Thanks for the post - BUT, be careful here freedom-lovers! The precious metals markets are manipulated by most peoples' standards - feel free to DYOR. As such, while in theory this seems like a great idea, I see it as a way to potentially invalidate all existing crypto by making it seem less desirable by comparison, since BTC for example, is "backed by nothing". This notion then in turn, opens the door for central banks to introduce their Fed coins and claim they are backed by precious metals, while having full control over the centralized database and using the immutable nature of block chain to curb liberty, not extend it. I love the idea of redeeming crypto in Gold, but only in so far as I trust the gold markets (en masse) to be a true free market. Until I have that assurance, I'll choose to keep my assets nice and decoupled. I'll buy physical gold and I'll by cryptocurrency and I'll buy other assets, but I'll do so individually. Mixing assets does not always make the underlying parts more valuable. More often than not, it makes the assets more prone to manipulation. Now, when gold is made to decrease in value, for example, your crypto just decreased too. My $.02