GreenCoinx Inc is a 80% owned software subsidiary of GreenBank Capital and has developed GreenCoinX the world’s first identifiable digital currency. GreenCoinX is the only digital currency which requires identification before initiating a transaction, storing digital currency, or generating and mining digital currency. By requiring user identification GreenCoinX removes the anonymity which has created the largest barrier to widespread adoption of digital currencies. Identification discourages usage for illegal activities and facilitates the taxation of transactions.
There will be a finite maximum of 210 million GreenCoinX that can ever be generated. Miners of the GreenCoinX blockchain use host computers to solve an algorithm in order to receive a reward of software generated XGC. Mining is done to keep the GreenCoinX blockchain functioning and processing transactions As of January 2016, there are approximately 150 million GreenCoinX in existence of which GreenBank’s subsidiary GreenCoinX Inc owns 60 million.
Crypto Currency is the most significant technological breakthrough to impact the financial world since the Internet. “The question is no longer whether crypto currency will survive, but how it will evolve and when it will reach maturity” (PricewaterhouseCooper Report Understanding the Evolving Crypto Currency Market August 2015)
Crypto currency is a medium of exchange created and stored electronically, which uses encryption techniques to control the creation of monetary units and to verify the transfer of funds. Due to encryption, transactions are secure from third parties. The value of a crypto currency is not affected by government money printing. It is anti-inflationary. Crypto currency allows users access to an anytime/anywhere low cost global payment system in which participation is not dependent on the banking system.
The most high profile crypto currency is Bitcoin, which has had a problematic existence and which is a flawed system which will never be acceptable as a worldwide currency. It is our contention and belief that GreenCoinX resolves all the problems of Bitcoin, such that GreenCoinX will become the acceptable alternative crypto currency to fiat currencies.
Everyone is looking for new ways to accelerate commerce in the digital-everything era.
- · Consumers want to buy while they’re shopping online—without the hassles of constantly entering credit card or bank information, and without the related transaction costs.
- · Merchants want faster, more reliable ways to pay and be paid—without the fees and restrictions imposed by banks. Merchants also want an expanded customer base by accessing the “unbanked” community.
- · The “unbanked,” of whom there are 1.5 billion people worldwide, want a fast, secure payment option that doesn’t require an account at a financial services institution.
Yet today, the flow of commerce is still constrained by traditional payment processes that impose onerous restrictions, fees, requirements, and delays on transactions. The rise of alternative payment methods like Apple Pay, Google Wallet and PayPal and in mobile payments has diluted the banking system domination of payment systems, however all these alternatives ultimately rely on traditional financial institutions to process transactions.
Crypto currency (also called digital currency or virtual currency) can provide a solution to all these issues. Transactions will settle within minutes at zero or minimal cost, without any traditional banking participation. Bitcoin and other digital currency options were introduced with fanfare, but so far all have failed to catch on as a viable option among mainstream consumers and merchants. In fact, the highly publicized use of crypto currency by criminals, shady businesses, and “deep web” participants has dampened the demand for crypto currency among legitimate entities. However, a recent study by PricewaterhouseCoopers showed that only 6% of consumers are familiar with crypto currencies, so clearly the scope for education and consequential usage by consumers represents a huge opportunity.
GreenCoinX has taken a new approach that overcomes both the design flaws and the poor reputation of Bitcoin. GreenCoinX is the world’s first crypto currency that requires users to be identified. Identification of users alleviates the concerns of governments and users that crooks and terrorists can use crypto currency to hide their activities. All GreenCoinX users have to be identified before usage, so bad actors will not use GreenCoinX, and that means it is the first technology that can fully deliver on the promise of digital currency.
The GreenCoinX Answer
GreenCoinX has created the GreenCoinX ecosystem that meets the highest anticipated regulatory standards, so that as worldwide regulations are introduced GreenCoinX will already be in compliance.
Identification. GreenCoinX is the first digital currency in the world that requires users to be identified. By eliminating anonymity GreenCoinX has removed the biggest barrier to widespread adoption of crypto currency. Governments will welcome GreenCoinX, with the first to do so being the government of the Isle of Man in October 2015. Identification is required when opening a free XGC wallet, without which XGC cannot be used. Wallets can be opened at www.xgcwallet.org.
Currency Stability. GreenCoinX has a detailed plan to establish a Treasury function to keep currency volatility within an acceptable band of 5% daily movements, thereby offering transactional certainty to users. The worldwide Treasury function has been established in the Isle of Man which has a tax efficient jurisdiction.
Longevity. In order to ensure that the GreenCoinX blockchain continues to function smoothly over the next 145 years, GreenCoinX has developed a unique capability. To continue to provide long term incentives to miners even when all the GreenCoinX have been created, a non-profit foundation called the Digital Foundation has been established. The Digital Foundation owns 20% of all the XGC that can ever be created, and it’s only purpose is to distribute those XGC to miners by way of a sophisticated software program that resolves the problem of blockchain longevity.
Exchange Safety. GreenCoinX is establishing an affiliated free crypto currency exchange which will be launched in early 2016, and which will address the problems of safety, identification, and transaction cost. All client funds will be held in a fiduciary trust account, with clients required to sign off prior to their currency being accessed. All users of the exchange will be required to provide full KYC and AML identification. All transactions on the exchange will be commission free. Effectively, this exchange will be a utility providing a service for XGC users and not a profit center.
Government Partnerships. Governments will partner with GreenCoinX to define what tax, “Know Your Client” and “Anti Money Laundering” standards, and currency control requirements, they require in their jurisdiction. The XGC software can then be modified accordingly on a country by country basis at no cost to governments. Governments can collect taxes at source at the time of a transaction. Those countries that have strict currency controls will welcome GreenCoinX. Specific currency controls can be built into the GreenCoinX software thereby requiring users to comply with such currency regulations in their jurisdictions. Negotiations with several governments are underway.
Users. XGC remittances can be completed at a fraction of the cost and speed of the banking system. Micro payments can easily be completed. The millions of unbanked people can make remittances simply with a mobile phone. Online retailers can substantially increase their market size by accessing the unbanked. Payment intermediaries can significantly reduce the cost and increase the speed of their transaction processes.