What Is Goldcoin (GLC)?

Goldcoin (GLC) is a peer-to-peer decentralized open-source proof-of-work (PoW)cryptocurrency developed on the protocol of original Bitcoin. The currency envisions empowering economic freedom of choice for users who have suffered because of traditional economic infrastructure. 

The asset was introduced to address critical vulnerabilities that existed with other electronic currencies. These vulnerabilities include 51 percent attacks, transaction fees, etc. The term 51 percent of attack, also known as a majority attack, occurs when an individual or group gains control of over 50% of a blockchain's hashing power. To overcome these challenges, the network introduced block enhancement, complex algorithms, and other programmatic tools to seek to maintain a more stable network, thus resulting in the development of the platform that aims to prevent the intervention of bad actors and compensate for inflation.

Further, according to the asset's whitepaper, the currency reflects a combination of digital gold and digital currency secured by a trustless, permissionless blockchain. The term permissionless blockchain indicates an open-network public blockchain that allows everyone to participate in the consensus process blockchains use to validate transactions and data. Besides these factors, the asset seeks to provide its users with many advantageous features including the following:

• Fee less transactions

• Better processing speed for transactions

• Better security

These features seek to allow Goldcoin to maintain the structure of economic freedom along with the development of a cryptocurrency that aims to resolve the problems of vulnerabilities that exist with electronic currencies. Further, according to the website of the asset, to make acquiring the Goldcoin simple for everyone, the asset has been made available across many different exchanges that act as trading partners for the coin.

History of Goldcoin (GLC)

The Goldcoin cryptocurrency was developed by Eric Britten (lead developer), Gerald Higginbotham (economic relations), and Greg Matthews (project administrator). The Goldcoin project was launched on the bitcointalk.org public forum on May 15, 2013. The coins have a total supply of 72,245,700 GLC coins.