Genesis Vision seems to have, not one, but two problems ahead. The team behind the project announced in a blog post that there are two problems that are standing in the way in order to create a truly decentralized asset management platform.
The first problem that they mark is related to the fact that decentralized exchanges do not offer good trading experiences and have not been widely adopted. In general, it is more complicated to use a decentralized exchange rather than a centralized platform that has a smooth and fast interface provided by a company.
However, if these decentralized exchanges reach an important level of adoption and become widely used, then, there would be a second important issue. There is no existing smart contract blockchain that is able to sustain the development of big scale products of massive public use.
According to Genesis Vision, they have decided to use the Ethereum platform to offer a minimum viable product. At the moment, there is no platform capable of operating this large amount of transactions.
The company asks the community whether they would run a platform whose efficiency depends on CryptoKitties and the number of Initial Coin Offerings (ICOs) being held at the same time. Later, they say that it is impossible to achieve this idea of decentralization that they have always defended.
Genesis Vision commented on this issue:
“We understood that in the current industry situation, the idea of decentralization is almost impossible to achieve. But the initial vision we had from the start was an idea of a truly decentralized platform – a platform that can’t be prohibited, where anyone can trade any assets, where the borders between the countries don’t exist and where absolutely anyone can exchange assets and invest without any censorship from third parties.”
Because of this reason, the company has decided to announce a new project known as the Genesis Vision Network. The main intention of this project is to create a fast, secure and decentralized crypto exchange platform. Additionally, the idea is to offer margin trading and trust management features.
The new Genesis Vision Network is a blend of two working blockchains. The public blockchain aims to record the history of crypto asset transfers and DAG to store the order books. In this way, it will be possible to keep all the benefits of centralized exchanges and still be a decentralized exchange.
The company puts the example of IOTA since it the Internet of Things (IoT) platform and concept does not exist yet. However, IOTA was able to create a virtual currency for the needs related to the Internet of Things.
Genesis Vision explains that this project would require a new currency for operation. This is why they have taken the decision to introduce a new token that is called GVN. This is a mineable token necessary for the operation of the Genesis Vision Network.
The important news is that there will be a new token and that users will get it for free. Once GVN is minted, all GVT holders will be receiving an equal amount of GVN as a form of our gratitude to the community.
The team has also thanked the community for all the support provided.