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FAQ

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GlobalCoin is 100% open-source and is controlled by all GlobalCoin users around the world. Developers are improving the software but they can’t force a change in the rules of the GlobalCoin protocol because all users are free to choose what software they use.

In order to stay compatible with each other, all users need to use software complying with the same rules. GlobalCoin can only work decently with a complete consensus between all users. Therefore, all users and developers have strong incentives to adopt and protect this consensus.

No. GlobalCoin.org is not GlobalCoin’s official website. Just like nobody owns the email technology, nobody owns the GlobalCoin network. As such, nobody can speak with authority in the name of GlobalCoin.

GlobalCoin have value because they are useful as a form of money. GlobalCoin has the characteristics of money (durability, portability, fungibility, scarcity, divisibility, and recognizability) based on the properties of mathematics rather than relying on physical properties (like gold and silver) or trust in central authorities (like fiat currencies).

In short, GlobalCoin is backed by mathematics. With these attributes, all that is required for a form of money to hold value is trust and adoption. In the case of GlobalCoin, this can be measured by its growing base of users, merchants, and startups. As with all currency, GlobalCoin’s value comes only and directly from people willing to accept it as payment.

No. It’s impossible to back a cryptocurrency with a precious metal without introducing centralization. GlobalCoin is fully decentralized and distributed. 

GlobalCoin can be thought of as digital gold with a fixed total supply and mined by computers. Although we think of gold as a store of value, in the past it was used as a medium of exchange and unit of account. This alignment with gold is not trivial as GlobalCoin is seeking a return to a monetary “policy” which will allow anyone anywhere in the world to use a single digital currency that will serve all 3 purposes equally well.

GlobalCoin was launched on May 15th, 2013 by an anonymous user on Bitcointalk.org. The original software had several bugs and the coin was ultimately abandoned. In June of 2013, a new team was organized to bring the project back to life. Miners were paid to mine the coin and eventually a heartbeat was found. Since then, the community has grown exponentially with many developers contributing to the project.