Why use a blockchain for the Ğ1 currency?

Category Technology and security of the system

Printing banknotes or minting coins is a complex and costly way to manage a currency. At the present time, we can’t do it in a reliable, secure and resilient enough way. Up until now, the Issuance of new currency is always centralised and can therefore be corrupted or stolen.

That’s why Ğ1 is a cryptocurrency, which means it’s a decentralised and cryptographically secured digital currency, thanks to the blockchain technology. The Ğ1 blockchain takes the form of an immutable ledger, sealing all transactions made within the G1 system onto this digital 'chain' of transaction 'blocks'.

A helpful analogy to describe a blockchain is a very long train. the entire train can be referred to as the blockchain, and each individual carriage on the train can be called a 'block'. These 'blocks' are filled with transactions. These 'blocks' are secured and verified by the Duniter full nodes and miners. A new block is created and secured in a fixed time frame. In the Duniter blockchain this 'block time' is 5 minutes.

What’s more, Duniter, the blockchain software that generates the universal dividend (UD) and manages the currency as well as the web of trust, is an open-source licensed software, which means its code is open, accessible and verifiable by all.

And last but not least, the Duniter algorithm consumes very little power.

Check out the duniter.org website for a detailed description on this topic:



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le 03.10.2022 à 12:33:51
Translated by Aurélie
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