Gulden is a cryptocurrency that uses the Proof of Work 2.0 (PoW2) protocol. Its name is derived from the old Dutch currency, Gulden. They are known to have a great development team headed by Malcom Macleod. The Gulden developers are trying to make this cryptocurrency a common payment method in stores and restaurants throughout the Netherlands. Interested in buying or selling Gulden? Get started right now!
Table of Contents
- The History of Gulden
- The Technical Specifications of Gulden
- The Price of Gulden
- Unique Aspects of Gulden
- Why Use Gulden?
- Resources of Gulden
The History of Gulden
The inception of Gulden started with a fork of Litecoin during April in 2014. One day later, it was already added on Bittrex, a US-based cryptocurrency. The idea for this coin was brought forth by Rijk Plasman and Malcolm MacLeod. Its name stems from the now gone Dutch physical currency.
The Idea Behind Gulden
The team’s plan was to re-introduce the defunct national currency of the Netherlands in the cryptocurrency form. Moreover, they aimed to introduce the technology and concept to people that know next to nothing regarding blockchain and cryptocurrency. They would do so in an accessible manner that would stimulate early adoption.
Accepted in The Netherlands
As of 2015, Gulden is aiming reach widespread acceptance in The Netherlands. The coin was pre-mined, for about 10% of the total supply. The developers claimed that 9% of the mined supply is reserved for Dutch citizens, as the Gulden cryptocurrency is mainly targeting this region. The remaining 1% they say, is kept for the development of the coin.
The Origin of Gulden
Gulden was a fork from Litecoin, which means it uses a Proof of Work consensus mechanism and the Scrypt hashing algorithm. The Proof of Work algorithm requires work from the service requester in order to prevent the abuse of the network. The Scrypt is a hash function that was used by Litecoin for the first time in order to replace the SHA-256 hash function.
Specifications of Gulden
|Date of Release||29 March 2014|
|Consensus mechanism||Proof of Work|
|Average Block Time||2.5 minutes|
|Mining / Staking reward||50 NLG|
|Average blocksize||700 bytes|
|Next Block Halving||n/a|
The Price of Gulden
Unique Aspects of Gulden
Gulden uses a custom difficulty adjustment algorithm called Delta. This unique adjustment algorithm makes the block times significantly shorter than Bitcoin block times. There is also no halving of the block reward, unlike that of BTC. The current reward is 100 NLG coins per block.
The Team’s Main Goal
The main goal behind the Gulden team is to make cryptocurrencies easily accessible for users. Their main focus is placed on making Gulden easy to use for people who have never used cryptocurrencies before. They believed that if the entry level of this technology is lowered, more and more people would start using cryptocurrency based systems. This would result in an increase of the overall popularity of cryptocurrency.
Since Gulden is a Dutch cryptocurrency, called after the original currency of The Netherlands, it brings some nostalgic feelings to many Dutch people. Most of the people in The Netherlands never wanted to part with their old currency, which was used ever since the medieval times.
Learning from Bitcoin
Malcom Macleod, the lead developer of Gulden, has observed Bitcoin and noticed that several aspects of this popular cryptocurrency did not progress the way they should have in the last few years. He was mainly referring to the slow transaction speeds. The developers of Gulden have stated in their whitepaper that they have identified these aspects so that they can improve on them and implement them in their own network.
Gulden as a Community Coin
As a true community coin, they also let their users decide where their priorities lie. Thanks to this approach, they are always improving and prioritizing what is important to end-users and developers. Their end goal is to develop an ecosystem where a person with no technical knowledge of cryptocurrencies can easily use NLG coins for day-to-day transactions without any hassle or learning curve.
Why Use Gulden?
The creators of Gulden have a focus on the safety of their blockchain. In fact, they believe that they have one of the safest block-chains in the world currently. One of the reasons why they are confident enough to claim this is their implementation of PoW2, which has made their network overall more secure.
The Ease of Use
Aside from security, the coin is easy to use and it allows for users to stake their shares without too much effort as well. Even though full acceptance and adoption is not yet achieved on a large scale, the Gulden cryptocurrency is heading in the right direction. The level of acceptance of this cryptocurrency also depends on the overall trajectory of the market price for the cryptocurrencies in general.
One of the main reasons people are opting for Gulden is the fact that it offers fast and easy transactions. Gulden users can download a mobile wallet suitable for both iOS and Android devices, which makes the use of this coin even simpler. The app allows users to pay for goods and services with Gulden at registered Gulden merchants and anywhere else where Bitcoin is accepted.