All About GladAge: The Cryptocurrency for Senior Citizens

Cryptocurrency For Senior Citizens

With specific requirements making a significant chunk of the user base, the older generation cannot be ignored and the cryptocurrency world is embracing this fact of retirees. Involved in an increasing number of online transactions, as the baby boomer generation there is a new cryptocurrency called GladAge launched exclusively with their needs in mind. 

How GladAge Operates?

It was found that as it defines itself as the decentralized senior care ecosystem GladAge (GAC) is then powered by the Ethereum blockchain claiming to offer those of the older people the most suitable options for personalized care and fully vetted care homes. Thereafter GladAge attempts to address what these issues of the present-day senior care system are struggling with the lack of a sufficient number of senior citizen homes and vetted caregiver as well as little incentives for improving the problem areas. 

Allowing handing over the control to the elderly GladAge attempts thereby to address these issues by putting all the necessary information on the blockchain. The user is, therefore, able to select what the necessary care is per their choice using the GladAge blockchain platform purchasing a service or the necessary equipment, and even review caregivers who can be hired through the platform. Hence by now in either a leased or owned building of GladAge property, it allows the elderly to stay independently.

As participants, the consumers and businesses can join the GladAge blockchain network offering benefits of single-platform access to carry on peer-to-peer transactions opting for necessary services, goods, or finances at a low cost. Used across the network for all the necessary transactions the GAC cryptocurrency tokens can put up available land or property for the sale or lease for building as well as running homes for the elderly and also offering services specific to the user group similar to caregiving, transportation, meal services or companionship. Ensuring smooth and seamless execution and recording of all activities is the transparent and efficient mechanism of the underlying blockchain 

Today Meet the GAC Token

Carried on backed by the GAC token, are all transactions occurring on the network as it is built on ERC 23 standard which is a compatible format of existing ERC 20 standard. Offering a 25% discount for the early adopters, its ongoing presale comes with a total 500 million tokens, out of which 55% is distributed to the public through the common sale as 22% will be retained by the founding team and another 15% held by the operating foundation. Thereby serving as the bounty for various activities is the other 8%. 

Operated by an Australian blockchain company of the same name the cryptocurrency and the smart contract powered retirement planning platform is launched.  

Here Is What ERC-20 Is And What Does It Mean For Ethereum?

Based on the use of tokens, which can be bought, sold, or traded, the popular cryptocurrency and blockchain system known as Ethereum represent tokens with a diverse range of digital assets such as vouchers, IOUs, or even real-world, tangible objects where the tokens in this way are essentially smart contracts making use of the Ethereum blockchain. 

ERC-20 That Empowers Developers

Emerged as the technical standard used for all smart contracts on the Ethereum blockchain for token implementation, one of the most significant tokens is known as ERC-20 where more than 181,000 ERC-20 compatible tokens exist on the Ethereum main network.

Defining a common list of rules that all Ethereum tokens must adhere to the ERC-20 commands vital importance as this particular token consequently empowers developers of all types thereby to therefore accurately predict how the new tokens will then function within the larger Ethereum system. Knowing that every new project won’t need to be redone every time a new token is released as long as the tokens follow the rules, as it simplifies and eases developer’s tasks, thereby proceeding with their work. The majority of token developers have fallen in line with ERC-20 rules so far meaning that most of the token released fortunately through Ethereum's initial coin offerings are ERC-20 compliant. 

How ERC-20 Specifies Six Functions?

For the benefit of other tokens within the Ethereum system, ERC-20 defines six different functions. Including the method in which tokens are transferred and how users can access data regarding a particular token, these are generally basic functionality issues. Ensuring that Ethereum tokens of different types will uniformly perform in any place within the Ethereum system, as all together with this set of functions and signals. It was observed that nearly all of the digital wallets as such therefore supports the ether currency supporting ERC-20 compliant tokens as the standard remains relatively nascent as there will likely be bugs that need to be ironed out as Ethereum tokens sent directly to a smart contract losing money because an error in the protocol means that a tokens contract cannot respond to an attempt to make a direct transfer, thereby resulting in the loss of money that was associated with the transfer.  

The Conclusion 

Finally, about $70,000 worth of tokens have thereby been already lost for this reason according to CoinDesk as today ERC-20 remains to be a crucial aspect of Ethereum which is likely to remain a crucial aspect of Ethereum which is likely to continue wielding massive influence moving forward.