On December 14th, the Goldcoin (GLC) developers successfully deployed their first hard forking update in years. The GIP1 update increases the on-chain network capacity of the GLC network by 1,600% making it capable of handing 1,120 transactions per second (Tps).
- New modern logo added to client
- Block size increase to 32 MB
- Currency unit updated to GLC
- Network capacity increase to 1,120 Tps
Satoshi Nakamoto, the anonymous creator of Bitcoin strongly advocated for on-chain-scaling. On-chain scaling ensures that the security of the network increases as the size of the network and the amount of value that needs to be protected grows.
Thanks to GLC’s 2 minute-block interval, our new 32MB blocks provide our network with 1,120 Tps on-chain which is 500% greater than BCH and 4,000% greater than BTC. This means it would take 5 Bitcoin Cash blockchains just to match the transactional throughput of our single chain.
- Litecoin = 56 Tps
- Bitcoin Cash = 224 Tps
- Dogecoin = 33 Tps
- Ethereum = 50 Tps
- Bitcoin = 7 Tps
- Goldcoin = 1,120 Tps
As you can see by the above chart, the Goldcoin network blows the rest of the pack out of the water. But we’re not satisfied with having the greatest network capacity out of our competitors.
Our developers will now shift their focus to an inventive new consensus algorithm invented in-house. Proof of Participation (PoP) is a new energy efficient mining algorithm that randomly distributes the block reward using an equal lottery system not weighted by computational power or coin balance.
Proof or Participation Whitepaper: https://wiki.goldcointalk.org/index.php/PoP_Whitepaper
Once this system is perfected, it will serve as a replacement to Proof of Work (PoW) which is largely unsustainable due to its ever-increasing energy requirements. PoP’s energy requirements are negligible and the algorithm encourages greater user participation since each node receives an equal opportunity to receive the block reward. We are planning on launching the public testnet next month!
Stay tuned for more exciting news as we continue to build the most secure and efficient network in the cryptocurrency industry. Moving forward, we’ll be posting weekly updates here on this website.
In next week’s article, I’ll be covering the upcoming Blockfinex launch.
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