GreenCoinX Addresses Block Chain Mining Longevity
Toronto, Ontario (PRWEB) August 28, 2015 -- GreenCoinX Inc, the developer of the world’s first identifiable crypto currency and which has XGC as its digital currency identifier, announces that it has addressed the problem of long term crypto currency mining rewards.
All crypto currency block chains function because miners are incentivized to process transactions in order to receive a reward of newly generated crypto currency. Existing block chains have not adequately addressed the problem of what happens when all the currency has been mined. Without a mining reward to incentivize them, miners will likely cease mining, and relying on transactional fees to provide sufficient rewards to miners is unlikely to be effective. As the process of mining crypto currency is essential for the smooth functioning of block chains, there has to be certainty in long term miner rewards.
In order to provide a long term incentive for XGC miners to continue to mine XGC until 2160, the Digital Foundation has been established. The Foundation is a non-profit which owns 20% of all the XGC that can ever be created, or some 42 million XGC. Even when all the XGC have been completely mined, the Digital Foundation will continue to provide XGC Miners with rewards for mining. The Foundation miner reward system will distribute XGC over the next 145 years automatically by way of a software program that adjusts the level and timing of rewards to reflect mining activity on the GreenCoinX block chain. The Foundation board cannot amend the software or change the sole purpose of the Foundation, which is to provide XGC rewards to XGC miners.
The Chairman of the Digital Foundation is David J Robino a corporate and non-profit governance expert, who teaches Business Ethics at Southern Oregon University. He was previously a non-executive director of a Fortune 500 global provider of information technology, and a non-executive director of Memec, Inc. then the world’s largest distributor of specialty electronics and semiconductors. Before those board roles, Mr. Robino served as the Vice Chairman of Gateway, Inc. His earlier career was spent at The Maytag Corporation, Pepsi-Cola, AC Nielsen, and AT&T. He has a B.A. from Graceland University and an M.S. from Iowa State University.
Other Digital Foundation board members are Danny Wettreich, Nilam Doctor, and David Lonsdale all directors of GreenCoinX Inc.
David Robino commented “I am honored to be the Chairman of the Digital Foundation, which is a unique non-profit institution that will ensure that GreenCoinX miners will receive XGC rewards for many generations to come.”
About GreenCoinX
GreenCoinX Inc is the developer of GreenCoinX (crypto currency symbol XGC) which is the world’s first identifiable crypto currency. GreenCoinX identifies users and facilitates the collection of user defined optional taxes by worldwide governments. By eliminating anonymity, GreenCoinX has removed the biggest barrier to widespread adoption of crypto currency. For more information please see http://www.GreenCoinX.com or contact Danny Wettreich at dw(at)GreenBankCapitalInc.com
Carrol Van Stone, GreenCoinX, https://greencoinx.com/, +1 281-989-4369, [email protected]
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