How the GoldCoin developers will fork and rebrand the BTC protocol creating the ultimate full-scale version of Bitcoin
There are two primary things we’ve known for a long time. First, that Bitcoin was never supposed to be limited by 1 MB blocks, and second, that Goldcoin (GLC) is the most desirable crypto consumer brand when matched against others in public opinion polls.
We know by the advent of Bitcoin Cash and Bitcoin SV (and others) that the community recognizes the need for on-chain scaling and that this demand strongly exists. The problem with these forks is they use weakened forms of the Bitcoin brand and don’t incorporate the latest L2 features like Lightning which provides an advanced off-chain scaling solution.
The ultimate system would be one utilizing both on-chain and off-chain scaling methods, creating a network capable of full scale. Traditionally, to tackle this approach, we would simply hard fork Bitcoin and create another offshoot, calling it something like Bitcoin FS (Full Scale).
But what if we could manage to grab that Goldcoin brand and release the upgraded Bitcoin version under this improved name while also leveraging the Goldcoin community and network?
Getting the brand: The Goldcoin project has been dedicated to on-chain scaling and closely adhering to the original whitepaper since 2013. It has a growing community and a talented development team. The community and team obviously would never agree to give up their cherished brand without some mutual benefit, so a solution was invented.
Not unlike a merger in the traditional business world, the Bitcoin and Goldcoin communities will merge to form a single currency, preserving the Bitcoin genesis block and transaction history, while also capturing the Goldcoin name.
The upgraded Bitcoin protocol will have 32 MB blocks, 2 Min block times, Scrypt mining algorithm, SegWit, and Lightning, while retaining the original genesis block and full Bitcoin transaction history like with all previous hardforks. Yes, Satoshi will own 1 million Goldcoins.
It’s called a Reverse Hard Fork because we’ll be rolling the Goldcoin UTXO set (wallet balances) into the newly forked Bitcoin chain, giving the world a fully-scalable Bitcoin along with the highly-cherished Goldcoin name.
This will result in a new blockchain with the scaling capacity of Bitcoin, Bitcoin Cash, and Bitcoin SV — combined. But unlike with previous hard forks, this fork will not have a weakened Bitcoin brand; it will have the “brand of the ages” in Goldcoin (GLC).
Next week, I’ll release my next article in the Reverse Bitcoin Hardfork (RBH) series detailing the exciting protocol improvements and discussing how we can expect exchanges to handle this latest Bitcoin hardfork coming this summer.