As mentioned in a previous article, GoldCoin (GLC) seeks to fundamentally change how cryptocurrencies and economies operate. In order for this transformation to come to pass, the next stage in the GLC’s evolution is set to take place and serve as a leverage point catapulting this currency back to its rightful place back to the top of market capitalization. GLC’s plans to do this will be through the Reverse Bitcoin HardFork (RBH) and the implementation of Proof of Participation (PoP). This article takes a look into what these events are and what they mean for GLC’s journey to provide its users with financial freedom.
The Reverse Bitcoin Hardfork (RBH):
A conventional hardfork occurs when one digital ledger splits into two chains. Instead the Reverse Bitcoin Hardfork (RBH) seeks to consolidate the GLC and Bitcoin blockchains. Once complete, Bitcoin hodlers will now have an equivalent amount of GLC and GLC hodlers will be able to experience features like two minute block intervals, 30MB block size, utilization of SegWit and Lightning, on- and off-chain scaling, and free transactions. This convergence of the two blockchains will not only bring new users to GoldCoin, but has the potential of galvanizing the long divided factions among the Bitcoin faithful.
Proof of Participation (PoP):
Issues with Proof of Work (PoW) and Proof of Stake (PoS) demand a new consensus mechanism to service a cryptocurrency for the masses, Proof of Participation (PoP) delivers on the promise of solving them both with as little as 100 GLC. Proof of Work requires a tremendous amount of energy to produce the hashpower necessary to mine coins like Bitcoin and Proof of Stake requires hodlers to have a tremendous amount of coins before staking rewards become meaningful. Under Proof of Participation, each GLC wallet with more than 100 coins has the ability to receive a reward through a lottery system through mere participation in the network.
Altogether everything that GLC has planned seeks to deliver some of the best aspects of blockchain and cryptocurrencies to its users, so all that left is to do is continue to accumulate and sit tight as GLC takes you to new heights atop of the crypto markets!