Project

GenesysGo

💫 About

What is this network?

The network in question is the Shadow Protocol, a product of GenesysGo. It is a broad brand name for the decentralized Remote Procedure Call (RPC) network, decentralized data storage, and decentralized cloud that GenesysGo has been building. The protocol consists of three pillars: Shadow Network, Shadow Drive, and Shadow Cloud. The Shadow Network allows for the creation of hundreds of projects in the Solana ecosystem. Shadow Drive is a decentralized data storage solution, and Shadow Cloud is a product designed to revolutionize the cloud computing industry.

How can I mine tokens?

In the Shadow Protocol, mining tokens is achieved by becoming a Shadow Operator. Shadow Operators run RPC nodes to contribute to the network's processing power. To become a Shadow Operator, one is required to stake 10,000 $SHDW tokens as collateral. Shadow Operators can be subject to slashing if there is downtime, and will be required to top up their collateral in order to earn their USDC rewards. The rewards are paid directly to the Shadow Operators in USDC.

How can I optimize my mining rewards?

Optimizing mining rewards in the Shadow Protocol involves becoming a Shadow Operator and ensuring that there is minimal downtime. Shadow Operators are required to stake 10,000 $SHDW tokens as collateral and can be subject to slashing if there is downtime. Therefore, maintaining consistent uptime and performance can help optimize mining rewards.

How can I use the network?

The Shadow Protocol can be used in several ways. The Shadow Network allows for the creation of projects in the Solana ecosystem. The Shadow Drive provides a decentralized data storage solution, and the Shadow Cloud is designed to revolutionize the cloud computing industry. Users can utilize the Shadow Protocol's native token, $SHDW, to pay for decentralized data storage, compute, and other utilities.

Who governs this network?

The governance of the Shadow Protocol is not explicitly mentioned in the search results. However, it is known that GenesysGo, the company behind the Shadow Protocol, plays a significant role in its development and operation. The network also relies on Shadow Operators, who run RPC nodes and contribute to the network's processing power.

Funding

GenesysGo has utilized various methods for funding. They launched an NFT collection in November 2021, and if all of their NFTs were minted within the first 24 hours, they provided the entire Solana ecosystem with full RPC network access at no cost. They also transitioned to a paid RPC network model, with three tiers of RPC with different price options where 100% of the payments go directly to independent Shadow Operators powering the RPCs. Additionally, GenesysGo launched an Initial DEX Offering (IDO) on January 3, 2022, raising approximately US$52 million.

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