• Market Cap
    $371.445B -0.50%
  • POW Market Cap
    $283.108B 2.75%
  • POS Market Cap
    $19.276B 0.40%
  • Masternodes Market Cap
    $1.207B 0.56%

Gin platform closes its masternode hosting services!

By Rafał - 2019-07-27

GIN is an open-source decentralized digital currency which aims at delivering secure decentralized financial solutions and making masternode investing experience easy and hazzle-free while enabling them to solve real world problems. GIN has also created its own native cryptocurrency called ‘GINcoin’ which is used on the GIN platform to create cold wallet masternode for GINcoin and other masternode coins.

Hosting services suspension

The Gin team has recently announced through an official note the suspension of their masternode hosting services from Aug 01 ,2019. The recent drop in number of hosted nodes while at the same time GIN Platform using a scaled-up infrastructure, became an important concern for the long-term business profitability. It became financially impossible for the platform to keep up operations. As the monthly margin was reinvested in the company, there are no buffers that could allow the group to maintain operations at a daily loss.
Blockchain technology is moving fast and the masternode market proved to be quite resilient during the alts winter. The recent market fluctuations also helped the team to take that decision to close the services.
The team looked for fresh money for the GIN Platform through a strategic investor, but the downtrend of the market and the complexity of the business did not favour that solution.
Furthermore, Gin service is more expensive than the competition's which does not perform very well in a market where customers at this stage of the masternode space will almost always choose the cheapest possibility.

Refund

The team thrive to return all the customer balances and prorated payments for committed nodes to minimize the impact on the customers. Stopping the platform as soon as possible will allow to eliminate all costs immediately and start the refund procedures.

What happens with the nodes you paid for in advance?

Your GIN Platform balance shall be credited with the prorated GIN amount for the remaining days of service. E.g. for a 30 GIN payment for 30 days, you shall be credited 10 GIN if only 10 days of paid service remain. To be eligible for this refund, users shouldn’t delete the committed nodes.

How to reclaim the balance back?

Users must send an email to refunds@ginplatform.io from the same address they used to login to the platform by Sep 01, 2019, containing the GIN address where to receive the funds. Refunds shall be processed in maximum 30 days.

Opened to alternative

The team evaluated all possible scenarios before taking the decision to close the services. However , if anyone from the community thinks they can do a better job and keep the service running , they stand ready to discuss with any potential buyer for the GIN Platform if this can help maintain the customer base and the service unaffected, with the hope that the market will get well soon.
Email alex.andreescu@ginplatform.io if you are interested.