Goldcoin: the first legitimate coin backed by gold bullion
Gold has long been seen as a legitimate and trusted store of value. Coins backed by a physical product like gold can serve as a stable investment that remains unaffected by volatility in the cryptocurrency world and across traditional fiat markets.
Even if the gold-backed cryptocurrency starts to decline in price, it will never dip below the spot value of gold. There is even a chance popular coins could eclipse the spot price of the gold underpinning them.
The world of gold-backed cryptocurrencies continues to evolve as many stablecoin projects develop and mature.
Goldcoin is a cryptocurrency created in 2013 by a pseudonymous user known as "gldcoin". Although back then it wasn't as advanced as it is today. In July 2013 two months after Goldcoin project being created its creator abandoned the project. During that time Greg "MicroGuy" Matthews, a cryptocurrency researcher who had an interest in Goldcoin got involved in further development. Since then many skilled developers joined the Goldcoin Project through the past few years and built Goldcoin to create the most viable cryptocurrency as Satoshi had envisioned thus making it the Gold Standard of Digital Currency.
GoldCoin is based on Ethereum, a stable and popular platform for building cryptocurrencies.
The project’s website clearly states and allows for easy Etherscan viewing of GoldCoin’s smart contract address, along with a recommended Gas Limit and information about Ethereum compatible wallets. Transparency with technological information benefits any cryptocurrency project as users reassured about stability are often more apt to invest in a particular coin.
Goldcoin (GLC) transactions are confirmed 5x faster than BTC due to a 2min block interval. GLC can process 10x more transactions per second than BTC due to 2MB block size and 2min block time. Also On-Chain Scaling allows increasing TPS to a higher rate if needed without fragmenting the Goldcoin Blockchain.
Goldcoin isn’t only being made into a high-value platform and lasting foundation for the world’s financial systems. It’s also the ideal cash payment system. To keep it affordable, 5 percent of each block is reserved for free transactions. This allows for approximately 300,000 free transactions per day.
This means that users in developing worlds will have the option to opt-out of paying a transaction fee, while others can include a fee to prioritize transaction speed. As demand grows, overall transaction capacity shall be increased via the block size.
GLC is more secure than BTC since Advance Checkpointing with Difficulty Detection (ACPD) ensures proper Goldcoin Blockchain stays accurate while analyzing the network hash rate thus making Goldcoin resistant to any possible 51% attack.
As of March 2019 users from more than 15 countries are using Goldcoin (GLC) and 41 million Goldcoin (GLC) have been mined.
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.
Goldcoin (GLC) is traded on the below exchanges:
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