Jayeson, you can either 16 track midi by using the Midi -> Multi recording.
The Genos2 is only capable of 4 track audio (2 stereo tracks) done in a ping pong recording method; which means you can record 1 stereo track, then while playing that back record another stereo track on top of that into the remaining 2 channel stereo audio, then repeat ad nauseum. This does *not* separate any of the tracks, and simply enables you to keep adding another "layer", albeit a non editable, permanently embedded layer.
The on-board Midi recording aka sequencing only allows up to 16, but yes, if you use a DAW such as Logic (on Apple) or Cubase, etc (even Garage Band, if you have a Mac) then you can record many, many more tracks depending on your version.
Mark