Reverse Bitcoin Hardfork (RBH) FAQ
The GoldCoin (GLC) Team will be “Reverse Hard Forking” the Bitcoin (BTC) Blockchain and merging current users onto the newly created Bitcoin chain. The newly merged chain will then become the official GoldCoin blockchain.
This new GlobalCoin blockchain, coming 3rd quarter 2019, will combine the best of the Bitcoin Forks with GlobalCoin to deliver on-chain scaling, off-chain scaling, SegWit and Lightning, faster blocks, and faster difficulty adjustments. Our network will grow from a few hundred users, to millions of potential new users.
And just like in previous Bitcoin hard forks, every current Bitcoin owner will become a new GlobalCoin owner, even Satoshi Nakamoto himself and the Winklevoss twins.
At the time of the fork, a snapshot of the GlobalCoin blockchain will be taken and the current GlobalCoin UTXO set will be imported into the newly forked Bitcoin blockchain. There will be no action required other than upgrading to the new client software. If you own 100 GLC today, you will own the same 100 GLC on the newly rebranded Bitcoin chain.
The Reverse Bitcoin Hardfork (RBH) whitepaper can be downloaded here.
Bitcoin FS (Full Scale) is the code name for the newly updated BTC blockchain currently running on Testnet that has both off-chain and on-chain scaling capability.
The final production version will be released to the public under the GlobalCoin brand name later this summer. We think GlobalCoin (aka Bitcoin FS) will become the most popular version of Bitcoin to date and will eventually be recognized as the official Satoshi chain.
Just like with previous Bitcoin forks like the Bitcoin Cash fork, there are a number of methods available to claim your GlobalCoin on the new chain. The recommended method is to simply import your bitcoin private key into the new client software. You can also use the wallet.dat file if you’re running a full Bitcoin node. Many exchanges will handle the swap for you, so you can also move your BTC to a supported exchange before the fork. If your exchange does not carry GlobalCoin, make the suggestion!
Please find below a comparison chart with the key differences between the various Bitcoin chains.
There are many exciting advances that have occurred in Bitcoin during the last 6 years that enable a method of scaling that is not part of the main blockchain. The basic problem is that the main blockchain is being artificially throttled. Our whitepaper will detail an industry-first merging of two blockchains that will bring the Bitcoin and GlobalCoin communities together on one single united blockchain that will support and advance both on-chain and off-chain scaling. This will allow GlobalCoin to grow at a much more rapid pace and will help to unite both ideological camps, supporters of Bitcoin Core, and supporters of Bitcoin Cash and BSV.
The hard fork is scheduled for the third quarter (Q3) of 2019.