Memes and cryptocurrency work well together. Thus, memecoins have quite the evolution within the cryptocurrency market.
Garlicoin (GRLC) is one of the memecoins that came to the market to reinforce a meme and because the community thought it would be funny to do so.
For Garlicoin, it was the garlic bread meme that was viral a few years ago.
How Garlicoin started
Back in December 2017, a Reddit user, DigitalizedOrange, published a post with the title: “If this post gets 30,000 upvotes, I will make a garlic bread cryptocurrency called Garlicoin.
The post gained popularity; therefore, the original poster ensembled a team to create the Garlicoin project.
And from memes about the divine taste of garlic bread and chasing vampires away, the Garlicoin founders created a Litecoin fork to put the bases of their own cryptocurrency’s blockchain.
The post from which it all began is now contained by the genesis block, encoded in the “pszTimestamp”.
GRLC was hard-capped at 69 million coins. The coins are meant to be unlocked over time through proof-of-work mining by a network of miners that use commodity GPU and CPU hardware.
ASIC rigs were prohibited from connecting to the network, though, and that’s to promote decentralization and prevent ASIC miners from taking over the network.
Furthermore, GRLC was hard-capped at 69 million coins, with no artificial inflation that can risk devaluing the price of GRLC. To control the flow of cryptocurrency when the market, GRLC mining rewards halve every 690,000 blocks.
Garlicoin has been live since 2018. And although the cryptocurrency went through a bear market, the developers did not abandon the project, and neither did the community.
So, since 2018, the project team has been continuously building, adapting, and improving the whole ecosystem.
Although the fundamentals haven’t changed much, the source code has been improved and adjusted over time. Now it provides high-speed transactions with a block time of only 40 seconds.
And in terms of source code, the latest version, 0.17.3, was released and posted on Github on May 12, 2021.
What’s next for Garlicoin?
The team behind Garlicoin knew that the most significant impediment they might have is their cryptocurrency’s access to big markets and exchanges.
Therefore, they worked on listing GRLC on several exchanges. At the moment, GRLC is already listed on Pancakeswap and was launched as a WGRLC BEP20 token on the Binance Smart Chain.
Besides the current markets, GRLC will expand more in the future. In terms of ecosystem, Garlicoin already includes a free faucet, a payment/transfer service, and tipbots for Reddit and Discord.
Next, the developing team plans on linking its coin to a game on Steam – a unique Garlic retro game. Furthermore, the game will come with monthly challenges from which players can win prizes of up to $100.
Besides, the Steam game Garlicoin plans to release soon, the team is looking to approach the gaming community further. Garlicoin is planning to release in 2022 a game that integrates GRLC within it and will also participate in various gaming competitions.
The community is on a growth trajectory, and the memes stream is flowing faster than ever. Considering that Garlicoin managed to gather a Reddit community of 100,000 users, a market cap of $7 million, and a price of $0.1 thanks to favorable tokenomics, GRLC may see exponential growth in the next period.