The Engine That Drives the World
Features:- Scrypt Algorithm (ASIC Resistant)
- 42 Million coin maximum
- 50 coins per block until halving at every 420,000 blocks
- Stable nodes
- Only 1000 Blocks pre-mined for network testing, bounties and early access rewards
- Four active pools
- Dedicated Block Explorer
- Paper wallet generator is being developed
First I'd like to thank everyone that helped test our network and allowed us to get this far. All of you helped more than you can imagine. Between making sure the network is stable, to identifying documentation problems to getting mining instructions well documented. Thank You!
“I swear by my life and my love of it that I will never live for the sake of another man, nor ask another man to live for mine.” Sign over Galt’s Gulch
John Galt concluded he would no longer use his talents to support an over regulated, hyper taxed, war ravaged, and welfare riddled society. The famous Ayn Rand protagonist created a community where scientists, inventors, entrepreneurs and others would come together to thrive. We believe that cryptocurrency is the first step to this community.
We created a currency not controlled by any single group, by a central authority, or government. A currency that is regulated by the markets, not a select few in secret. A currency that is open, and that encourages development, investment, thrift and savings. A currency that is portable, and not dependent on imaginary lines drawn by a state. That allows for individuals to work together or on their own.
GaltCoin is limited creating scarcity, only 42,000,000 coins will ever be made. GaltCoin is based on the scrypt algorithm, making it ASIC resistant. Initially 50 coins per block will be awarded. This halves exactly every 420,000 blocks, which should by most estimates be about every 4 years.
Each coin is slowly released into the real-world economy through the “mining” process, which is similar to Bitcoin, involves the computation of mathematical problems (also known as “hashing”). This collective amount of computing power is used to create a secure, worldwide, decentralized ledger of accounting called the “blockchain”.
The blockchain is simply a globally maintained file that contains every transaction that has ever occurred on the GaltCoin network. This eliminates counterfeiting and spontaneous printing of money, since all GaltCoin units are accounted for at all times, albeit anonymously (per your choice).
Long Term Outlook
We are going with the initial par value of US$0.10/GaltCoin (GLT). While par values are effectively meaningless (Berkshire Hathaway class A stock has a par value of $5 for example, and is hovering around $175,000 per share
, we are setting the expectation that a GaltCoin is worth about said dime. We do not intend to make it directly linked to any given currency, nor in fact do we plan on making any valuation that wasn’t placed there by Adam Smith’s “Invisible Hand”, but we recognize you have to start somewhere.
We intend that GaltCoin’s major purposes will be twofold: firstly, to provide an alternative currency that is not tightly controlled by an oligarchy, we fully anticipate letting GaltCoin to its own devices on a relatively quick timescale, maybe a year at most, and we will not lightly make changes during that time. If we have to step in later to break up a Cabal, lord have mercy on them, for we won’t.
Secondly, we anticipate that there will be many things that Liberty-minded people will desire to acquire, and that nationalistic governments will oftentimes desire to know who is buying these things or ban the sale outright. By taking the base of Bitcoin, whose major problem right now is the LAST people that should have access to large amounts of Bitcoin, the Feds, have seized a notable proportion of outstanding coin in the SR bust, adding some cultural pressures to always use tor and other best security practices, and through the very name of the coin reminding people that this is not an augmentation of nationalistic currencies but an attempt to replace them with something much better, we anticipate that GaltCoin will be positioned to be the premier currency for Liberty-minded marketeers.
While GaltCoin itself should not care on how legal the business that uses it is, the devteam has a strong desire to remain free to go where they listeth, so will focus on increasing GaltCoin’s acceptance in legal ventures. Effectively, what we’d like to see happening in the medium-term is that Galtcoin is becomes enough of a store of value that it can be used to donate to Liberty-minded political candidates such as the Libertarian and Pirate Parties. Why Go Galt when we can bring the Galt to us?
We understand many will turn their nose at the coingen method we used to compile the code, but we've been happy with the service provided and it enabled us to build a coin that would have taken a lot more work to get off the ground. The idea of GaltCoin started with myself, and with the help of our devteam we were able to get the coin from idea to full public release in less than 4 weeks. While we did mine 1000 blocks to test our network, the vast majority of those 50,000 coins are in my wallet and have been used mainly for bounties rewards and paying people that helped us find and fix any bugs.
My personal view is that we will not negotiate directly with exchanges. If the exchanges, or users find the coin to be of value we will be happy to work with the exchanges to get them the documentation they need. As with anyone else looking to develop any related tools. We did run an open beta for approximately two weeks to allow us to have a couple of pools operating and to get a block explorer developed. This was a completely open test where anyone was able to join in mining, or developing their own tools.
Pools:Block Explorer:
Show Posts
