What is Globalcoin

stacking of moneyGlobalcoin is a peer to peer Scrypt currency that uses the scrypt algorithm to encrypt the currency and all transactions.  That is, it is basically uses credit card technology on a peer to peer network to puts the control in the hands of the people rather than a government or for profit corporation.  You can also think of it as doing for money what Napster did for music, but legally.

 

The network of peers consist of computer operators that secure the network by crunching the vast amounts of data needed to  track all of the transactions in the currency in a secure way and record the transaction log on the ledger that can be viewed by anyone at any time.  The encryption protects against fraud and the network has to agree on all transaction for the information to be permanently input into the ledger.  Why do the computer operators use their resources for this?  Well during the initial years they do this work for the subsidy of coins that is provided by the source code.  Every year that subsidy is halved as the coin becomes used at an increasing rate.  The operators continue to operate within the network because the subsidy is replaced with transaction fees.  Unlike with credit cards and other money services the fees with Globalcoin are incredible low, at a fraction of a percent.  Credit cards charge merchants between 2% and 30% for the what Globalcoin does for less than 1%.  Further, the network client that is used by the operators allows them to set their compensation, so those operators with the least overhead and expense will naturally set the market costs for transactions.

 

Globalcoin will have 70,000,000 coins ultimately in circulation.  This is built out over roughly 40 years.  This is a very low number as compared to national fiat currencies in paper money, let alone the credit based money supply.  Even when compared to companies listed on a stock exchange, the number is on the low side.  With high inflation, a deteriorating bond market, and  uncertain economic times, Globalcoin and other crypto currency look to become a new safe haven for investors.

 

Transactions are confirmed in 40 second intervals, so the coin is ideal for everyday use.