ABOUT GOLDCOIN
Goldcoin is a Defi Crypto token that aims at leveraging the operations of the cryptosystem and to deliver the real promises of decentralized financial services to its users. It is a digital and physical gold money developed by a team of professional volunteers who did a thorough research on both traditional and some decentralized financial services and found out some limitations ànd preferred solutions.
It focuses on free and speedy peer-2-peer transactions and improving the wealth of its participants. The platform is designed to reward its users through an innovated 51% algorythm which ensures fair judgment.
Goldcoin will give everyone equal opportunity and access to participate in its transactions, regardless of their class. It can be traded globally, used as a store of value and can be used in payment of products and services.
The traditional fiat currencies have some problems associated with them which resulted from the central control of their operations by the national government. The government easily manipulates the financial institutions and prices/supply of currency to favour the politicians and to enrich themselves to the detriment of the poor masses. There is corruption and discrimination and high cost of transactions in the traditional centralized financial system.
These issues in the traditional centralized financial system gave rise to the need for decentralization of the financial ecosystem. This led to the proliferation of the many Defi platforms which Goldcoin is part of. Goldcoin is uniquely designed to introduce some features to solve the problems of fiat currency systems through the combination of digital cash and digital gold secured by a trustless, unrestricted blockchain technology.
Goldcoin developers intend to make people to be their own banks, allow people to store, access and transfer funds globally and develop applications that will enable people to control their assets from anywhere in the world.
GoldCoin Wallet App
The Goldcoin platform has a unique crypto digital wallet app which can be used by its user to record, access and secure their assets. It can be used to receive and send GLC tokens which is the basic token of Goldcoin Defi.
BLOCKCHAIN
Blockchain is an electronic record of valuable economic transactions in digital spreadsheet across a network of computers. The spreadsheet is designed to be updated regularly and the information is regularly shared to the public for easy reconciliation.
Every crypto transaction is stored in a digital formatted record known as block, subsequent records of these blocks form a chain of blocks.
The blockchains have some advantages which include:
It has a large network of users with consensus records, thereby, eliminating the need to trust the bank.
Fraud is easily detected through verification of connections between different blocks.
Records are stored in different blocks, enhancing security data.
FEATURES OF GOLDCOIN Defi
Elimination Of Third Parties
Defi cryptocurrencies are designed to operate a decentralised financial services and does not need intermediaries to facilitate its transactions as in the traditional fiat currencies that are being controlled by a central body.
Open Source Coding
Goldcoin Defi app is coded from open source. This makes the users have the confidence and trust on the running of the platform, since they can check its features and ensure it doesn't have any hidden format that can harm the user. It is an automated process backed by fundamental mechanisms to ensure transparent transactions.
Inclusiveness
Defi system is open and inclusive to everyone around the world. Anyone that has a computing device with an internet facility can access Defi services. Goldcoin gives a level playing ground to all investors.
Improved Ideas
Goldcoin has ideas that will help to improve the core philosophy of Defi and rebuild the damages done by deviations from the roots of Defi services. It has built a more secure payment system.
Free Transactions
Goldcoin has a process of keeping 5% of each block transaction. This reserve is used to facilitate free transactions in order to allow users from the developing world to participate.
GOLDCOIN MINING
Crypto mining is a process of accepting crypto asset deposits into a pool and rewarding the depositors some incentives. Goldcoin ensure that crypto currencies deposited in its mining retains its value through the following:
Ensuring speedy confirmation of transactions and quick resolution of conflict on transactions.
Improved and prompt reward to miners.
GOLDCOIN CONTRIBUTIONS TO DEFI DEVELOPMENT
The Goldcoin team has created special techniques to improve the functions of cryptocurrencies. Some of the techniques differentiate Goldcoin from other Defi include:
Secured Network
Goldcoin secures its network with sound, smart and secured computer network communications on algorithms that prevent its network from attacks. It has two principles, the Golden River Difficulty Algorithm and the 51% defense system.
The Golden River Algorithm
This is a process of determining the number of machines needed to solve each block. Goldcoin has a two minutes algorithm target time for solving each block. This time is adjusted based on the number of miners that join or leave the network. This approach is used by GoldCoin developer Amir Eslampanah to deal with multipools and other types of attacks. It works with the 51% defense system to reduce the profitability of multipool mining. It discourages large miners and makes them leave the pool without making things difficult for other miners.
The GRDA was tested to ensure it will perform effectively under severe network conditions, and it passed several tests. It is programmed to adapt to different mining levels and give miners the privilege to hold more stable cryptocurrencies, since they have blocks appearing every 2 minutes.
The 51% Defense System
There are different nodes providing solutions to each cryptography problem. But the blockchain is designed to accept only one solution which it incorporates as the solution to the entire blockchain. The solution that is used by majority miners is adopted as the solution to the blockchain.
A bad miner may take the advantage of this consensus mechanism to manipulate the network by solving the problem secretly with different computers and publishing the answers to deceive the network to switch to it as the longest solution.
This is termed 51% attack. Somebody can gain access to 51% of the mining computers needed to prove majority consensus.
Goldcoin has three laws it applies to prevent these attacks by ensuring that everyone agrees to it. They include:
Law 1:No one transmits more than six blocks in every 10 minutes.
Law 2:The block timestamp must not be more than 45 seconds.
Law3:Any miner that does not meet law 1 or 2 will be banned from sending solutions for a period of time.
Getting Yourself A GoldCoin
Goldcoin is a crypto currency that maintains stability of its value and resists the vulnerability of market forces. It is an ideal investment for investors who want to grow the value of their assets and be at the forefront of future wealth creation.
WARNING
Investing in cryptocurrencies are associated with risks. Participants should be aware of these risks and should consult legal or financial experts for professional advice.
Goldcoin will not be responsible for any loss or damages incurred by participating on its platform.
USEFUL LINKS:
https://www.goldcoin.org/documents/GoldCoin_0.7_51percent_defense
https://github.com/goldcoin
http://gldpool.dns.navy/
https://hash-to-coins.com/
https://bitcoin.org/bitcoin.pdf
AUTHOR'S DETAILS
Bitcointalk Username: Seasleep
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2768222
GLC Address:ECgTuo5oakf8kjyYFBuXjofKAyEfD4dSHM
This is really a revolutionary defi
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