Joseph Monte talks about GODcoin
GODcoin is a highly stable and secure cryptocurrency which is backed by gold and silver, two commodities which are never going out of style, regardless of how one is bringing them into use.
CoinFrenzy recently got the opportunity to interview Joseph Monte, the Chief Communications Officer of GODcoin about how the cryptocurrency is different from the other cryptocurrencies available in the market. He explains how the cryptocurrency would solve the problem of high energy consumption by Bitcoin and other cryptocurrencies:
“First, we’re going to eliminate the costly and energy exorbitant mining process that proof-of-work systems rely on. We’re doing this by creating our own blockchain, and this is going to be built upon a proof-of-stake consensus algorithm. So instead of mining, we call it minting. Now, there’s still a consensus that has reached among all the nodes in the network and there’s still going to reward distribution which comes along with it but block rewards will not be based on hash power—it’s going to be based on the number of coins that a person holds. So, with the energy efficiency that we’re offering with the system, the technology is going to be far less expensive to operate. In fact, a simple desktop computer or even a laptop is gonna provide the resources needed to mint GODcoins. You don’t need any special kind of hardware or don’t need to stack hard drives on top of each other just to get profit. That’s not the way our system works. As long as there’s going to be enough storage space, you’re going to be fine.”
The transaction speed is a lot higher than most competitors as well, which is an added advantage of the design of the system. Moreover, being backed by gold and silver reduces the volatility of the cryptocurrency which is relieving considering the fact that the crypto market is highly volatile.