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GGCurrency Structure Diagram
How the GGC Foundation, GGTrust, exchanges, banks, miners, and local currencies connect — and what each colored arrow represents.
Legend
Entities in the System
The organizations, roles, and mechanisms shown in the diagram above.
- GGC Foundation
- An independent, non-profit public foundation which oversees the GGCurrency system. In this diagram, it also represents the GGCurrency system/network in general.
- Foundation-Owned Exchange
- Since the GGC Foundation cannot conduct business as a matter of course, it owns an exchange in order to buy and sell GGCurrency and other currencies. This is probably not a very large exchange, as there will be other exchanges to provide the same function.
- Non-GGTrust Exchanges
- GGTrust and the GGCurrency Foundation will encourage other currency exchangers to include GGC in their basket of currencies.
- Computer Algorithms
- The Ethereum computer protocols which create and use GGCurrency will be open source and available for anyone to use. They will reside on hundreds or thousands of individual computers, operating as a network. The algorithms running on computers are represented by a dark magenta dot.
- GGCurrency Mining
- GGCurrency is created by performing complex mathematical calculations, performed by all computers in the network. Some members choose to provide specialized faster and more powerful computers, producing significantly more GGCurrency than the ordinary user. Pre-launch mining licenses take advantage of the greater productivity of initial mining efforts.
- Global Genius Trust
- The sponsoring organization for GGCurrency. At least one class of GGTrust shares will be available to be used as currency in the GGCurrency system.
- Currency Trade / Share Sale Exchange
- GGTrust will own at least one currency exchange to facilitate the sale of GGTrust shares into the GGCurrency system.
- Tax-Free Entities
- US-registered non-profit entities (and perhaps other governments’) serve as portals for donor money into the GGCurrency system. Donors can claim tax deductions; funds earmarked for the GGC Foundation may be forwarded at the receiving entity’s free will.
- Donors
- Donors not investing for equity may obtain US tax credits by donating through a registered 501c3 or 501c4 tax-free entity, and may receive gifts of GGT shares or other tokens of thanks from GGTrust.
- Investors
- Equity investments receive Shares of GGTrust and/or other items of value — for example, an initial Certificate of Financial Interest, followed by GGC notes of similar value after milestones such as system launch.
- Local Currencies
- Complementary currencies of various types will be eligible for trade within the GGC system.
- Qoin
- Qoin.com is a designer and proponent of local complementary currencies. We will work with Qoin to design a model local currency, and variations to meet local needs.
- Local, State & National Exchange Centers
- Exchange centers serve the users of local currencies — training, coordinating and recruiting merchants and users, and integrating with GGCurrency and national currency systems.
- Merchants
- At the local currency level, merchants are recruited and trained to integrate the local and GGC currencies into their usual business operations.
- Banks
- Banks interface with local and GGCurrencies at local, national and international levels. Local banks and credit unions may choose to provide integration services for local currency members.
- GGBank of NZ
- GGTrust establishes at least one international bank — a New Zealand Financial Services Company, not a licensed bank but authorized to provide all banking services, and a major point of integration with the international SWIFT and BRICS banking systems. Controlling more than one bank increases survivability and decreases vulnerability to attack at a single chokepoint.
- Precious Metals Vaults
- Gold, silver and other precious metals held in segregated accounts in international storage vaults as assets to back the GGCurrency. Comparable storage of oil, grain and other commodities may be implemented as well.
Legend
Connections & Money Flows
Each arrow color in the diagram represents a different kind of transfer between entities.
- Donation Money
- Donations to participating non-profit organizations, earmarked for subsequent donation to the GGC Foundation. Pink arrows.
- Share Purchases
- Purchases of GGCurrency and Local Currencies at the various system or external exchanges or at participating merchants. Blue arrows.
- Share Gifts
- GGTrust and the Local Currency Governing Board may gift currency shares in gratitude to donors who earmarked their donations for the GGC system. Blue dashed arrows.
- Investment Money
- Investments for profit into the GGCurrency System receive Shares of GGTrust and/or other items of value. Investment money and stored assets are red arrows.
- Mined GGCurrency
- The flow of mined shares and other new GGCurrency into the system. Dark purple arrows.
- Local Currency
- Local currencies used primarily in their local areas. Some are designed for direct interchange with GGCurrency; many more are exchangeable with GGCurrency and perhaps other currencies. Cyan arrows.
- Control / Ownership
- The solid black line designates control and/or ownership and/or responsibility between entities.
- Buy / Sell Transactions
- The green arrows designate buy/sell or mercantile transactions.
- Share Transfers
- Share transfers within the GGCurrency system are represented by orange arrows.
- International Fiat Money Transfer
- Bank wire transfers using national currencies, bank to bank. Dark green arrows.
Want the fuller picture?
See how local currencies plug into this same structure, or read the full proposal behind the design.