- GoldCoin, a cryptocurrency founded in 2013, will address this problem by creating “reverse hard fork” of Bitcoin blockchain
- Bitcoin fragmentation is becoming concerning because of the ever-growing number of its hard forks
- This move will also allow GoldChain to vastly expand its user base
What is GoldCoin?
Goldcoin was launched on the Bitcointalk forum on May 15th, 2013. Since then it has been continually developing improvements made to the original cryptocurrency during these years include a 51% defense system, Golden River difficulty algorithm, ACPD (Advanced Checkpointing with Difficulty Detection), as well as larger blocks. During these 5 years, GoldCoin has been a stable and reliable blockchain platform dedicated to on-chain scaling.
One hard fork to rule them all
Since 1 August 2017, every once in a while, Bitcoin hard forks happen. As for now, there are 4 of them. During every hard fork, Bitcoin is getting fragmented, making it weaker. GoldCoin Core Developer and confirmed friend of Satoshi Nakamoto, Greg “MicroGuy” Matthews, will try to address this problem by creating the ultimate hard fork of Bitcoin.
On December 4, 2018 the GoldCoin Team announced that it is planning to reverse hard fork the Bitcoin blockchain merging its current users onto the newly created Bitcoin chain.
This newly created chain will become the official GoldCoin blockchain. It will come out in 2nd quarter of 2019, combining the best of the Bitcoin Forks with GoldCoin. The network will be able to deliver on-chain and off-chain scaling, SegWit and Lightning, blocks with 32MB maximum size and 2-minute block times, as well as adjustment of difficulty that happens every block. Three popular cryptocurrencies will be combined under Goldcoin brand: Bitcoin, Bitcoin Cash, and Goldcoin itself. The total supply will be equal to 89 million coins.
Just like every past Bitcoin hard fork, current Bitcoin owners will become new GoldCoin owners.
Benefits for GoldCoin
Core developer, Greg “MicroGuy” Matthews, thinks that the hard fork will have a huge impact on GoldCoin network. It is probable that the user count of the network will increase more than 1000-fold, from current several hundreds of users to millions, because every BTC owner will become aware of GoldCoin because every holder of BTC will receive some amount of GoldCoin proportional to the amount of BTC they hold. He said:
“The potential network effect is mind-boggling.”
The basic problem in GoldCoin team’s opinion is blockchain being artificially throttled. The whitepaper of GoldCoin will detail a merging of two blockchains, bringing the Bitcoin and Goldcoin together on single united blockchain with support and advance for both on-chain and off-chain scaling. The team hopes that the project will also help in uniting supporters of Bitcoin Core and supporters of Bitcoin Cash and BSV.
It will be possible to read the official whitepaper of the hard fork on the Goldcoin website later this month.