With plenty of coins to look forward to each and every day, I’ve never seen one with a lengthier name than Global Denomination. While that’s a mouthful to say out loud, let’s take a look at what this new X11 cryptocurrency has to offer!
The idea behind Global Denomination (GDN) is to have a community of miners and merchants whom all have a say in the direction GDN will (have to) go. Most of the GDN community will be found either on BitcoinTalk or on GDTalk, which is a dedicated GDN forum.
In order to attract merchants, Global Denomination needs fast transaction speeds. With only 5 confirmations required to complete a transaction, it seems like GDN has that checkbox ticked. Merchants hate to wait for payments, trust me, I’ve been there.
The reason why Global Denomination is using the X11 algorithm, and not Scrypt or Scrypt-N, is because of its (current) ASIC resistance. X11 is also more energy efficient, and will give CPU and GPU miners an incentive to keep their machines running on this relatively new algorithm.
Global Denomination has a 0.05% pre-mine , worth 28,000 GDN, which is being used for bounties and services. Giveaways are also held on Twitter, and in total, nearly 1,000 GDN has already been spent in the first three days.
Another chunk of this pre-mine, 2,000 GDN to be precise, will be used for the official Global Denomination faucet. This faucet will hand out free coins every hour, and payments are processed every 24 hours.
As far as buying, selling and trading Global Denomination goes, several exchanges have added a GDN/BTC trading pair already : Poloniex, Europex, 24CCB (allows deposits in USD/EUR), AllCrypt (BTC/DOGE/LTC markets) and SwapHole.
I know you’re all dying to know the technical aspects of Global Denomination, here you go :
·Target block times of 1 minute,
·Block reward of 40 GDN,
·Mined Rewards mature after 5 Blocks,
·Rewards halve after 700k Blocks (+ 1 Year).
·Super Secure X11 Hashing Algorithm same as Darkcoin
·Difficulty is recalculated by Kimoto’s Gravity Well Patched For Time Warp.
·A total of 56 million GDN to be mined (21 Million in 1st year.)
Global Denomination Donations can be sent to : Gb6WEX3QyYAVdK3iRkheqduxYc6omBPwTw