Swiss fintech company Gira Financial Group AG (GFG)has announced the launch of a new cryptocurrency called Giracoin.
Similar to its predecessor Bitcoin, Giracoin is also based on blockchain technology and currently uses for encryption the SHA256 security.
Cryptocurrencies are created through a so-called mining process whereby users supply the IT capacity to produce new units of the currency.
In addition, Giracoin offers people who cannot or do not wish to provide IT capacity for mining – and regardless of their technical knowledge – the possibility of purchasing “tokens”. This allows the purchaser to delegate the mining process to GFG by putting their tokens into mining at any time and independently of GFG, they can change them into Giracoins.
According to Gian-Carlo Collenberg, CEO of GFG, this represents a novelty in the bitcoin sector: “The fact that users without supercomputers can take part in the mining process is an innovation for cryptocurrencies, made possible by fully automated mining in Giracoin’s closed system.”
GFG claims that as a result of the closed source system, Giracoins are also less subsceptibe to hacking attack and outside manipulation which remains a threat to open cryptocurrency systems such as Bitcoin. “The closed code ensures that the blockchain cannot be manipulated by “51% attacks” from outside: if an individual or a group of users held the majority of the processing power, the blockchain could be manipulated and, for example, there might be duplicate issues of coins” the group states.
GFG plans migration to the hyperledger fabric for the end of the year. The Girabuy platform will be available in the autumn.