Cryptocurrency technical specification
The GCC coin
The GCC coin cryptocurrency is a decentralized peer-to-peer payment network that is powered by its users with no central authority. The maximum amount of our coins has been set to 24 billions, with 1% yearly depreciation, making it suitable for the large economy with the ability to replace the use of fiat currencies globally.
From a user’s perspective, The GCC coin is virtual money for a daily use, setting it aside from many other digital currencies which have been created and/or purchased mostly as an investment. Our aim is to become the world’s most powerful, admired and daily used cryptocurrency. We believe that soon GCC will be commonly used just like the traditional currencies. It is our goal to build a strong and stable currency, based on people’s trust and belief – the people’s money.
The GCC coin is based on 13 different cryptographic algorithms, made specifically for GPU mining and therefore applies to the X13 standard. It consists of blake, bmw, groesti, jh, keccak, skein, luffa, cubehash, shavite, simd, echo, hamsi and fugue sub-algorithms.
The verification time, block maturity of the GCC transactions has been reduced to 60 seconds. By comparison, the average verification time for some other cryptocurrencies’ transactions may vary between 10 and 40 minutes. This allows very fast transactions, suitable for daily life.
Each transaction made with The GCC coin carries a very small fee of 0.088%. From this fee 0.040% will go to the further development and maintenance of the coin and develop more online portals where the coin can be used. Additionally, 0.024% will go for the SINC network, 0.024% will go into Nature projects, all which are described below in more detail.
The GCC coin has a state of the art wallet, which is currently available for the Windows system. Mac OS Linux iOS and Android wallet apps are going to be launched as soon as possible.
It has a built-in built in block explorer for the verification of the transactions. Additional features include mining, statistics, chat client and address book.
The GCC coin profits
There are 2 different ways of profiting from our coin. These opportunities are available or everyone.
Participating in SINC (Smart Intelligent Network Concept)
The Network Structure referred to as SINC, gets 0,024% fee from every transaction made worldwide on our portals. This is regardless if the transaction is a website part of the Ecosystem24 concept or a true peer-to-peer transaction paying for goods and services between users of The GCC coin.
That way, the more users and transactions, the more profits for the SINC members who can earn more money by recommending the use The GCC coin to other people and businesses.
The GCC coin uses a combination PoW and PoS methods in mining the coin. Once the coin is publicly released, it is possible for the people to mine our currency using PoS. As mentioned above the coin itself is based on X13 algorithm and has the following characteristics:
- Maximum amount of coins: 24 billions
- Premined coins in block 0: 5.76 billion
- Blocks reward:
- RCP port – 5548 / 5549
- P2P port – 57603 / 57604
- Tor port – 9060 / 9061
- GPU mining
- Block maturity – 60 seconds
- Increasing difficulty over the time
- New problem is posted every minute
- Maximum PoW 40% – 5.76 billion
- PoW stops and PoS starts when the coin is publicly released
– 0 – 5.7 billion
– 1 – 20160 – 476000
– 20161 – … – 40000
Mining the GCC cryptocurrency before its public release will result in the rewards being sent to specific predefined addresses. The miner will not receive a reward.
The block explorer
As mentioned in the wallet section, the wallet contains a block explorer. Currently, The GCC coin does not have a web block explorer, but as GCC recognizes it is important once the coin becomes minable for the improved safety of the network in order to proof ownership of each coin and maintaining an online record of the transaction, this work is underway and will be completed at earliest possible opportunity.
The GCC coin spending opportunities – Ecosystem24
We believe that the digital currencies are going to replace fiat currencies in the long term and therefore, we wanted to create a cryptocurrency with a stable value, meant for everyday purposes such as purchasing a cup of coffee, food in a restaurant, a holiday or used as a payment method for services, such as hairdresser or car maintenance. We are both working on creating an Ecosystem24, a portal of online products, where the user can purchase goods and services, such as travel or pizza delivery, online gambling for our currency and creating opportunities and incentives for our members to start accepting GCC in their businesses. We believe in creating as diverse as possible spending opportunities to GCC coin, we are supporting the value of our coin.