Metal Based Cryptocurrency? It may just work...

I recently stumbled across an article that was talking about a new company name Kinesis trying to make a metal based cryptocurrency. The founder is Tom Coughlin, he is the chief executor of the Allocated Bullion Exchange (ABX). The compnay says that they aim to enable and empower the users to have direct access to the gold and bullion exchange.

They want to bring precious metals like gold and silver into the world of cryptocurrency. They say that these currencies, know as KAU and KAG are based one to one on physical gold and silver. It means that the full value of the coins is held by the person that owns the precious metals. They say that there will be 4 different levels of gain yields based on the users participation on the coin. The first is called "Minter" yield when the user first transfers their fiat currency or bullion into a coin. The user also receives a five percent share of the transaction fees made by using the coins, and even a later fifteen percent yield while holding the coins. They even receive a yield when they successfully invite new users to the coin. Yields will be credited to their wallet once a month for the entirety of the coin holdings.

They say that they will be loadable onto a Visa or Mastercard. They even claim that they will even be able to withdraw funds from machines like ATMs. The coins will be loaded by merchants as a form of payment and update the value daily.

They even have a proprietary blockchain system in place, they plan on using the Stellar blockchain as the main basis for the coin. They say that most of the needed infrastructure already exists and has already been used by ABX in recent years.

So what do you think? Is it a good or bad idea? Are you willing to give it a chance? Please tell me in the comments.