#### What is Goldcoin? Goldcoin (GLC) is a [peer-to-peer](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/peer-to-peer) [cryptocurrency](https://www.coinbase.com/learn/crypto-basics/what-is-cryptocurrency) that operates on a decentralized network, with no central authority managing transactions or issuing currency. Launched in 2013, Goldcoin is an open-source cash payment system that aims to scale on-chain, eliminating the need for [Layer 2](https://blog.coinbase.com/scaling-ethereum-crypto-for-a-billion-users-715ce15afc0b#:~:text=Layer%202s%20are%20commonly%20called,transaction%20data%20back%20to%20Ethereum.) solutions. It strives to enable instant payments to anyone, anywhere in the world, with or without a transaction fee. Goldcoin's [blockchain](https://www.coinbase.com/learn/crypto-basics/what-is-a-blockchain) operates on a [proof of work](https://www.coinbase.com/learn/crypto-basics/what-is-proof-of-work-or-proof-of-stake) (POW) algorithm, similar to other popular cryptocurrencies. Key features of Goldcoin include 2-minute block intervals, 32 MB block size, full 0-Conf support, on-chain scaling, and a 51% Defense System. #### How does Goldcoin work? Goldcoin operates on a proof of work (POW) algorithm, which is a common [consensus mechanism](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/consensus-mechanism-protocol) used in many cryptocurrencies. The Goldcoin blockchain has a 2-minute block interval and a 32 MB block size, which allows for a high transaction capacity of 1,120 transactions per second. Goldcoin also supports 0-Conf transactions, which means transactions can be considered confirmed without needing to wait for a new block to be mined. This feature, combined with the network's capacity, aims to enable instant transactions. Additionally, Goldcoin has a 51% Defense System in place to protect the network from potential attacks. #### What are the potential use cases for Goldcoin? Goldcoin aims to serve as a digital cash payment system that can be used by anyone, anywhere in the world. It seeks to enable instant payments with or without a transaction fee, making it a potential solution for peer-to-peer transactions. Goldcoin's high network capacity of 1,120 transactions per second also makes it suitable for handling a large volume of transactions, which could be beneficial for businesses and merchants. Furthermore, Goldcoin's open-source nature means that developers can contribute to the project, potentially leading to new use cases and applications for the cryptocurrency. #### What is the history of Goldcoin? Goldcoin was launched on May 15, 2013, on the Bitcointalk.org forum. Initially, the project faced several challenges and was eventually abandoned. However, in June 2013, a new team was organized to revive the project. Since then, the Goldcoin community has grown exponentially, with many developers contributing to the project. Goldcoin underwent several transformations, with the current client software being [SegWit](https://blog.coinbase.com/segwit-f5e49be6fc0e#:~:text=What%20is%20SegWit%3F,customers%20pay%20on%20bitcoin%20transactions) free and using its own proprietary difficulty adjustment algorithm called Golden River. In September 2023, a superblock containing 1,100M coins was created with a funding target of 110 years, aiming to provide long-term funding for the project.