Gira Financial Group launches cryptocurrency

Gira Financial Group, the fintech company from the canton of Nidwalden, has launched Giracoin. The cryptocurrency does not require supercomputers and is reported to be highly secure.

Image Credit: Gira Financial Group

Giracoin is based on blockchain technology but differs from other cryptocurrencies across many of its features, explained Gira Financial Group in a statement.

To create cryptocurrencies – a process known as mining – users must generally supply IT capacity. Conversely, with Giracoin users can delegate the mining process to Gira Financial Group.

“The fact that users without supercomputers can take part in the mining process is an innovation for cryptocurrencies, made possible by fully automated mining in Giracoin’s closed system,” commented Gian-Carlo Collenberg, CEO of Gira Financial Group.

A further advantage of Giracoin is its security. Mining Giracoins takes place in a closed source system as opposed to the traditional open source used for Bitcoin. According to Gira Financial Group, the closed code ensures that the blockchain cannot be manipulated by so-called 51 per cent attacks from outside. 

If an individual or a group of users held the majority of the processing power, the blockchain could be manipulated, which might lead to duplicate issues of coins, explained the company.

The Girabuy platform will be available in the autumn. The mobile-enabled Girabuy and Girapay applications mean trading partners can be contacted and transactions or transfers made using Giracoin in real time.