Introduction of GiraCoin

Giracoin is a new Swiss altcoin launched to rival Bitcoin. The currency is a combination of a blockchain based coin and a multi-level marketing (MLM) scheme. The company claims to be the newest altcoin on the market that will successfully rival Bitcoin. Let’s look into the company, their concept and whether it seems to be a viable investment going forward. Please note, this article does not dive into the potential pitfalls of MLM or ponzi schemes rather we only want to review the MLM at Giracoin.

Company
The founding company is Gira Financial Group AG founded by four people. Gian-Carlo Collenberg is the CEO of the company and works alongside CFO Ramon Simon. The company is registered in Ramon Simon’s name to a Swiss address. The other two founders are Raja Yogarajah and Gnana Yogarajah. The company had been founded in 2016, and currently has a total of 8 employees in Switzerland, and 20 employees in India.

The company is also working to have the currency accepted by Swiss authorities for wider application and uses. It has been registered with the Swiss financial regulators, FINMA, as a self-regulated organisation (SRO). This is quite unique in terms of strategy and is a reason why the company has a so-called atomic solution if it becomes incapacitated.

Concept
The company works on proof-of-work and proof-of-stake methods with the former referring to the mining. The transactions are transparent yet private as an open-source blockchain can lead to some negative perceptions and hesitations. To participate in the blockchain, one needs tokens that can be purchased through various packages, or through affiliate (MLM). The partner should buy token as well with the difference being the bonus that’s attached to the initial contribution. More on that in a moment.

Token Packages
One of the ways to invest in the altcoin is via token package. The token package buys you some kind of tokens after which they are converted into coins. The package has eight tiers to provide you with an opportunity to play with your risk appetite. Please note that the tokens are mined through the blockchain technology and converted to coins which are credited later to your wallet. There is no set rate of conversion between tokens and coins.

Multi-level Marketing
A MLM system provides a modern way of advertising and means to promote the product through incentives. There is a partner scheme which rewards affiliates based on their participation in the program and the numbers of people they are bringing into the currency. There is an associated partner joining fee depending on the level you would desire. Obviously, there is a certain level of tokens awarded depending on the fee and a direct bonus.

Potential Concerns
Some have raised concerns about the currency namely about the MLM scheme and the company’s claim to be the fastest growing altcoin. Both of these concerns have raised questions surrounding the company’s legitimacy. A further claim the company makes is its increase penetration in the market which at this time is not very apparent. As a result, investors should carry out due diligence and monitor further market activities to determine whether the coin provides the highest returns possible.

Conclusion
Giracoin is an altcoin rivalling Bitcoin that was first engineered in Switzerland. The coin operates with via blockchain and MLM schemes aimed at providing potential investors two revenue streams. Both schemes have an eight-tier system with varying levels of tokens and rewards. Industry thinkers and critics have raised concerns regarding the company’s legitimacy and investment worthiness. Upon initial view the company looks legitimate. Further research is required to determine if the coin is a good investment.