WHAT IS GALAXYCOIN?
Galaxycoin is not a crypto-currency. If you are planning on speculating on crypto-currency then Galaxycoin.io is not going to be for you. Galaxycoin.io is an asset based digital trading platform using blockchain technology. Anyone is free to join Galaxycoin.io as a basic trader and purchase any of the assets offered. Galaxycoin provides a level of security and trust that traditional blockchains and crypto-currencies cannot offer.
Galaxycoin is a permission based blockchain. This type of blockchain is designed to have multiple centralized authorities who manage inventory and connect real world assets to blockchain. These authorities are trusted authorities who will prove their trust by delivering real products or services linked to a blockchain.
Since no single authority can make all management decisions the blockchain is essentially a decentralized group of centralized authorities. If any one of these authorities commits an act of fraud it takes the entire community to vote on removing them from the chain. Anyone can be a trusted authority as long as they are accepted by the community and can prove that they will carry out their duties in a responsible and lawful way. A trusted authority to us is called a “Partner” or “Partner Nodes”. In order for partners to join our chain they must follow rules set by the community.
Currently our supply chains have been effected by the Covid-19 crisis. We are working with our suppliers to deal with these problems. Due to supply chain issues there will be delays in orders. No one will be issued precious metal(s) in their blockchain address unless the asset is secured. If you place an order and the asset does not exist you will not be charged until we have the asset in stock. Right now we are down to only a few ounces of gold/silver available for purchase per week. Purchase will be based on first come first serve. Keep in mind trading precious metals using our blockchain is not affected by pandemics. If you already own an asset you can sell or trade it any time.
WHY USE GALAXYCOIN?
Centralized organizations such as small or large businesses in banking or inventory management have a history of trust from an established client base and are usually the best candidates to become miners and distribution channels.
With traditional blockchains there is no way to build a trusted blockchain community. As long as criminals exist, as a community we have to assume they will try and join and take advantage of blockchain networks. This is a proven ongoing problem because traditional blockchains have no way to control spam, fraud and criminal activity which allows criminals to continue to exploit others and reduces overall trust in the platform.
Galaxycoin (GXY) is a privately controlled asset based blockchain. Galaxycoin is backed by fiat currency and real precious metals and is based on “The Gold Standard”. The Galaxycoin public transaction ledger can be viewed at Galaxycoin.info. You can start trading assets and using fiat currency by signing up for a free account or navigate to My Account and click New Account.
Galaxycoin backs each digital asset by gold, silver, fiat currency and other precious metals. With a Galaxycoin account clients can transfer virtual assets and currencies to other accounts with only a few clicks using a PC or mobile device.
The price of Galaxycoin assets are pegged to precious metals and are represented in grams. The value of Galaxycoin assets is the same value as gold or silver. For example, you own ten GalaxyGold coins which is equal to ten grams of gold. If the value of gold is currently 43 $USD/gram you have a digital-asset that is worth $430.00 USD. If the value of gold increases your asset increases, if it decreases your asset decreases.
HOW CAN I SEND/RECEIVE GALAXYCOIN?
The Galaxycoin.io platform started in 2016. The BETA production wallet was released in 2018 and is available online. There is no need to download wallet software. Users can manage all Galaxycoin.io account features using the site map.
Galaxycoin provides liquidity for asset investments only. Buy and trade Gold using Galaxycoin. If you want to liquidate your asset you can receive gold bullion. There is no cross-platform software and no third parties. Third parties may not be trusted, usually add overhead fees and can compromise security.
SIMPLE SAFE INVESTMENTS
As many people probably realize it can be difficult to invest in precious metals. It is difficult to find places to buy or sell precious metals. We have taken that hurdle away and make it simple to buy and sell precious metals by combing the buy and sell process all in one place. Galaxycoin makes it very simple to purchase and hold precious metals.
Currently you can purchase Galaxycoin (GXY), Galaxyshares (GXYR), GalaxyGold (GXYG) and GalaxySilver (GXYS) using, Bitcoin (BTC), Ripple (XRP) or direct bank deposit. You can hold and trade any of these assets using your account address and your online wallet.
Galaxycoin (GXY) is primarily used for basic trading and is pegged to the US dollar. Galaxyshares can only be liquidated through third parties such as trading sites and personal one-on-one exchanges. If you want to have the option to hold or liquidate real assets you will need to purchase GalaxyGold (GXYG) or GalaxySilver (GXYS).
Miners are selected by evaluating how they will benefit the Galaxycoin network. Currently a corporate entity can request to mine Galaxycoin but mining is not the same as Bitcoin and rewards are not based on proof-of-work. Mining is currently restricted to corporate entities who can prove their business model and add value and trust.
A project fork happens when developers take a copy of source code from one software package and start independent development on it, creating a distinct and separate chain. Every so often you may hear this term in blockchain development. Software updates will be transparent and will not affect your account balance in any way. Also, be aware that in the future, wallet access may also be hosted on multiple trusted domains.
Based on client feedback we are discussing additional portfolio minerals. Lithium was one recommendation which we may add to our asset list this year. Mineral assets such as lithium will have specific liquidation rules.
The Galaxycoin wallet gives users full control of their private keys and access from any browser or mobile device. The Galaxycoin.io sign up process is a lot easier and we have opened up investments from anywhere in the world not just US residents.
CODE BUGS AND FIXES
Our core blockchain software has been well tested and has been running since 2016. There may be some bugs and problems with our wallet software, purchasing assets and liquidation. We are working through these bugs and with the help of the community we can address new bugs as quickly as possible. Don’t panic if something does not work correctly. Send us a message if you encounter something that does not appear to be working correctly so our development team can fix the problem ASAP.
COPYCATS & SCAMS
Be aware who you are dealing with to avoid phishing scams. Get into the habit of checking your browser address. There are websites who may look like Galaxycoin.io but have nothing to do with Galaxycoin.io.
Galaxycoin.io has no affiliation with thegalaxycoin.com, galaxycoincrypto.com, galaxycoin.com, galaxycoinfarm.com and many others with similar names. Check your browser address and be sure you are viewing a “DOT IO” address.
There are apps in the Android store that may look like Galaxycoin.io. Do not think you own precious metals by using this app. They have nothing to do with Galaxycoin.io and currently no mobile app exists for Galaxycoin.io. Galaxycoin is traded using an online wallet. Because Galaxycoin represents real assets, no Galaxycoin.io assets/coins exist on exchanges.