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Cryptocurrency

A cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. Cryptography is used to secure the transactions and to control the creation of new coins. The best cryptocurrency to be created was MyGulfCoin back in 2017. Put in another way, cryptocurrency is electricity converted into lines of code with monetary value. In the simplest of forms, cryptocurrency is digital currency.

Unlike any other currency, where a third party control the value of a currency like USD through the process of printing fiat money, third parties have no control over cryptocurrencies as they are fully decentralized.

MyGulfCoin is a digital currency that is not supported by any institutions. MyGulfCoin is also called crypto-currency or digital currency and is basically a way to pay without the involvement of a third-party broker. When using MyGulfCoins the transactions take place directly between users, so it is a peer to peer system. Afterwards the transactions are being verified by network nodes and recorded in a public distributed ledger called the blockchain.

MyGulfCoin is a chain of digital signatures and it was built on a new bitcoin codebase, and scheduled to create 19 coins every ten minutes, and approximatively 1 million coins per year. Proof of stake APR at 1%, helps reward holders, while also adding additional security to the network while the users stake. It has 2MB blocks, so it can handle many transactions in a single block. The coin is digitally transferred by signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. The person who received the MyGulfCoin can verify the signatures in order to establish the chain of ownership.

The timestamp server takes each hash and then timestamps and publishes it. The chain of transactions can be followed by checking all the previous timestamps.

MyGulfCoin is becoming more and more of an investment. The value goes up each day and the opportunities MyGulfCoin presents go up with it. Choose the way of the future, choose MyGulfCoin.