What is Golos Gold (GBG)?
Future of GBG Cryptocurrency and know how to buy GBG

#1 - Golos Gold (GBG): The Basics

What is Golos Gold?

  1. Golos Gold or GBG is the secondary cryptocurrency of a russian blogging platform called Golos.io, powered by the Graphene blockchain. Golos.io is forked from the Steem.it project to specifically serve Russian speaking community. GBG stands for Gold Backed by Golos.
  2. Fundamentally, Golos.io shows a strong similarity with Steemit platform, which means users can encourage authors and content creators for producing quality content. This is done by upvoting the posted content through a systematic voting mechanism, which in turn, allows authors to recieve rewards.
  3. Similar to Steemit, Golos.io also operates on a tri-token model. Hence, there are different tokens in Golos ecosystem and all play different roles.

– Golos (GOLOS) is the primary token. It is a liquid currency much like Bitcoin.

– Golos Power (SG) is an internal token, which determines the voting levels of users.

– Golos Gold (GBG) is secondary token and is used for determining rewards.

Golos Development

  1. Golos’ creation was inspired by an objective to create a decentralized social platform for Russian speakers across the world. As the Golos development team states, the numbers of Russian speakers only contribute 3% of total number of token-holders within Steemit ecosystem. This makes the Russian speaking community a minority on the Steemit platform.
  2. The development process is done and supervised by the developers at Cyber Fund, which is a platform that helps blockchain startups through investing. George Komarov is CEO of the company while Evgenia Kharchenko serves as CMO.
  3. Golos development started on October 15, 2016 The company held its initial coin offering (ICO) between October 30–December 02, 2016. By the end of token sale, The company had raised 600 BTC, which was worth of $453,000 at that time. Since GBG token is preferably used as an internal token, it was not available for token sale.

 

#2 - What are the Benefits of Golos Gold?

Golos Technology

  1. Golos platform requires a network of several nodes to validate transactions that happen on the platform. The nodes are multiple computers connected via internet to form a network and to help keeping blockchain secure. This way the entire blockchain is decentralized and out of the control of any single party.
  2. Golos uses a combine consensus method, which means that it uses both Proof-of-Work and Proof-of-Stake as its consensus mechanism. A consensus protocol is a mechanism that is required by the network to reach an unambiguous agreement on a piece of information.
  3. Golos platform features rounds of 21 blocks where once every round, 21 delegates are selected via voting by the token holders to validate transactions. Then a que is formed for the creation of new blocks with a block time of 3 seconds for every block production.

 

#3 - How to buy and store Golos Gold?

How to Purchase Golos Gold or GBG Token?

Golos Gold can be obtained in two ways:

- First, as a reward on Golos.io platform and
- Second, by trading on a cryptocurrency exchange.

Since it is a secondary currency and works differently from the GOLOS token, Golos Gold cannot be acquired via GBG mining.

  1. Golos Gold is available for trading on Bittrex and Kuna. It can be exchanged with either Bitcoin or UAHPay. Golos’ own domestic exchange also allows GBG to be exchanged with GOLOS.
  2. Since Golos Gold is not available against fiat currency, the best way to obtain it, is by exchanging with Bitcoin, For this user can use CoinSwitch, the largest cryptocurrency trading platform. It allows users to trade over 300 cryptocurrencies with more than 45000 possible pairs. Users can view the live chart of cryptocurrencies and compare rates across all available exchanges to make an informed investment decision.

Golos Gold Storage

Users need to have an account on Golos.io, which also serves as a wallet and can be used for storing and transacting Golos Gold in addition with other tokens of the Golos platform. Apart from the official Golos Wallet, the development team has not given any information on the compatibility with other third-party wallets.

 

#4 - What is the future of Golos Gold?

Also Read: Complete Analysis of Golos Gold | Live Golos Gold (GBG) Price Charts And Predictions

  1. The Golos platform decided to peg an individual Golos Gold token to 1 mg gold. The decision was motivated by the fact that Russian speakers live across the world, so pegging the currency to the Russian Ruble might have not been the best choice for those living outside of Russia.
  2. Another point to note here is that Russian Ruble is more volatile than gold price. However, in the cryptocurrency market, GBG’s price has been highly volatile since its inception, which can be attributed to many factors. In January 2018, it reached its all-time high of $0.44.
  3. As of August 2018, Golos Gold is trending near the $0.034 price point. Some analysts believe that the price could increase by nearly 163.959% by 2023.
  4. There’s no information available about its market cap and circulation supply.

Price History in USD

Date

Open

High

Low

Close

Volume

Market Cap

Aug 10, 2018

0.039516

0.039686

0.033737

0.034067

2,462

-

May 01, 2018

0.090060

0.090060

0.082954

0.086855

16,221

-

Feb 01, 2018

0.140081

0.143652

0.111090

0.118315

45,386

-

Nov 01, 2017

0.096376

0.101639

0.089584

0.096379

46,924

-

Aug 01, 2017

0.087243

0.117041

0.072997

0.090986

22,298

-

May 01, 2017

0.082934

0.112348

0.082934

0.102355

4,762

-

Feb 13, 2017

0.036800

0.039685

0.036724

0.039685

4,614

-

 

#5 - How is Golos Gold different from other cryptocurrencies?

  1. Unlike Bitcoin and some other cryptocurrencies that wish to replace peer-to-peer payment systems, Golos Gold has its primary purpose as means to reward authors their content.
  2. Golos Gold is part of a tri-token ecosystem where each token performs a different function. Golos and Golos Gold can be traded on cryptocurrency exchange, while Golos Power is an internal token and cannot be traded on a cryptocurrency exchange.
  3. Golos Gold serves the same purpose that its counterpart (Steem Dollars) does on the Steemit platform. However, instead of a US dollar, Golos Gold is pegged to 1 milligram of gold.
  4. Golos Gold should not be confused with other cryptocurrencies that derive their value from gold to maintain their own gold reserves. Take Xaurum (XAUR) as an example, which can be exchanged with real gold via a process called melting. However this is not possible with Gold Gold.

 

#6 - Should you invest in Golos Gold?

  1. As discussed earlier, Golos.io is a social media platform that is specifically the targeting Russian speaking community; so its growth potential is linked to the number of Russian speakers who are actually using the platform.

  2. Another problem is that people who are not very familiar with cryptocurrencies may find the tri-token system overwhelming.
  3. It is has been fairly evident that the Golos.io platform has become popular among the Russian speakers, but for non-Russian speakers, it doesn’t seem to offer amy attractive value because the platform is not available in other languages except Russian.
  4. As a side note, English speakers may find Steemit as a better investment option than Golos.
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