Frequently Asked Questions
What is GODcoin?
GODcoin is the official currency of Lord RayEl. Lord RayEl is the Christ, the Messiah who has returned according to the Abrahamic religions, and GODcoin will soon become the new world currency once Lord RayEl’s government is established.
Who invented GODcoin?
Ultimately, the idea comes from God, but the men and women of the Ecumenical Order of Christ bring GODcoin to fruition. Our VIP is CTO Samuel Grenier, a young and incredibly gifted programmer with proficient experience in open source platforms. He wrote the code for GODcoin’s blockchain from scratch and he wrote GODcoin’s white paper. In addition to his work on GODcoin, Samuel is the creator of Steemdunk, an auto-vote curation platform on Steemit. He is the co-creator of universal IoT communications protocol (IOT-DSA), and developed extensible applications for the protocol in Java and C. He is also a contributor to the Utopian.io open source economy.
In short, it will be the perfect currency. Our system eliminates the need for minting money on hard materials using third-parties, and also removes the complicated and costly mining process found with Bitcoin and similar payment systems. The result is a system of minting currency digitally in a peer-to-peer network, which is far more efficient with energy and resources. In addition, GODcoin will become a stable currency once it becomes backed by physical gold and silver.
What makes GODcoin different?
A simple fact that separates GODcoin from the other cryptocurrencies is that it’s intended to be a basic utilitarian currency, and it will also greatly outperform all other current forms of fiat. It is the only currency authorized by Lord RayEl, so very soon the world’s economy will be united with GODcoin.
How is GODcoin created?
Initially, GODcoin will be created by users in a decentralized peer-to-peer network using a Proof-of-Stake consensus algorithm. Proof-of-stake is far more efficient than the more commonly used Proof-of-Work consensus that Bitcoin and many other cryptocurrencies rely on because instead of creating a rewards distribution based on hash power, GODcoin’s minting system will reward users based on the number of coins they pledge as a stake. Minters will be allowed to produce blocks and share in the rewards distribution of gold and silver coins, but they will not be required to use special hardware or numerous computers. Ordinary devices such as laptops or PCs will provide the adequate resources needing for minting, as long as the user has enough storage space on their hard drive.
How does the GODcoin’s system of rewards distribution work?
A minter who stakes the highest amount (in gold digital assets) will receive the biggest block rewards. The distribution algorithm will reward all the other minters based on their staked amount fairly. This encourages minters with a smaller stake to be able to help secure the network and earn rewards for their responsibilities as a minter. But, before a minter can partake in the rewards system, they are required to follow the prerequisite of obtaining something that we call a ‘bond’.
What is a bond?
A bond is a privilege which grants the user permission to become a minter. This ensures the security of the network and prevents abuse.
How do I obtain a bond?
You must first purchase the GODcoin gold digital asset. Then you pay a fee using the gold asset. Once you’ve paid the fee, you have obtained the bond.
When a bond is purchased, the funds used to pay the fee are nullified, however, the funds used to obtain the bond are earned back through the block rewards. This requires an initial investment in the coin and ensures the long-term security of the network.
Will the amount of gold digital asset required to purchase a bond increase as coin supply increases?
Currently, the fee to purchase a bond is fixed, but this may change as the software evolves and more details are laid out for the live net launch.
How do I purchase GODcoin?
GODcoin can be purchased during the ICO and post-ICO phases by registering on our website at https://godcoin.gold/ico/. Once registered, you will receive a deposit address. You will then be allowed to submit a payment using Bitcoin, Ethereum, or USD, and the amount of GODcoin purchased will be sent to your deposit address once the network is live.
When will the network go live?
We anticipate a live launch by the end of 2018, but that could change based on numerous factors. Mainly, we want to ensure that GODcoin has the proper support before it is released to the public so that it has the best chance to rapidly appreciate in market value.
How much does GODcoin cost?
There are three prices that GODcoin will be offered at throughout its lifespan; ICO entry price, market price, and commodity price.
The ICO price gives us a reference point for how many coins should be deposited in user wallets at the conclusion of the ICO, and right now, that price is fixed at 1 GODcoin = $1 USD using the ERC-20 smart contract system.
The market price will be determined once the coin is publicly traded on the exchanges, and this will fluctuate based on traditional economic factors.
Once we enter the new era, a permanent exchange rate will be fixed between the GODcoin digital assets and the value of gold and silver, so the price of GODcoin will be determined by the value of those tangible commodities.
How will GODcoin be backed by gold and silver?
This answer will come when global commodities are controlled by Lord RayEl’s new government. Once that occurs, a fixed exchange rate will be set between GODcoin and gold and silver reserves, and the currency will become centralized. Until this time, digital coins will be minted and traded in the decentralized peer-to-peer network with the use of digital assets, and the coins themselves will essentially function as placeholders to determine a person’s future wealth in the New Kingdom.
Why should I buy GODcoin?
Because it’s the only choice to prepare for. The Lord instructs you to buy Gold from Him, in Revelation 3:18. He says this because very soon there will be no other authorized currency in circulation, so everyone will eventually have to accept it only as a wage, just as they do with other forms of money today. However, those who wisely buy GODcoin now while it is still in the open market phase will amass greater wealth as the value of the coin increases.