GCGC Investments Limited launched an innovative new project, the GCGC Initiative with the onboarding of a blockchain-based digital wallet which went live today, on 28th December 2020. It utilizes an ecosystem approach to build 3 business pillars, from modernizing gold mining, to bringing financial inclusion to the masses, to liberalizing trade and commerce for millions of small businesses. GCGC’s ambition is to create an entire trading and transactions ecosystem powered by assets from mining operations that are digitalized with the intrinsic commodity value of gold. Once launched, it will be the largest investment into gold resources by a blockchain project ever.
Beyond the simple wallet and transaction features in a mobile wallet and e-payment solution, GCGC envisages an economic ecosystem which base is upon the fundamental business of mining. Mining activities produce gold, upon which GCGC’s ecosystem will derive its fundamental value. Driving the ecosystem will be e-commerce, where consumption will be driven by the GCD token, its principal medium of exchange. Connecting it all will be Pillar Finance, GCGC’s fintech arm that will facilitate loans, credit, money transfer, and commerce.
Blockchain is the technology that underpins the ecosystem, and to that effect, GCGC is launching its proprietary blockchain technology. Faster, more secure, and more robust blockchain technology will handle all manner of transactions and verifications, providing peace of mind when transacting between parties.
Jonathan Shek, CEO of GCGC describes the core goal of the GCGC project: create a trusted system for cryptocurrency today that provides intrinsic value and connects as many people as possible. Today, international trade and financial services are out of the reach of most people. As many as 1.3 billion people remain unbanked in this world and are trapped in the cycle of poor development. GCGC will provide anyone with a smartphone access to financial services and access to international markets and opportunities.
Jonathan says that the current financial transaction system is rife with inefficiencies and people are being charged a lot more than they should for transactions. GCGC goal is to provide everybody with a low-cost digital currency that everyone can access with just any smartphone. And since transaction fees can be lower, people might even get lower prices.
GCGC gives people the ability to earn GCD simply by participating in supporting the network by owning GCT tokens. Through the mechanism of staking, participants get to choose which networks they would like to support and in so doing, are rewarded for managing and maintaining the networks. GCD finds real-world value through the ecosystem through e-commerce platforms where GCD can be used as a medium of exchange.
Jonathan says the GCD and GCT will complement Bitcoin and other cryptocurrencies. The idea is to work with the Bitcoin community to create a stable, high-trust, low-volatility form of digital currency that will be available to anyone with a smartphone and internet connection, and who will be able to perform transactions at a very low cost. “we want to transform the way business is conducted digitally”, he says, “we need trust and stability in any transaction environment, and that is what we will achieve.
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