Without a doubt, we have all been prepared for the new world currency to be a cryptocurrency because of the success of Bitcoin and similar payment systems. Blockchain technology has provided us with a revolutionary option for resolving numerous issues plaguing our modern era, and traders are flocking to cryptocurrency exchanges so they can enjoy the benefits of these new forms of money.
The problem is, out of the thousands of new coins and utility tokens on the market today, we have yet to find one that meets the rigorous standards required for mass acceptance as a global currency. Volatility and instability, coupled with gross inefficiency, have plagued the major cryptocurrencies, and there is a great amount of confusion over how these payment systems work.
Let’s put this into perspective…
With traditional cryptocurrencies like Bitcoin and Ethereum, they are designed to run on a proof-of-work system which rewards miners for running complicated computer algorithms over extended periods of time. This requires expensive hardware and an immense amount of energy consumption which only increases as we go forward in time, and the costs which miners incur are enormous. In fact, cryptocurrency mining is so exorbitant that the amount of energy involved in a single Bitcoin transaction can power a home in Britain for an entire month, and the total electrical consumption required to operate such a vast system is equivalent to powering Denmark! Bottom line, this model has a number of factors limiting its acceptance, and overall, it is proving to be unsustainable.
To resolve this issue, a cryptocurrency needs to be simple, stable, and efficient, and with GODcoin, we will provide the perfect solution.
Traditional fiat money is minted (or printed) either on coin or paper, but with the rise of blockchain technology, we can eliminate the need for third-party minting on hard materials, and we can now mint the coins digitally.
Here’s how it works…
GODcoin, like many other cryptocurrencies, is created by users in a decentralized peer-to-peer network, but unlike proof-of-work models which reward miners based on the amount of power generated, GODcoin relies on a system which rewards users based on the number of coins they pledge as a stake. It’s called proof-of-stake, and it eliminates the need for the exorbitant and costly mining process.
This provides several advantages…
First, minting GODcoin will never require expensive hardware or large data centers. Therefore, devices such as laptops or PCs will provide the adequate resources needed to run a node.
Second, the amount of energy required to mint GODcoin will never increase over time.
Third, transaction speeds will be greatly improved, and transaction fees will be lower.
Fourth, with the savings in energy costs and resources, this will meet the standards set by most models for sustainable growth and development, making GODcoin a far more suitable fit for our evolving society.
When it comes to the issue of volatility, GODcoin will soon not have this problem because it will be stabilized to the value of physical gold and silver.
So, there you have it; the simplicity and efficiency of the technology, combined with the stability of precious commodities will make this the “holy grail” of monetary instruments, which will be perfect for mass acceptance in a global society as a consumer-grade currency.
This is not an effort to “tokenize” a technological advancement, or simply profit from an innovative concept or marketing gimmick. GODcoin is issued by the Messiah, Lord RayEl, and is set to be used as the primary monetary instrument in His New Kingdom, and very soon there will be no other option for financial prosperity.
To see more about how GODcoin’s proof-of-stake system works, see our white paper: https://godcoin.gold/whitepaper