DIGITAL GOLD - GOLD YOU CAN SPEND!
Introduction
I remember reading the story of the man speculated to be the richest man that ever lived — Mansa Musa, the ruler of the Mali Empire in West Africa between 1312 and 1337. He controlled a territory with an abundant supply of gold and copper which includes the gold coast of Africa (part of modern-day Ghana). It is speculated that his net worth in today’s valuation would be about $400 billion, with his immense wealth being mostly as a result of his gold assets.
Gold has been a valuable resource long before the time of Musa with references being made to it as a valuable in ancient scriptural texts for adornment, construction, ornaments and as a measure of wealth. The value of gold has grown over the years since then, as with it, the challenges associated with accessing, purchasing, and securely storing it.
The relative stability in the price of gold and how it can serve the cryptocurrency market
Gold purchases in modern times for the sake of investing. One of the major functions of gold in the Forex market is to serve as a store of wealth asides being actively traded. This can easily be seen by the appreciation in the value of gold whenever the strength of the quote currency weakens as is the case with the US dollar. This store of wealth and relative price stability could easily serve the cryptocurrency market which is susceptible to high volatility in prices.
A quick comparison could easily be shown using the price fluctuation of Bitcoin(BTC) and Gold within the last thirty days. Within this period, BTC has experienced price depreciation of over $4 000 while gold has experienced only mild depreciation amid fluctuation of about $62, this information is graphically shown below.
How Digital Gold makes gold an easy means of settlement
Why go through the hassles of holding physical gold and its associated risks when you could own digital tokens securely backed by physical gold?
Unless you live in Saudi Arabia or China, it is highly unlikely for you to make a withdrawal at the ATM in gold to make purchases or for settling some other financial responsibility. This makes gold — although a great store of value — inappropriate for day-to-day expenses.
DIGITAL GOLD employs blockchain technology in the tokenization of gold to create Ethereum-based tokens which are compliant with the ERC20 protocol. These tokens called the Digital Gold Token(GOLD) serve to provide liquidity for physical gold of high purity(99% FINE gold) which are safely stored in the company’s vault.
In case you’re wondering whether or not the vault could be empty,(because I thought of it), the vault is audited by BullionStar with which the project has entered into a partnership. This is to ensure transparency and to verify that tokenized gold is safely stored. Whenever any gram of gold is tokenized, a corresponding amount of gold is physically committed to the company’s vault and the amount of gold stored can be verified at any given time.
Since the process of token purchase (which corresponds to the tokenization process) is controlled by smart contracts and securely stored on the decentralized infrastructure of the blockchain, transaction details cannot be altered, ensuring further accountability and transparency.
What Digital Gold Token is, its advantages, and how it translates to real Gold.
One Digital Gold Token(GOLD) provides coverage to one gram of 99.9% FINE gold, hence, its price is equivalent to the price of one gram of fine gold. Since gold as an asset is actively being traded across numerous markets, its price is relatively stable, albeit some mild price fluctuations. To compensate for these fluctuations, the spot price of gold is utilized in real-time in the purchasing and selling of GOLD, ensuring that the price of GOLD is in tandem with the real-time price of gold.
GOLD offers numerous advantages both to the market of gold investors and the cryptocurrency markets, some of which are mentioned below:
- Liquidity for the safely stored physical asset(gold)
Gold in a vault is gold in a vault, or is it?
GOLD allows for gold securely stored in the vault to still be easily used for financial activities. GOLD could be used to make purchases, settle debts and much more, ensuring that although the physical asset is securely stored away, its value as a means of exchange and settlement is never lost.
- Protection against price fluctuations in the cryptocurrency markets.
The cryptocurrency market is subject to very volatile price fluctuations, this can easily be seen in the general market capitalization fluctuation. Holders of cryptocurrencies can easily profit from the market growth, however, in negative market conditions, the losses could be very substantial. To prevent losses, cryptocurrencies could easily be exchanged for GOLD whenever negative market conditions are anticipated.
Secure ownership of fine gold
Purchasing gold requires a lot of paperwork and a rather lengthy process, this is asides the cost of securing the physical gold itself. The GOLD token makes it easy for investors to purchase real gold conveniently and anonymously using any internet-enabled device without any hassles or legal paperwork, making it easy for individuals to invest in the gold.High liquidity for GOLD
The parent company of GOLD — DIGITAL GOLD LIMITED being a liquidity provider, facilitates large volume transactions(purchases and sales) using the native marketplace of the Digital Gold platform — the Digital Gold Marketplace, and other secondary partner exchanges. This ensures that there is a ready market regardless of the nature and the volume of the transaction.
- Free transfer system for GOLD
The GOLD token being issued on Ethereum can easily be transferred without any payment of transfer fees being required by the platform with only negligible network fees for processing the transaction on the Ethereum network.
- **The Digital Gold Marketplace
To facilitate further liquidity, the Digital Gold platform has developed its marketplace for the easy purchase, sales, and the exchanging of the Digital Gold token for other cryptocurrencies like BTC or Ether. Relevant information on the prices of gold and other cryptocurrencies like real-time prices and charts can easily be accessed to enable users to make informed transaction decisions.
Conclusion
A show of true confidence and proof of value; a fully developed platform completely self-funded.
It is important to note that within the blockchain space where most projects enter into the cryptocurrency market through some form of crowdfunding (ICO, IEO, STO), Digital Gold is a fully self-funded project. Most projects raise funds through crowdfunding intending to create or develop some service or technology that may or may not be of value to the cryptocurrency ecosystem, in the long run, not to mention projects that come into the space intending to defraud investors.
GOLD provides the cryptocurrency space with the ideal gateway into the gold market while also providing further liquidity for the gold market by making it available to the fast-growing cryptocurrency market, offering immense value to both markets.
As technology continues to advance, the tokenization of physical assets will continue to experience further adoption because of the reduced risks associated with purchasing and owning tokenized assets which are backed by physical assets, their ease of use, the high liquidity of the cryptocurrency markets and its profit potential.
Interested in becoming the Mansa Musa of the digital era and benefitting from the long-term appreciation in the value of gold? Or do you want to protect your funds invested in the cryptocurrency market from potentially negative market conditions? Why not become a pioneer of the future of physical assets by purchasing GOLD today!
To find out more about DIGITAL GOLD why not read the Whitepaper, or join the online community on Telegram, Twitter, or Facebook.
Website : https://gold.storage/
Whitepaper : https://gold.storage/wp.pdf
Facebook : https://www.facebook.com/golderc20
Twitter : https://twitter.com/gold_erc20
Telegram : https://t.me/digitalgoldcoin
Medium : https://medium.com/@digitalgoldcoin
Ann Thread : https://bitcointalk.org/index.php?topic=5161544
Author: Imole17
My Account :https://bitcointalk.org/index.php?action=profile;u=2800253
ERC20 wallet address: 0xC078AE109ae2fbf6029aafaD2ca5F2B87a5941fA