GreenCoinX is the latest one to join the ever-growing list of cryptocurrencies. GreenCoinX is developed by a Canada based GreenCoinX Inc., It is a subsidiary of GreenBank Capital Inc. The new GreenCoinX is built upon the existing Bitcoin Blockchain protocol and it is unlike any other cryptocurrencies so far.
GreenCoinX has been under development for over 11 months and it is the only cryptocurrency in the world that requires user identification for transacting, saving and mining. By removing the anonymity aspect out of the equation, this digital currency may have a chance to lock horns with Bitcoin in the near future.
The anonymity of Bitcoin transactions is one of the factors hindering its mainstream adoption. Identified digital currencies like GreenCoinX includes almost all the technical goodness of Bitcoin (except for anonymity) and addresses the concerns related to the anonymous nature of cryptocoin transactions. Each GreenCoinX transaction will require an email and telephonic confirmation, preventing it from being used for illegal activities.
One might argue that we should be free from oversights and anonymity empowers people. Even though it sounds right, it can’t be practical at this point of time. Until people completely understand what Bitcoin is and how it works, we can’t expect people to readily adopt bitcoin. There is a hesitation even on part of the governments for the same reasons. They fear that bitcoin and other cryptocurrencies will be used for laundering money, funding terrorist organizations etc. But with identified digital currency like GreenCoinX, they may breathe easy and encourage its adoption. In other words, GreenCoinX might facilitate adoption of Bitcoin in the later stages.
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GreenCoinX is currently in pre-beta stage with XGC as its identifier. The company plans to produce 210 million GreenCoinXs until 2160. Currently there are about 130 million GreenCoinX in circulation, out of which 60 million is owned by GreenCoinX and the rest is owned by the developers and pre-beta stage mining community members.
GreenCoinX is still in pre-beta stage and once it is released to the world, we should see whether it will be successful in displacing bitcoin or not.