Many people reject cryptocurrency because there is still general distrust in the creation of a currency that is not backed by a government and some even see the process of getting the money to be too complicated. But with a growing number of currencies, there is a chance for innovative solutions for crypto. Golden Land, for instance, through its new and innovative crowdfunding system, has created a method which can showcase transparency in international real estate and reshape how people will interact with the industry as a whole.
In the near future, however, we even have a plan to introduce an entirely new methodology that is purpose-built for the verification of real world properties sold via crowdfunding methods, so that the general public feels safer conducting these transactions. In addition to safety, it provides a method whereby individuals can benefit from these verification efforts, a key part of the invention we've called "crowdmining."
Many cryptocurrencies are being used in the world today, and there have been a variety of methods used to gain currency. Currently, large cryptocurrencies such as Bitcoin and Litecoin require the user to sacrifice a large amount of computing power to get tokens through the ending of advanced equations and transactions. Because of the extensive amount of energy that is required to complete the computations, it is not easy to access for the ordinary person and requires a large amount of energy.
A 2018 Fundstrat report shows to make up for the energy costs of mining Bitcoin the Bitcoin has to be worth 8,046 for it to profitable for the prices to mine it. The costs of mining have also been criticized for the amount of energy they consume and the environmental impact. Currently, the energy used to mine Bitcoin is about one percent of the world's power. With the energy problem, it will be harder for new cryptocurrencies to get positive
support. New currencies are going to have to address this problem and grow more efficiently.
The crowdmining system that Golden Land has deployed, however, is a new system that will allow people to get tokens in a manner that aids the blockchain's ability to be transparent in real estate and does not have the intense energy needs of other currencies. People involved in Golden Land's property crowdfunding ecosystem will be able to create tokens for themselves simply by taking pictures of real estate projects in their local area. Actions which would enable people to earn tokens would include taking pictures of property developments that are for sale in a given town and even how the construction of these projects is going along. Not only does this process avoid the negative environmental impact of other cryptocurrencies, the technology itself becomes a revolutionary new way that people can be more secure in buying foreign property.
This is in part is why the crowdmining system used by Golden Land could be revolutionary, not just terms of creating a new blockchain but by creating a service that the average person wants to use and can benefit from. One example of how the system could be of use is in Mexico. In Mexico, the is no official process to get a license to sell real estate. This law allows people to sell houses without a consistent record of transparency. Foreigners are particularly vulnerable to this because they are not in the same area as the property development and thus cannot adequately investigate a property they wish to buy. With this blockchain technology, however, people will have the ability to conduct due diligence on real estate sales in less-developed markets like Mexico, so a potential buyer would have another source to check up on the property they are buying, and a person that lies about their housing will lose access to the blockchain.
An international, verified real estate blockchain will help people have transparency in selling their property. People living outside of a region will have better information on the prices in the area because the information will be crowdsourced by local people, not relying on the word of the seller alone. It will be harder for a single seller to try and overcharge a buyer that is outside of the market.
In summary, the crowdmining market could be the start of a revolutionary movement in this industry and others, as we move toward the intersection of blockchain technologies and real-world items and activities. Cryptocurrency for years has been a fascination for hobbyists and people who want to hit the next jackpot in wealth but has failed to win over many of the common men and women, whereas this initiative brings the upsides of "verification mining" to the world.
By Cory Madonna and The Golden Land Team