Those who’re into cryptocurrencies must have heard about Giracoin. Like any other cryptocurrency, Giracoin too, is said to, have a blockchain where a transaction could be tracked via any block explorer. Giracoin is said to be the newest cryptocurrency which a latest blockchain. The key difference between Giracoin and other cryptocurrencies is that you can mine it. The amazing part of the new currency is you don’t require any technical knowledge to mine it.
Origination and licenses:
Gira Financial Group AG is a Switzerland based company that was founded in 2016 and is the developer behind ‘Giracoin’. The company is headed by Mr Gian-Carlo Collenberg, CEO. Apart from him, Dr. Sabina Korfman-Bodenmann and Dr. Christian Katz are among the important faces of the company. Giracoin has the headquarter in Zurich and It promises to have “the world’s largest growth”.
As far as the legitimacy is concerned, Giracoin takes all pride in being a Swiss origin cryptocurrency, which actually clears some doubts of many. Also, the company Gira Financial Group AG is enrolled with the Swiss government’s financial regulatory organization, FINMA, as an SRO (Self-Regulated Organization). The company claims to be certified by PolyReg Zurich, which is a Swiss self-regulatory association. They’re also recognized as a financial intermediary in Switzerland and possess the authority to execute financial intermediary functions.
Also Read: What is the best cryptocurrency to mine?
Though it doesn’t need you to have any technical knowledge to mine the Giracoin, it advertises to be a totally different technology than other cryptocurrencies Giracoin claims to have its technical foundation based on a real block-chain, which they call a ‘Timestamp Server’. The Timestamp server is more of a regular blockchain that works by taking a hash of a block of items to be timestamped (presence recorded) and publishing the hash in chain. Each timestamp includes the previous timestamp in its hash, forming a chain, with each additional timestamp reinforcing the ones before it.
To make it securer and verify the transactions, Giracoin Timestamp applies the POW (proof- of-work) by adding a nonce (temp info) in the block until a value is found that gives the block‘s hash the required zero bits (confirmation). Once the CPU satisfies the proof-of-work, the block cannot be modified without redoing the entire work.
To understand the complete model of the working, Giracoin has provided with a complete step-by-step network formation below:
1 New transactions are broadcast to all nodes.
2 Each node collects new transactions into a block.
3 Each node works on finding a difficult proof-of-work for its block.
4 When a node finds a proof-of-work, it broadcasts the block to all nodes.
5 Nodes accept the block only if all transactions in it are valid and not already spent.
6 Nodes express their acceptance of the block by working on creating the next block in the chain, using the hash of the accepted block as the previous hash.
Presently, Giracoin is nowhere to be seen in any international cryptocurrency market. Hence the value per Giracoin is yet to be discovered. However, the company claims that Giracoin has started penetrating the market. If you wish to trade in Giracoin, they have their own marketplace girabuy.com. The website not only supports the currency exchange but also helps you shop.
Although, if you’re looking to mine Giracoin on its official website, you’re supposed to have some tokens. These tokens are for sale on Giracoin’s website. You can buy these tokens and use in mining the Giracoin. The price for tokens differs on the no. of tokens required. You can start with 50 EUR to possess 500 tokens and go upto 13,000 EUR for 150,000 tokens. It is as simple.
Overall, Giracoin doesn’t appear to be a scam but it can be taken as a legitimate multilevel marketing. As they say, “Bitcoin was yesterday”, it is advised to wait for some more research and market reports before you invest for your future.