The most common argument against a memecoin is that it is just a joke, and there is no serious plan behind it.
Dogecoin came as a joke, and people started putting money into it regardless. And although at the end of 2020 Doge seemed to gain traction, the cryptocurrency community still dismissed it as being just a meme.
Yet, on May 8, 2021, Doge reached an all-time high of $0.7376. However, the terrible tokenomics that come from being a cryptocurrency project without a real plan behind it have put limitations on the price action.
But a memecoin can be as much of a meme as Dogecoin but also have a plan behind it and good tokenomics. And that’s what Garlicoin proves.
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The memes of Garlicoin
A few years ago, garlic bread was really popular, and people worldwide were posting memes related to garlic.
And as the cryptocurrency market was drawing attention, with Bitcoin leading the way, there came the idea of a garlic cryptocurrency.
In December 2017, a Reddit user known as DigitalizedOrange published a post titled: “If this post gets 30,000 upvotes, I will make a garlic bread cryptocurrency called Garlicoin,”
The post had gained traction, and the OP managed to find support and created Garlicoin, the garlic bread cryptocurrency.
By January 2018, the project team had published the Garlicoin mainnet with a genesis block that contains this text encoded in the pszTimestamp:
“If this post gets 30000 upvotes I will make a garlic bread cryptocurrency called garlicoin”
Soon after that, the cryptocurrency winter came. However, the cryptocurrency did not fade away into nothingness, and the community stuck by it.
The project team has been developing Garlicoin further since then, and the community has been expanding now, reaching over 100,000 members on Reddit.
Here’s how Garlicoin works
This cryptocurrency held together over the crypto winter because the Garlicoin community did not abandon the coin. Still, there is also the fact that the developing team has built the project so it can scale and be friendly to users.
They have created a fork of Litecoin and modified it to make Garlicoin.
The blockchain uses a proof-of-work consensus mechanism called Allium, which allows for commodity hardware GPU and CPU to mine while preventing ASIC devices from joining the network. This way, the mining coin can be more decentralized and avoid ASIC dominance.
The team has also implemented Dash’s DWG difficulty adjustment mechanism to tune difficulty according to the hash rate to promote decentralization and efficiency further.
In terms of transaction speed and confirmation, the Garlicoin blockchain can provide a block time of only 40 seconds.
GRLC is hard-capped at 69 million coins, from which miners have unlocked a little under 64 million, and there is no inflation. With this tokenomics, Garlicoin has managed to break above $0.1 with a market cap of only $7 million.
And Garlicoin is growing further as the community is expanding and the project is getting updated.
Garlicoin developments
During the Crypto winter, the project team implemented tipbots for Reddit and Discord, updated the code, and got the coin listed on more exchanges.
And in 2021, they have already launched a free faucet for GRLC, a WGRLC BEP20 token on Binance Smart Chain, and listed the project on Pancakeswap.
But the Garlicoin ecosystem is expanding further as the team is ready to link their coin to a Garlic retro game on Steam.
The game is going to include monthly challenges from which players can win up to $100.
And starting with 2022, Garlicoin will get more involved with the gaming community as they plan to release a game that integrates Garlicoin and participates in various gaming competitions.
In short, the memes are flowing faster as the community is growing. Because of that, GRLC sees more positive price actions. And following this trend, the price of Garlicoin can increase exponentially.
The post Garlicoin: The Serious Tokenomics Memecoin appeared first on Blockonomi.
