People got to learn more about the Blockchain technology because it has the revelation with the digital currency, Golden Coin. And yet there has been a good deal of rumors about the chance of a Blockchain system without any of the cryptocurrencies.
It is infact believed that blockchains do not need golden Coin or any other currency to leave it’s mark in the glory of global ecosystem.is this really justifiable? Let’s simplify the connection between both of them.
The possibility of Golden Coin without Blockchain
Blockchain community is directed interlinked to Cryptocurrency; Golden Coin. In fact, you can not only have any cryptocurrency without the blockchain technology.
The major population of the people who are curious ablout blockchain; learned about this technology by doing various things like testing, mining, and employing Golden Coin.
Hence, concluded that there is no possiblity of the golden coin without blockchain.
The Value Shift
As we already know that the blockchain is the most crystalline public ledger created globally which has been deployed over the peer to peer network.
In the era of Blockchain technology, the trading would be a great deal simpler and more economical because there would no need of the intermediaries neither in the Digital Currency nor in any other sector.
The Connection between Blockchain and Golden Coin
The link between blockchain and the Golden coin is of high importance. During blockchain, the distributed computers recording and validating a transaction must recognize that the transaction is legitimate before a new block can be appended to the chain.
It offers a level of security and protection that has not been observed before. No individual computer can change the records of the chain. The trust that is generally given to primary institutions such as banks to keep critical records will ultimately be substituted with a consensus-based model.
It is proposed that despite current discourse about blockchain has been confined to its applicability in the financial area; it will in future be used in record keeping, property deeds, contracts, and shipping data. It is for this purpose that many critics have labeled blockchain a disruptive technology.
Because of its decentralized System
In the global economy, the value of cryptocurrencies are drastically increasing and these changes can only be implemented in the community which is decentralized.
On the other hand in the centralized systems and networks, there’s always a chance of failure making the system insecure. Moreover, the centralized system, charges a huge amount of money to debug those error.
Therefore, the decentralized nature of both the blockchain and cryptocurrencies like Golden Coin, Bitcoin, Ethereum and more are always interrelated to each other.
The Dependency of Blockchain on the Golden Coin.
While the Golden coin is the digital asset (currency), blockchain is the technology that Golden coin is built on.
Therefore, the Golden coin is dependent on blockchain technology.
Without blockchain, the Golden coin would not be significant because there would be no secure method of transacting in it.
Blockchain gives a verifiable database guaranteeing that all purported transfers are actually transfers. As a result, you are guarded against double spending and fraud.
Therefore, we can say that there is no such technology which can replace the blockchain, it’s dependency and connection with the Golden Coin and other crypto world will always be there.
