Digital Gold for a New Generation

davidtosin (8)in #cryptocurrency • 4 years ago

GoldCoin (GLC) is a decentralized P2P digital currency(cryptocurrency) payment option and open-source network created by proficient in 2013. Like Bitcoin, Goldcoin doesn't have single possession.

BUT FIRST, WHAT IS CRYPTOCURRENCY?

Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service.

Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security. Offering friction-less transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Counterfeiting and anonymous transactions are impossible to achieve.

INTRODUCING THE GOLDCOIN

GoldCoin was developed by a team of volunteers who determined to power the development and provision of decentralized, easy, safe and permissionless peer-2-peer financial services and exchanges and payments of products and services. They aim at bringing economic freedom to the world through some game-changing principles (two-minute confirmation and instant 0-Conf transactions) in the operations of the crypto ecosystems.

Goldcoin was built on the proponents of Satochi Nakamoto, the creator of Bitcoin, who advocated on-chain scaling-ensuring the increase of the security of the network as the size and value of the network increases.

Gold is a priceless and global valuable commodity. Thus, this project will develop the most valuable and secured crypto currency in the Defi which will lure investors to demand for more of it.

The company has a native crypto token which it uses for transactions in the platform and also developed a unique electronic wallet and a debit/credit card linked to the wallet to enable its users take full control of their fund assets.

Mission Statement

Our mission is to create a physical gold replacement by completing the vision of Satoshi and establishing the ultimate digital commodity. Our 51% attack defense and Golden River difficulty algorithm give us the strongest most robust blockchain in all of cryptocurrency.

While our competitors are focused on micro transactions and payments, our focus is on enhancing the value-storage side of the equation. We have built a practical physical gold replacement that can be used by everyone today as a digital commodity. Goldcoin truly is the gold standard of digital currency, a safe haven for value in a turbulent world.

GOLDCOIN UNIQUE SOLUTIONS.

Goldcoin is a unique cryptocurrency that has unique features built on trustless, unrestricted blockchain that will provide solutions to the challenges of traditional currencies.

It is not controlled by the central authority or the development team/community management. It is the property of its holder, who decides what to do with it at any time.

It is designed to operate on open-source and free transactions by the users without trust issues.

Goldcoin platform gives equal investment opportunity to everyone without any discrimination.

The operations of Goldcoin is built on smart contracts automated on blockchain technology which gives no room for any human manipulations or errors. All transactions are programmed on the system.

Transactions are done easily and secure between the users without any permission or interference of third parties. The miner (node) verifies every transaction between the wallets and sends such to the network for confirmation by the wallet holders.

Goldcoin will provide a bordeeless, trustless and permissionless payment system to the entire world. It grants financial and economic freedom.

GOLDCOIN UNIQUE FEATURES

Goldcoin is a combination of electronic coin with trustees cash payment. It has intrinsic value like the fiat currency and grants spending power to anyone who download the wallet. It has some unique features that include:

The Golden River Algorithm

This is a process of securing and protecting the Goldcoin network from multipool and other types of attacks. It works together with the 51% defense system to stop large miners from reaping huge rewards and leaving the network in difficulty.

It examines the difficulty at each block and determines the average median block time needed to execute each block transaction, unlike other algorithm which practice predefined formulas, making it possible for someone to learn how to attack the network over time.

The 52% Defense System.

This is a process of allowing miners to provide a solution to each block transaction in the system. The system is allowed to accept the solution that has a majority consensus or major followers as the official solution to the blockchain, all miners automatically switch to it.

Thus, any miner that has access to 51% of the mining computers can manipulate the system and attain the majority consensus needed for the mining solution and can attack the system by controlling it.

The 51% attack has been discovered by Goldcoin's management and they have promulgated three laws to achieve its goal of controlling and defending this attack.

No miner should transmit more than six blocks in every ten minutes regardless of its origination.
The block timestamp cannot be more than 45 seconds ahead of current network time.

Any miner that submit a block that doesn't meet the two laws above will be banned from the network.

These procedures make it difficult for a miner to hide a secret solution and submit such to the network, anyone who wants to control the network will have to work harder in order to gain false consent

The Goldcoin blockchain runs on the proof of work (POW) consensus which is an algorithm used by the most popular cryptocurrency networks like Bitcoin and Litecoin Till today GLC has gone through several advancements in technology since then which are far more advanced than Bitcoin such as:

2 Min block interval (Bitcoin has 10 min block interval)
32 MB block size (Bitcoin has 2 MB block size)
On-chain scaling
Network capacity is 1120 TPS (transactions per second) Bitcoin is 7 TPS
Instant transactions
51% Defense System https://www.goldcoinweb.com/cherry-services/51-defense-system/ Meaning of 51% attack: https://www.investopedia.com/terms/1/51-attack.asp

Inflation Rate and Comparisons

GoldCoin’s inflation rate ensures that the market will not become saturated with newly mined coins and that coin distribution will be balanced across future generations. More than 80 percent of all bitcoins have been mined, while only 50 percent of all goldcoins have been mined.

GoldCoin’s inflation rate is slow and consistent as compared to others:

GoldCoin is the first fractionalized gold-backed asset that is available for purchase directly with a national currency.

This feature, combined with the project’s clear roadmap, attention to security, and strong technological foundation, appears to give GoldCoin a strong future in the gold-backed cryptocurrency world.

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