Frequently Asked Questions (FAQ)

What can you do with globaldce?

Globaldce can be used to build decentralized applications that provide various services such as:

Who controls the globladce network?

Globaldce is, in essence, decentralized. There is no central control body within the network. Globaldce is therefore not controlled by any entity, person or group of people. It is controlled by all members of the network: users, miners and developers.

Who changes the protocol?

Some voices carry more weight than others. For example, reputable cryptographers enjoy more consideration than just an amateur coder. The team of developers responsible for keeping the globaldce software up to date is of course influential. The big miners also have a very important voting power.

But, to conclude, the ultimate decision-making power belongs to users with a full node, that is to say a copy of the blockchain. These are the ones who broadcast and validate the transactions. Thus, they are free to install the version they want of the globaldce protocol, via their client software. They can thus accept or reject the modifications made to the protocol.

How to make a globaldce payment?

Payments can be made through an application with globaldce wallet features by entering the recipient's address, the payment amount, and pressing send. To make it easier to enter a recipient's address a user can registre name and share it. The registred name can be used to receive payement.

How are globaldce coins created?

Short answer proof of work mining.

Why do globaldce coins have value?

Globaldce coins derive their value from its acceptance as a means of payment. Its initial market value was achieved when people speculated that due to its properties, the cryptocurrency was going to be accepted by others later on.

What determines the globaldce coin price?

The price of a the globaldce coins is determined by supply and demand. There are only a limited number of globaldce coins in circulation and new globaldce coins are created at a predictable and decreasing rate. When the demand increases, the price increases. When demand decreases, price decreases.

Why 21 trilions globaldce coins?

The globaldce protocol provides for the creation of a predetermined number of globaldce coins during the creation of each block of transactions, with a halving every four years until arriving at a total of 21 trilions coins. The idea behind this algorithm is to create an asset that has an intrinsic scarcity, similar to precious metals, and that it is increasingly difficult to 'extract' it until you reach this absolute limit. If the perception of this scarcity increases over time, it could increase the demand for globaldce coins and therefore its price.

Why does it take almost 10 minutes for a transaction to be confirmed?

Receiving a payment with globaldce is almost instantaneous. However, there may be a 10-minute delay before the network begins to confirm your transaction by including it in a block and before you can spend the globaldce coins you receive.

A confirmation means that there is a consensus in the network to consider that the globaldces you received were not sent to anyone else and are now your property. Once your transaction is included in a block, it will continue to be buried under each block after it, exponentially consolidating that consensus and decreasing the risk of a reversed transaction. Each user is free to determine when they consider a transaction confirmed, and 6 confirmations is often considered as secure and irreversible as a 6 month wait for a credit card transaction.

Obviously, the security period will be adapted to the size of the transaction carried out. A few minutes will generally suffice for a no-stakes micro-payment that can be satisfied with a single confirmation.

What determines the cost of a transaction?

In globaldce, as it is a purely digital currency, the commission for a transaction is determined by the size of the disk space occupied by a transaction. This size is given in units of bytes. In this sense, the value of the transaction does not matter.

What does "synchronizing" (sync) mean and why is it so slow?

Wallets using full node clients such as globaldce-gateway require a long sync which will download and verify all previous globaldce transactions on the network.

This allows your globaldce client to calculate your globaldce wallet balance and perform new transactions. These steps can be resource and bandwidth intensive, but are necessary for the network to verify transactions.

What is globaldce mining?

Mining is the process by which globaldce transactions are secured. To this end, miners perform mathematical calculations for the globaldce network with their computer equipment.

How does globaldce mining work?

Globaldce mining consists, by testing an enormous number of combinations, of docs figure could generate the "hash" of a given transaction. The first miner who finds the solution provides a “Proof of Work” which certifies that he has found the solution to the problem.

How do I start mining?

Right now CPU mining is still possible therefore all you need for now is a common desktop computer. The globaldce gateway includes a CPU install it, run it. After synchronization is completed the cpu mining will begin. That said when GPU mining code will operation CPU mining will not be as productive as it is now.