Gulden (digital currency)

Last updated
Gulden
Gblue256x256.png
Official Gulden digital currency logo
Denominations
Plural N/A (Gulden is a singulare tantum)
Symbol NLG
Demographics
Date of introductionApril 4, 2014;4 years ago (2014-04-04)
User(s)International
Valuation
Inflation Limited release, maximum number of 1,680,000,000 Gulden

Gulden (trading symbol - NLG) is a second generation peer-to-peer cryptocurrency which was created to provide a secure, simple and fast method of performing financial transactions between private individuals, customers & service providers and also corporate entities. Like many recent (post 2012) cryptocurrencies, the primary design criteria were to improve security and usability of the currency and its underlying transaction authorisation technology (when compared to the original cryptocurrency - Bitcoin). The purpose of these changes were to simplify use and increase its adoption as a convenient, cheap and safe form of payment.

Cryptocurrency digital medium of exchange

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.

Bitcoin (₿) is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

Contents

History

The original initiative for this currency came from Rijk Plasman with the first working implementation released on the 4 April 2014. Initially called the "Guldencoin", this was subsequently abbreviated in October 2015 to "Gulden". The name Gulden comes from the German and Dutch term for “gold coin” and is the Dutch name of the Dutch guilder, the pre-euro currency of the Netherlands.[ citation needed ]

Gold coin coin made from gold

A gold coin is a coin that is made mostly or entirely of gold. Most gold coins minted since 1800 are 90–92% gold, while most of today's gold bullion coins are pure gold, such as the Britannia, Canadian Maple Leaf, and American Buffalo. Alloyed gold coins, like the American Gold Eagle and South African Krugerrand, are typically 91.7% gold by weight, with the remainder being silver and copper.

Dutch guilder former Dutch currency

The Dutch guilder or fl. was the currency of the Netherlands from the 17th century until 2002, when it was replaced by the euro. Between 1999 and 2002, the guilder was officially a "national subunit" of the euro. However, physical payments could only be made in guilder, as no euro coins or banknotes were available. The Netherlands Antillean guilder is still in use in Curaçao and Sint Maarten, but this currency is distinct from the Dutch guilder. In 2004, the Surinamese guilder was replaced by the Surinamese dollar.

Current usage

The Gulden currency can be mined which is a means of creating new Gulden by using software, quite often on specially designed computers. It can also be traded [1] on a financial market or exchange in the same way as common commodities and traditional currencies such as Oil and the USD ($).

In the context of cryptocurrency mining, a mining pool is the pooling of resources by miners, who share their processing power over a network, to split the reward equally, according to the amount of work they contributed to the probability of finding a block. A "share" is awarded to members of the mining pool who present a valid partial proof-of-work. Mining in pools began when the difficulty for mining increased to the point where it could take centuries for slower miners to generate a block. The solution to this problem was for miners to pool their resources so they could generate blocks more quickly and therefore receive a portion of the block reward on a consistent basis, rather than randomly once every few years.

Financial market generic term for all markets in which trading takes place with capital

A financial market is a market in which people trade financial securities and derivatives such as futures and options at low transaction costs. Securities include stocks and bonds, and precious metals.

Due to the intrinsic link with the Dutch people and culture, adoption of the Gulden as a form of payment for goods and services [2] [3] is most established in the Netherlands.

Crowdfunding

The Gulden community partnered with organisers of the Capital Cup in 2018. After being approached by the organisers a crowdfunding campaign raised 80,000 NLG (about €7500) to sponsor the event with the prize money to be paid in Gulden payments accepted at the event. [4]

See also

References

  1. ↑ "Internet buys wildly at the Gulden of this Amsterdammer" (in Dutch). www.parool.nl.
  2. ↑ "All That Glitters Is Gulden: Dutch Cryptocurrency Boasts Impressive Adoption". cointelegraph.com.
  3. ↑ "Paying with digital guilders is gaining ground in the Netherlands" (in Dutch). www.emerce.nl.
  4. ↑ "Collaboration FootGolf and digital payment means Gulden; partnership of the future?". 20 May 2018.
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