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Genesis Pool

Table of Contents

Introduction

At the end of March 2018, ThreeFold launched the public blockchain.

ThreeFold developed their own blockchain software called Rivine, which was probably the first proof of blockstake blockchain in the world. We did not like the way how the other blockchains at that time were doing proof of work, which is basically burning a lot of energy to prove the validity of their blockchain.

Rivine is a fork from the blockchain work done by the team of SIA and since then a lot of work has been done on it to fulfill our own requirements. The Rivine blockchain will no longer be used after May 2020.

ThreeFold is the result of more than 20 years of work in the Internet space, over a number of companies.

The technology used at start in March 2018 has been developed mainly out of three companies: ThreeFold_Dubai, BetterToken(bettertoken) and GreenIT Globe. Later in 2018, TF Tech was spun off from our incubator.

TF Tech is a company born out of our Incubator called Incubaid in Belgium.

TF Tech has a purpose to further develop the software and commercialize the capabilities on a global basis, mainly by working together with tech partners.

The public version of our blockchain was started March 2018. The servers used during development and mining tokens already started years before.

Many hundreds of servers have been used to develop the technology which now makes up our ThreeFold_Grid.

+-300 servers are the foundation of our TF Grid.

Most of the servers are in Dubai and in Ghent (Belgium).

All genesis pools were owned by the foundation. Many of those servers are at this point no longer active. The operations were done by ThreeFold_Dubai and BetterToken as Farming Cooperative.

For information about genesis pool/block, see here.

Genesis Pool Token Usage

  • A lot of the genesis pool tokens went to the original shareholders of a company who created a lot of the technology which was the basis at that time for ThreeFold.
    • Most of these tokens are locked up and are not tradeable.
    • This was a deal made mid 2018 and provided the ThreeFold Dubai with technology and a global engineering team.
  • The other part went to ThreeFold Dubai, to allow the Foundation to promote & further grow the project.

See Token Overview for more details.

The tokens were used from out of ThreeFold_Dubai to create value for the ThreeFold Grid.

  • Initial funding: sell TFT as future IT capacity
    • IT capacity delivered amongst others from the computers deployed by genesis pools (+300 servers)
  • grants to community, bounties for coders, evangelists, ...
    • max bounty given to contributors/founders = 2.5m TFT
    • funding for projects like coding, marketing, ...
    • There is a token grant program, but not really active yet.
  • Fund the day-to-day operation of threefold_dubai
  • Fund some development projects for our open source technology
  • Public exchange fees
  • Operational costs of keeping the genesis pool operational (engineers, data center, bandwidth, ...)
  • Reward for the ThreeFold larger community and contributors

Remarks

  • ThreeFold_Dubai is run as a not-for-profit organization
  • All (future) profits generated, tokens=IT capacity sold are used to promote and grow the ThreeFold Project.
    • None of the potential profits generated go to the shareholders of the company.
    • Investments and loans given will of course be paid back to the relevant investors.