Sustainable Blockchain TechnologyĞ1 is a crypto-currency but does not use computing power to secure its blockchain. Thanks to its innovative money creation mechanism, perpetual debt is no longer the way to create money. Producing at all costs is no longer an end in itself. Its Universal Dividend (UD) is also a step towards a more sustainable lifestyle.
Ğ1 Currency is Powered by the Duniter BlockchainPrinting bills or minting coins is a complex and expensive way to manage money. There is currently no totally reliable, secure and resilient way to do it. Control over the issuance of currency on a physical medium is always centralised, and thus can be corrupted or violated.
This is why Ğ1 currency has been developed as a cryptocurrency, which means it is a decentralised, cryptographically secure digital currency using blockchain technology. Ğ1 Currency is powered by the Duniter Blockchain, initially developed in Node.js although a progressive migration to Rust has been engaged. Duniter (DU-uniter) is the software that generates the Universal Dividen (UD), as well as managing the currency and the web of trust. It's an open source software: its code is open, accessible and verifiable by everyone and anyone.
Visit the Duniter website to learn everything about this blockchain.
Low-Tech and Energy EfficientCryptocurrencies are currencies that are based on decentralised blockchain technology. Most cryptos tend to be high consumers of electricity. They may well have a high carbon footprint, since a large part of the global electricity is produced by burning fossil fuels. Some environmentalists would argue that Bitcoin and Ethereum have a detrimental impact on the environemental.
The Ğ1 currency does not have these huge negative impacts, since it does not need the same Proof of Work, that Bitcoin, Litecoin and some other cryptos utilise to operate. Its algorithm has been developed specifically to be energy efficient. In Ğ1, only members of the Web of Trust (WOT) can verify transactions. To take part in the verification of transactions, any member of the Web of Trust can install a Duniter node, which can run on a computer as small as a Raspberry Pi. Running a node uses the same energy as a low wattage light bulb. The upcoming version of the blockchain will be even more energy efficient. Learn more in this article.
Growth vs DegrowthIn the current system, money is created through credits granted to individuals and states by commercial banks. Credits are granted if borrowers have the ability to pay it back, i.e. the ability to make profit. After all, you have to pay the interest. This bankers' money needs perpetual growth to continue to exist. Without growth, there is no more credit, and without credit, money disappears.
Whereas Ğ1 currency is created continuously as long as there are living human beings. It therefore does not need growth, nor the race for profit to continue to exist. Thus, it could be an ideal currency to facilitate degrowth and support the birth of a more sustainable world.
Early Entrants are Not Priviledged over NewcomersMost known crypto-currencies are designed to be highly speculative. The creation of most cryptos is often reserved for those who have the technical or financial means to partake in the money creation process.
What sets the Ğ1 apart is how it is created. Its money creation mechanism makes it a much more equitable currency than other cryptos. Ğ1 is created equally among all members of the community. Therefore, unlike other crypto-currencies, early entrants are not privileged over new entrants.
Donation Culture Instead of CompetitionThe Ğ1 nodes take it in turns to validate transactions eliminating competition/escalation. Transactions function via whichever nodes are operating, naturally spreading power and control over the system amongst the community. Unlike in most cryptos, the blockchain network does not include a transaction fee to pay nodes for their block calculations. Running a node is accessible to all Ğ1 co-creators and is compensated by Ğ1 user donations; through the Remuniter service, which collects donations from Ğ1 users and then automatically distributes it to the calculators (learn more about node owners remunerations here).
Ğ1 users are invited to make Ğ1 donations to Remuniter using this key: TENGx7WtzFsTXwnbrPEvb6odX2WnqYcnnrjiiLvp1mS.
Learn more in these FAQs
- Is the Ğ1 a 'virtual' currency?
- Is the Ğ1 currency secure?
- What can I do if I don't have a smartphone?
- Why use a blockchain for the Ğ1 currency?
- Is Ğ1 an energy chasm?
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