Gira Financial Group AG, a Switzerland-based financial services provider, has launched a private blockchain altcoin called Giracoin. By simplifying and lowering the threshold to mine Giracoin, even a novice has an opportunity to get in on the ground floor and investing in Giracoin.
Acting in accordance with Swiss law, the company anticipates the coin will become widely used. Gira is establishing partnerships with businesses that will accept Giracoin payments. A separate ecommerce and fintech platform for these partners will be available in early 2017.
Gira Financial will introduce Girabuy.com, an ecommerce platform for merchants that accept Giracoin, and GiraApp, a mobile wallet. Also, other implementations like smart contracts of the underlying technology, the blockchain, are in research and development.
Take Part In The Vision By Spreading The Word
Giracoin offers an easy start for everybody to the world of cryptocurrency. By buying a power equivalents called token on http://giracoin.com which makes the user an investor eligible to receive Giracoin.
The user can send these tokens to the private Blockchain and get in exchange Giracoins. On Girapay.com, the webwallet service, the user has control over the coins and with the publicly available Blockexplorer, the user can always verify the transaction.
By creating a hybrid solution between public and private Blockchain, Gira Financial Group AG has done great a job by combining the best of both worlds – the community driven ideology, anonymity behind bitcoin and the compliance with the Swiss financial law.
As an innovative startup, even the marketing strategies are in sync with the latest trends. Similar to crowdfunding and social marketing – the user as Giracoinenthusiast gets fringe benefits by spreading the word.
Transparent And Still Secured
All Giracoin transactions are secured by digital signatures using the public/private key method. The transactions are encoded in the private blockchain using cryptographic methods, preventing double payments or fraud.
Giracoin works with a combination of the proof-of-work and proof-of-stake methods, in which the former is the mining farm. The proof-of-stake method offers members the chance to play a direct role in mining which in fact opens a part of the Blockchain public.
Why Is Still A Private Blockchain Used?
Gira Financial Group AG believes that a cryptocurrency apart from all the advantages such a digital currency can provide also needs acceptance not only from the user but from the authorities. Possible security and vulnerability like the 51% hack need to be taken into account when a Giracoin aims to become officially accepted by the authority which facilitates the use of digital currency.
Therefore, it is necessary to have a central office behind every cryptocurrency nowadays. In fact, one can’t transfer large amounts of bitcoins without knowing the customer. So someone needs to be in charge of these legal matters.
As authorized financial intermediary and member of the self-regulatory organization (SRO), Gira takes care of the compliance and legal issues bound with the use of Giracoin.
While the cryptocurrency industry places a high premium on transparency, open source blockchains tend to put off people who don’t understand the technical aspects. So for the vision of an easy-to-use cryptocurrency and a leap in digital transformation by creating an easily usable coin with all the advantages, e.g., fast transactions, trackable paths of transaction (fraud proof), just to mention a few, projects like Giracoin are important. What matters at the end of the day is that even a layman is able to use the advantages of a cryptocurrency.
To make this transformation easier, the implementation of proof-of-stake by Gira has a similar pattern like current fiat currencies which people are used to. So with Giracoin, Gira claims and promotes a future where cryptocurrencies become part of everyday life.
Why Multi-Level Marketing?
Giracoin’s multi-level marketing approach will alarm some people.
The multi-level marketing strategy was decided after consideration of all facts and inputs. “We are aware of the fact that such a heavy focus on ‘multi-level marketing’ might have an impact on our seriousness to evolve in the market,” Collenberg said.
With emerging success for crowdfunding systems, such a marketing model is a modern approach type of advertisement, an effective utility to reach the interested investors rather than targeting everybody – don’t use a sledgehammer to crack a nut.
Also read: Non-bitcoin asset blockchain market capitalizations jump 1,600% in three years
‘Atomic Solution’
Considering the forgoing, what happens to Giracoin when the company becomes incapacitated? Gira has an internal solution called “atomic solution” in case the company becomes incapacitated and an interaction or activity within the Gira Universe fails, the system automatically prepares all the codes and sends them to all participants in Giracoin. The complete system including the blockchain and the mining would become open source. This ensures that the system is not dependent even though it is a hybrid Blockchain.
Gira Financial Group AG examined all questions of Swiss law in the context of a detailed legal opinion from a well-known Swiss law firm. This resulted in joining the SRO and having an “atomic solution.”
Giracoin’s team includes members from the fields of economics, law, project management, software engineering and consulting.
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Featured image from Shutterstock.
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