GoldCoin is a peer to peer currency. It was launched on May 15th by a developer who chose to remain anonymous. The best thing about GoldCoin is that it has been developed and maintained by a huge group of developers who all share a common belief. They want to promote a high level of economic freedom and this is a huge deal to say the least. Over the last six years, the project has existed, and it has also managed to grow a vast community too. They have worked with a ton of developers who have all been dedicated to scaling the chain. They are also working hard to make sure that the outline is what they are looking for too. Of course, the problem is- Bitcoin forks.
Bitcoin Forks
The GoldCoin team have been watching closely as there have been plenty of exciting advancements being made. They have offered a way to scale that wasn’t actually part of the main blockchain. This seems to be killing the blockchain and the Bitcoin core too. If you want to cater to a lot of people, Bitcoin needs to be comfortably scalable. You also need to meet the demand for the Bitcoin Cash and Bitcoin SV forks too. The problem with the two forks is that they are weakened from the Bitcoin brand and they are not incorporated over the last L2 features. This includes Lighting, which focuses on offering advanced and off-the-scale Bitcoin forks.
Gold Coin Reversal
The reverse Bitcoin fork involved a merger from the GoldCoin blockchain. This was then merged with the original blockchain. The GoldCoin takes the best features that Bitcoin has to offer, and it then merges them with the original blockchain. It does this through a reverse fork and thereby offers the world a cryptocurrency coin that people can really get behind. The work on the first fork started in the year 2019 and this was done under one of the top blockchain developers around. He is known as Peter Bushnell. He is the leader of the GoldCoin team and he is working hard to try and deploy a solution that promises to combine the network capacity of the coin under the two main forks. This was done under Bitcoin Cash and then Bitcoin SV. In the end, you have three platforms which are going to come together under the brand and this is going to be known as the Satoshi Chain. The new changes are going to come into effect in the year 2019 but there is no telling when this is going to happen exactly.
So what is going to change? The new GoldChain is going to have a maximum block size of around 32MB. This is going to try and allow the economic forces to decide which method of scaling they prefer, which is a huge bonus to say the least. The chain is also going to have two-minute blocks as well. Bitcoin is going to use the proof of work algorithm to maintain a general consensus across a huge and vast network. This is going to be permission-less to say the least, but for the blockchain to be backward compatible, the mining algorithm needs to be set and preserved.
Of course, since Goldchain is going to retire the blockchain and adopt the blockchain that is being used for Bitcoin, it is safe to say that the platform is going to maintain a very unique explorer and that it is also going to take on the pre-forked transaction too. The explorers are going to work by using a snapshot of the blockchain and this is going to be maintained by the team who work at GoldCoin and the community too. After the fork has been implemented, the GoldCoin providers will then be able to provide the transaction history and they are also going to have to detail the transactions that have happened to this day as well.
Node Requirements
If you want to reduce the burden of the overall blockchain or even on user devices, you will need to support blockchain pruning and even SPV techniques too. This includes ETH. On top of the wallet, the core client is going to have the default version and they will also have the special barer mode version too. This is going to have pruning but it is only going to have 5GB of space. On top of this, it will only have 256MB to run too.
Difficulty Adjustment
Goldcoin is going to adopt a new innovative difficulty adjustment and this is going to be designed by Amir Eslampanah. He is the chief scientist and he has also been dubbed as being the Golden River too. The algorithm is going to try and recalculate the difficulty of each block and it is also going to try and determine the average of the block time too. This is especially useful because it is going to protect against big swings and it is also going to have an impact on the harsh power.
So when you look at the previous Blockchain forks you will see that they have all gone on to use the same address forks. Bitcoin have gone one step further to use the same address after forking. GoldCoin on the other hand is going to have its own address format. The chain will be distinguishable from the Bitcoin Core or address. This will help to try and protect users from losing their coins or even sending them to the complete wrong address.
Free Transactions
The new payment fork has been designed with the financial system of the world in mind. If you want to know more about this then you will be glad to know that 5% of the 32MB block is going to be reserved for free transactions. This will give you the chance to free up 10 million transactions every single day.
This is going to have a somewhat favorable implication, and this is especially the case when you look at the world in general. People will have the chance to opt out of paying any transaction fees and they are also going to be able to include a fee which will speed up the transaction in general.
If you are interested in obtaining GoldCoin then you may be able to get it from CoinSwitch, Coin Exchange, Bittrex and more. There is no need to worry however because when the reverse Bitcoin fork has been fully implemented, all of the holders who have original Bitcoin will then be able to get an equal amount of Goldcoin. This will be done at a ratio of 1:1. The project does warn that holders will have their coins stored on the exchange and that they will be credited with the GLC too. Sure, exchanges should credit your account with any GLC coins that they have but they do not have to do it by law. So to help any user who is holding Bitcoin indefinitely, you will be able to find out the names and the logos of the exchanges who are going to honor this.
