloud storage network can be found here.
Unlike typical crowdfunding events, purchases are made by locking up ZPT tokens. The campaign is separated into three phases, with an additional early bird phase for the initial 24 hours. The hard cap for the campaign is 10,000 GalaBox G1 machines. The details for these phases are as follows:
- Early Bird: Lock-up 4,999 ZPT for 18 months to receive a GalaBox G1. After 24 hours or the sale of all 10,000 boxes, the crowdfunding campaign will stop.
- Phase 1: Runs from August 12th until August 15th, users may lock-up 5,250 ZPT for 18 months for each GalaBox G1.
- Phase 2: Runs from August 16th until August 20th, with the same lock-up duration but a 5,500 ZPT price tag.
- Phase 3: The last stretch of the campaign, running from August 21st until the 25th, with a 5,750 ZPT price per GalaBox and the same lock-up duration as the previous phases.
GalaBox owners will receive 10 million GALA tokens on a weekly basis, distributed amongst all GalaBoxes based on their participation on the network. This income is subsidized with 70% of the income generated by the GalaCloud storage network.
Although the majority of actual storage is handled using GalaBoxes, the sharding and organization of files is handled by user-operated GalaHubs. The GalaHub acts as a network server that connects different regions of the storage network together. Users with a high-bandwidth, stable internet connection can apply to become a GalaHub with a minimum lock-up of 400,000 ZPT over 18 months.
Over the first year, GalaHub operators will receive the GALA equivalent of 10 times the ZPT mortgage, capped at 500,000,000 GALA and distributed on a weekly basis. This distribution is scheduled to begin in November 2018, with the GalaHubs also receiving 20% of the total income from GalaCloud, which currently plans to recruit 49 GalaHub nodes. The application for GalaHub nodes opens on August 8th and closes on August 25th. GalaHubs will be selected based on the amount of mortgaged ZPT and geographic location. Applicants that are not selected will not be charged.
To learn more about GalaCloud, GalaBox, GalaHub, and to participate in the crowdfunding campaign, visit galacloud.io.
More information on Zeepin can be found at the links below.
About The Author: Brett Rhodes
Brett is a blockchain enthusiast and freelance writer who originally began producing content for the gaming & eSports industries. Now he spends most of his time contributing in the Neo ecosystem.
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