Goldcoin is an open-source cryptocurrency that is fast, cheap and most importantly, extremely secure against attacks. The coin is a fork of Litecoin a
Goldcoin is an open-source cryptocurrency that is fast, cheap and most importantly, extremely secure against attacks. The coin is a fork of Litecoin and uses the so-called Golden River proof-of-work difficulty algorithm which is specially developed to be strong and safe. Moreover, with its 51% attack protection Goldcoin has a robust peer-to-peer network. Goldcoin’s supply and generation try to resemble the way gold depletes and the coin will be exhausted in 100 years. Additionally, the cryptocurrency has a strong community behind it which helps it grow, popularise and attract new talented people. Goldcoin also has an International e-commerce club that facilitates payment around the globe as well as an affiliate system that works towards the expansion of the coin.
Goldcoin was launched in May 2013 by an anonymous developer. Currently, there is a team of seven international members that is constantly working towards the improvement of the coin. There is mission is to create a cryptocurrency alternative to the physical gold that will represent the way its resources naturally deplete. The coin was not pre mined and in it was firstly distributed via a reward system that favoured mainly the early adopters and miners. Goldcoin’s Golden River system ensures a strong blockchain with blocks that adjust faster to the change of difficulty. As a result, transaction time is limited to under two minutes.
Goldcoin features a 51% attack defence system which basically means that no one is capable of taking over more than a half of the blockchain and thus control its transactions. If 51% of the network are fully secure, the transaction will be navigated to go through the longest blockchain and will be safe from malicious intents. Goldcoin uses a proof-of-work algorithm using scrypt as a hash function. The coin can be mined by ordinary people using their GPU or preferably, with ASIC computers whose hardware is specifically designed to mine more efficiently. The cryptocurrency can also be sent or received via mobile phones with android operating system.
Goldcoin maintains a strong community and tries to keep its members involved in the project. The contributors to the development of the cryptocurrency are rewarded for their work and meet regularly to discuss their progress and ideas. The coin also tries to support developing countries worldwide like Nigeria, for instance, by using the fast and cheap blockchain transactions. Moreover, the Goldclub International provides an e-commerce system that connects people from all parts of the globe. It aims at achieving a large number of members to help maintain the usage and trading of Goldcoin as high as possible. Through the Goldcoin affiliate programme members, supporters and companies that accept the coin are rewarded for their involvement with commissions.