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Goldcoin Whitepaper
More than 10 years ago we founded Goldcoin with the ambition of creating the perfect form of money, based on the original Bitcoin whitepaper with added improvements.
Goldcoin has approximately 160X the network capacity of BTC with free and instant transactions. However, there was one fundamental flaw in the original whitepaper that we failed to recognize. It lacks a system for operational funding.
Since its inception, Goldcoin has been dedicated to make the best overall currency. We feature 1,120 txs per second with free and instant transactions. This was accomplished by increasing the block interval and block size, and restoring 0-Conf with the removal of RBF.
The source code is 100% open-source and available on our Github repository.
Goldcoin was launched on May 14th, 2013 on the bitcointalk.org forum. The creator is anonymous.
It was first forked from Feathercoin and then underwent several transformations. The current is SegWit free, RBF free, and uses its own proprietary difficulty adjustment algorithm called Golden River.
The network is protected by dual 51% defense systems that work together protecting the network from attack and harsh mining environments.
We are not bound by convention and believe that experimentation is the best path for finding the formula of perfect money.
The original Bitcoin protocol has no means by which to fund administration of the network. All proceeds are issued to miners who are focused on their own profitability. This causes the vast majority of pure PoW projects to ultimately fail.
In September of 2023, a superblock was created with a target now estimated to exceed 220 years. This will be used to fund the operating budget each year. Each annual budget will be voted on by the development team and shall not exceed 10 million GLC.
These funds will be used to create a security blanket of funding, build reserves, secure top talent, pay for exchange listing, R&D, and maintaining the network of servers and websites that are vital to the currency's success.
The transaction capacity is 1,120 Tx/s with free and instant transactions. Confirmation target of each 32MB block is 160 seconds.
A small fee can be paid to gain miner priority in the event of heavy transaction traffic. 0-Conf is fully supported.
- 2.5 minute block targets up till block 44,999
- 2 minute block targets thereafter
- 504 blocks per difficulty retarget up to block 44,999
- 60 blocks per difficulty retarget up to block 248,000
- Difficulty retargets each block thereafter
- Blocks 1 – 200 = 10,000 GLC
- Blocks 201 – 2,200 = 1,000 GLC
- Blocks 2,201 – 44,999 = 500 GLC
- Block 45,000 reward drops to 45 GLC
- Block 307,800 reward drops to 31 GLC
- Block 372,000 reward drops to 4 GLC
- Block 1,468,200 reward drops to 3 GLC
Reward is then reduced each year using the following formula: 50 divided by (1.1 + 0.49*every year thereafter)
- Total Blocks: 21,441,000
- Total SB Treasury: 1,100,000,000
- Total Coins: 1,172,245,700
Block Reward ends in year 2100, transaction fees still apply.
Goldcoin is a proof of work cryptocurrency with 160X the transaction capacity of Bitcoin. It features free and instant transactions. And, unlike other PoW currencies, Goldcoin has access to unlimited long-term funding via its treasury.
This creates a sustainable form of money in the form of a digital cash that is free to use, mobile and NFC-payment ready, and with faster and greater network capacity than any leading competitor.