Giracoin describes itself as “the Swiss cryptocurrency with the world’s largest growth”. Find out everything you need to know about Giracoin today in our review.
What is Giracoin?
Giracoin, found online at Giracoin.com, is a Swiss cryptocurrency that promises to have “the world’s largest growth.”
At first glance, Giracoin looks like a legitimate cryptocurrency. Once you scroll down Giracoin.com, however, you’ll realize that Giracoin doesn’t appear to be a cryptocurrency at all: it’s just another multilevel marketing company selling digital tokens.
The company encourages you to buy tokens today for packages ranging from 50 to 1200 EUR.
In Giracoin’s defense, the company’s website does look legitimate, and they have detailed descriptions of their technology, partner program, and platform. Let’s take a look at whether or not Giracoin is a legitimate multilevel marketing opportunity – or another cryptocurrency scam.
Giracoin advertises a number of features that make it different from other cryptocurrency platforms and multilevel marketing companies serving the industry today, including:
Made in Switzerland
Giracoin was developed by a company called Gira Financial Group AG. That company was founded in Switzerland in 2016. They claim to be certified by PolyReg Zurich, a Swiss self-regulatory organization. They’re also recognized as a financial intermediary in Switzerland are authorized to perform financial intermediary services.
Giracoin appears to be headquartered in Zurich. Key members of the company include Dr. Christian Katz, Dr. Sabina Korfmann-Bodenmann, and Gian-Carlo Collenberg. All three are listed as members of the Senior Advisory Committee.
Easy Payments Worldwide
The Giracoin website claims that the coin will be able to be freely used worldwide, and that the coin has already penetrated international markets.
Built on the Blockchain
Giracoin claims that “the technical foundation of Giracoins is based on real block chain algorithms.” Like other blockchain-based platforms, this allows you to easily and securely track payments. Oddly enough, the word “blockchain” is mentioned only once in the Giracoin whitepaper. The company describes its platform more as a “timestamp server” than a blockchain. It’s unclear what the difference is, but it’s built using a proof of work (PoW) system.
Coin Mining with No Technical Expertise Required
You can mine Giracoins with no technical expertise required. Giracoin has a fully automated mining process that allows people around the world to participate in the mining process. You can start mining Giracoins regardless of which token package you choose.
Pay to Join
Like most multilevel marketing companies, you need to pay a fee to join Giracoin. Your fee comes with digital tokens. Fees range from 50 to 12,000 EUR to join.
Giracoin makes a big deal out of the fact that its SRO certified. SRO stands for “self-regulatory organization”. The SRO system is managed by FINMA, the Swiss Financial Market Supervisory Authority. In Switzerland, financial organizations can either be directly supervised by FINMA, or register as a self-regulatory organization, which means they’re responsible for their own due diligence. SROs are subject to supervision by FINMA, and are recognized and monitored by FINMA. You can learn more about the program here. You can actually search for “Gira Financial Group AG” through this form, and you’ll find that it’s indeed registered as an SRO through FINMA.
How Does the Giracoin Blockchain Work?
You can view the Giracoin whitepaper here. It goes into more technical detail about the Giracoin technology and how it works. As mentioned above, the word “blockchain” is mentioned just once in that paper. The company appears to refer to its technology as more of a peer-to-peer “timestamp server” than a blockchain. Here’s how the company describes their technology:
“A timestamp server works by taking a hash of a block of items to be timestamped and widely publishing the hash, such as in a newspaper or Usenet post [2-5]. The timestamp proves that the data must have existed at the time, obviously, in order to get into the hash. Each timestamp includes the previous timestamp in its hash, forming a chain, with each additional timestamp reinforcing the ones before it.”
The timestamp server is based on a proof-of-work system that works similar to the PoW algorithm Hashcash. That enhances the security of the network overall in a way similar to blockchain:
“For our timestamp network, we implement the proof- of-work by incrementing a nonce in the block until a value is found that gives the block‘s hash the required zero bits. Once the CPU effort has been expended to make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing all the blocks after it.”
More detailed technical info can be found in the Giracoin whitepaper, which goes into deep technical detail about their blockchain-like technology and its PoW algorithm.
Giracoin is available at eight core entry packages, including their four most popular options:
Starter (50 EUR)
- 500 Tokens
- Level 2 Bonus
- 10% Direct Bonus
Professional (120 EUR)
- 1200 Tokens
- Level 3 Bonus
- 10% Direct Bonus
Consultant (550 EUR)
- 5500 Tokens
- Level 4 Bonus
- 10% Direct Bonus
Expert (1200 EUR)
- 12000 Tokens
- Level 6 Bonus
- 10% Direct Bonus
There are actually more packages, leading all the way up to Executive, where you give the company 13,000 EUR and receive 150,000 tokens.
What is Girabuy?
The Giracoin official website mentions something called Girabuy, which appears to be a marketplace where users can buy and sell Giracoins.
The company describes Girabuy as a way to connect users and retailers around the world, making it easy for them to start trading Giracoins.
Who’s Behind Giracoin?
Giracoin was created by Swiss-registered company Gira Financial Group AG (GFG). That company was founded in 2016.
The company is led by Gian-Carlo Collenberg (CEO). Other key members of the team include Dr. Sabina Korfman-Bodenmann and Dr. Christian Katz.
The company is legitimately registered with Swiss regulatory agency FINMA. You can view the company’s corporate registry online at the official FINMA website.
Giracoin makes a big deal out of the fact that it’s a Swiss-based cryptocurrency. It’s mentioned numerous times on the Giracoin.com website. Giracoin was created by a company named Gira Financial Group AG, which is officially registered with the Swiss government’s financial regulatory organization, FINMA, as a self-regulated organization (SRO).
The company appears to be legitimate. They appear to have a legitimate blockchain-style technology (although they refer to it as a “timestamp server” instead of a blockchain).
However, Giracoin does have some issues. The company makes bold claims about they have “the world’s largest growth” and that “bitcoin was yesterday”. The company also brags that Giracoins are getting “increasing penetration” on “the international market” – although we don’t really see any evidence of that. The company doesn’t have its marketplace, Girabuy, up and running at this time.
Ultimately, Giracoin appears to be a legitimate multilevel marketing company based in Switzerland. However, you may want to wait for more unbiased reports of the company to appear online before you send them a 12,000 EUR joining fee.