Resolving The Blokclchain Longevity Issue With GreenCoinX
Post# of 15
Posted On: 02/01/2016 10:26:28 AM
GREENCOINX- GreenBank Capital Inc. (OTC Pink: GRNBF) A DIGITAL CURRENCY THAT RESOLVES BLOCKCHAIN LONGEVITY.
GreenCoinX is the world’s first digital currency that requires identification of users. It has been developed by GreenBank Capital Inc a Canadian public company (OTC:GRNBF, CSE:GBC). GreenCoinX has also recently addressed the problem of blockchain longevity.
The bitcoin blockchain needs miners to process transactions. Miners of the bitcoin blockchain are incentivized to carry out their activities by the reward of newly generated bitcoin. However, Danny Wettreich, CEO of GreenBank points out that bitcoin has no credible answer to what happens when all the bitcoin have been mined. “ When all the bitcoin have been created and there is no further incentive for bitcoin miners to continue to mine, this will likely to lead to the bitcoin blockchain ceasing to function. Without bitcoin mining the bitcoin blockchain will grind to a halt.” said Wettreich.
Effectively, bitcoin users have no comfort that bitcoin transactions will continue be processed in the future. GreenBank has resolved the problem of GreenCoinX blockchain longevity with a unique solution. A non-profit called The Digital Foundation has been established, with David Robino a former Vice Chairman of Gateway Computers as its Chairman. The Digital Foundation owns 20% of all the GreenCoinX that can ever be created, and its sole function is to distribute the GreenCoinX that it owns to GreenCoinX miners over the next 145 years. Even if, at some point in the future, all the GreenCoinX have been fully mined, the foundation will continue to provide miner rewards. This has to be very reassuring for GreenCoinX users.
GreenBank is in the process of completing the GreenCoinX eco-system, and will launch it in the next few months. It will be based on an identifiable blockchain, an online wallet that requires identification of users, and a digital currency exchange where clients’ funds are fully protected and which charges no commission.
GreenCoinX is the world’s first digital currency that requires identification of users. It has been developed by GreenBank Capital Inc a Canadian public company (OTC:GRNBF, CSE:GBC). GreenCoinX has also recently addressed the problem of blockchain longevity.
The bitcoin blockchain needs miners to process transactions. Miners of the bitcoin blockchain are incentivized to carry out their activities by the reward of newly generated bitcoin. However, Danny Wettreich, CEO of GreenBank points out that bitcoin has no credible answer to what happens when all the bitcoin have been mined. “ When all the bitcoin have been created and there is no further incentive for bitcoin miners to continue to mine, this will likely to lead to the bitcoin blockchain ceasing to function. Without bitcoin mining the bitcoin blockchain will grind to a halt.” said Wettreich.
Effectively, bitcoin users have no comfort that bitcoin transactions will continue be processed in the future. GreenBank has resolved the problem of GreenCoinX blockchain longevity with a unique solution. A non-profit called The Digital Foundation has been established, with David Robino a former Vice Chairman of Gateway Computers as its Chairman. The Digital Foundation owns 20% of all the GreenCoinX that can ever be created, and its sole function is to distribute the GreenCoinX that it owns to GreenCoinX miners over the next 145 years. Even if, at some point in the future, all the GreenCoinX have been fully mined, the foundation will continue to provide miner rewards. This has to be very reassuring for GreenCoinX users.
GreenBank is in the process of completing the GreenCoinX eco-system, and will launch it in the next few months. It will be based on an identifiable blockchain, an online wallet that requires identification of users, and a digital currency exchange where clients’ funds are fully protected and which charges no commission.
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