«Last year was the year of ICOs. Initial Coin Offerings for all sorts of products flooded the crypto space in such a way, that the community was forced to apply more filters and educate themselves in what makes a project reliable and solid.
Almost all publications on the matter recommend:
- looking closely at their
product and the problem it’s supposed to be solving;
- the
team and their interaction with the community;
- and if the use of
Blockchain is actually necessary (to rule out companies who are just trying to benefit from the hype).
The GLOBCOIN team had already created and successfully offered a basket of fiat currencies for years. This currency basket consists of the fiat currencies of the 15 largest economies and gold (Read more about it here).
After seeing its success, the team then decided to link this basket to a cryptocurrency token called “
GLX”, via the Ethereum platform. Ethereum is one of the best blockchain platform for creating new cryptocurrencies thanks to their standardised ERC-20 token format, which gives developers the ability to program how new tokens will function within the system.
So GLOBCOIN developed a smart contract to create and manage the GLX, which links to the optimised currency basket designed by the team. The tokenization and the use of the Blockchain will enable us to make this digital asset accessible to any individual on Earth. Everyone will have the power to benefit from diversification, good liquidity and low cost. Our technological approach enables a wide range of uses for our currency basket, and this would not be possible without digital tokens.
Thanks to the creation of the Globcoin Crypto Platform and the GLX, the advantages of currency baskets can now be democratized: Simple, effective and low-cost.»
Taken from:
https://medium.com/@globcoin_io/why-we-needed-the-blockchain-to-revolutionize-the-currency-market-89d5d485e321
