DIGITAL GOLD : Decentralizing and Digitalizing Gold Trading and Storage
Anyone with a good substantial amount of wealth will surely be interested in a reliable and credible means that he can use to keep his wealth even for generations after him. Many thanks to the discovery of gold ore which can be mined into precious metals and has been known globally as a means of keeping wealth for generations because of its intrinsic feature of being more valuable with time.
It will be more difficult to see anyone who is wealthy in all sense of the word not to have a good amount of his wealth in gold and as I said before, the reason why many find solace and rest of mind in using gold to store their wealth is because of its low price volatility and the possible for its price to appreciate with time and not to be affected much by inflation, this is what is not obtainable in other investments options.
You can make decision to invest in landed property as a means of keeping wealth only for you to find out later in some years that its value has reduced greatly due to depreciation of your country fiat currency but this can't happen if your wealth is in of gold.
The Problem
As one of the rare metals out there, it is an undeniable fact that those that have wider access to it are the rich and powerful in the society, trading of it is not really open to the common man and the main reason why it is like this is because of the cumbersome process and the rigorous purchasing conditions that one must fulfill before having the chance to buy or sell gold and because of this, an average person is discouraged and see gold as not enticing to him.
Having identified the problem above, we shouldn't forget about the new tokenized gold platform that has being designed to ensure the efficient connection of the gap between gold and the digital ecosystem. Though this is cool initiative but the truth is that it is unable to solve some of the issues facing the industry because it is still a traditional system with some issues facing it also which includes inability to use the platform to trade and also security threats.
The Digital Gold Solution
This is a blockchain project created on Ethereum platform which creates opportunity for anyone to buy, sell and store gold in a decentralized ecosystem.
This is made to be real through the creation of an ERC20 compliant token which is fully backed by real physical gold and stored in an auditable vault of the company in Switzerland. By backing the gold token with real physical gold, the possibility of volatility which is an attribute of crypto will be drastically reduced which makes it to a stablecoin backed by gold.
How it Works?
With the assistance of smart contracts innovation of Ethereum blockchain platform, those who are using the platform will be able to buy gold tokens in a way that the amount of tokens in circulation will be the same with the amount of gold bars stored in the company’s vault thereby ensuring the availability of corresponding equal real gold of any amount of token in circulation per time.
One gold token of digital gold platform represents 1 gram of 99.99% pure gold and holders of it can easily make use of it to carry out unlimited amounts of transactions. The token will be bought at a price that is very close to the price at hand and the corresponding amount of its gold will be stored in the company’s vault which is being managed and audited by a third-party partner named BullionStar.
Reasons Why Digital Gold is the Best
- It creates the possibility for everyone to store and secure their wealth in credible and reliable precious metals.
- Unrestricted amount of transaction with zero transfer fees within the platform.
- Unlimited payment with no transfer fees.
- The most easy way to have gold which full insured by Chubb Insurance Company in Singapore.
- Available of good volume of liquidity in the marketplace of Digital Gold on their website which gives you the opportunity to buy or sell any worth of gold token at anytime of the day.
Another important thing that I must indicate about this project is that it is not an ICO project, it is fully self funded by its parent company which is a gold liquidity supplier and all transactions through the token is automated and being execute by smart contracts.
Summarily, the goal of Digital Gold platform is to enhance the global application of gold which is mostly used now as a means of storing wealth. But with this new concept of Digital Gold, then gold can now be used as a medium of exchange which is safe and fully secured by blockchain innovation.
Useful Links
Official Website : https://gold.storage/
White paper: https://gold.storage/wp.pdf
Telegram: https://t.me/digitalgoldcoin
Twitter: https://twitter.com/gold_erc20
Medium: https://medium.com/@digitalgoldcoin
ANN thread: https://bitcointalk.org/index.php?topic=5161544
Writer's Details
Bitcointalk Username: Ifezanku
Profile Link: https://bitcointalk.org/index.php?action=profile;u=2587908