What is Gcoin Crypto (GCN)? Reveal How It Can Benefit Investors

However, since Bitcoin was the first to solve the centralization issue, it had to compromise in various areas. One of these major issues is the speed of transactions. Scalability and regulatory concerns have been significant growing pains for blockchain applications in the financial market. Some financial service entities require permissioned ledgers due to their contractual and legal accountability for processed transactions. 

The Weaknesses of Bitcoin

Additionally, Bitcoin’s weaknesses in the e-commerce industry are related to transaction frequency and currency volatility. Trading frequency is currently limited to 7 transactions per second, and its price has fluctuated due to market speculation and regulatory concerns. Bitcoin’s economic incentive to monopolize mining power is a major concern. If a single entity contributed the majority of mining power, it could manipulate the blockchain and rewrite history (a “51% attack”).

The Gcoin system

In contrast, the Gcoin system focuses on improving blockchain technologies to provide practical solutions that can scale up as needed and closely match real business needs in the financial markets and e-commerce industry. It establishes the actual usability of digital currency.

GCN Coin (GCN) is a digital currency based on blockchain technology. Gcoin adopts a multi-alliance structure for verifying transactions in the network. Each alliance member may comprise a group of Gcoin users competing with other alliance members to validate the ledger and earn a transaction fee based on computing power.

Alliance members can coordinate through a voting system to accept a new alliance member or ban a misbehaving alliance member. This co-existence of competition and cooperation between alliance members helps to secure the entire Gcoin network.

An alliance member can add a new alliance member by voting through the “sendvotetoaddress” function. More than half of the alliance members must agree to accept a new member. The new member will have the same rights as any other alliance member.

An alliance member can issue a license to an address through the “sendlicensetoaddress” function. The owner of the address can give new coins of a specific color.

The Belief and Plans of Gcoin

Gcoin believes that, in the long run, decentralized ledger technology will become the industry standard for robust trading infrastructure. Cryptocurrencies like Bitcoin and other Altcoins are inspiring innovation, and current technology may be displaced by more advanced technology, just as happened when Facebook’s growing momentum overtook MySpace.

By integrating value-based currencies into the Gcoin network and improving the blockchain to better suit the real needs of business, Gcoin Believes that it represents the next-generation distributed smart property platform that will support a wide range of applications in financial markets and the e-commerce industry while working within a decentralized structure.

Conclusion

Bitcoin’s weaknesses are transaction frequency and currency volatility. Gcoin aims to improve blockchain technology to provide practical solutions for the financial and e-commerce industry. They believe decentralized ledger technology will become the industry standard for a robust trading infrastructure.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.