All About Digital Gold - You Must Know!

bangkecol (6)in #digitalgold • 3 years ago

Dear friends, today I will continue to introduce you to a project called DIGITAL GOLD. This project is known through a friend of mine, and I will tell you some information about this project.

When it comes to investing in gold, investors now have many different options, from gold ETFs to gold stocks, or even to buy physical gold.

But what exactly is the purpose of gold? And why should investors invest in the gold market?

It is these two questions that have created two groups of opposing gold investors over the past several decades. One group said that gold is simply an ancient relic, no longer as powerful as before. In a modern economic environment, where paper money is the most popular, the reality is that the only benefit of gold is the material that makes jewelry.

On the contrary, another group claims that gold is a diversified intrinsic value, making it so unique and essential that investors put it into their portfolio.

To understand the purpose of gold, we should return to the starting point of the gold market. Although the history of gold began in 3000 BC, when the ancient Egyptians created jewelry, it was only in 560 BC that gold was considered a currency.

At that time, merchants wanted to create a standard and easy-to-exchange form of currency that could simplify purchases. Meanwhile gold jewelry has been widely recognized and used across the globe, so creating a gold coin engraved seems to be the answer to the first question.!

The importance of gold in the modern economic background

So if gold is no longer guaranteed for the US dollar (or other currencies in the world) then why is it still so important today? The simple answer is that even though gold is no longer the center of every normal transaction, it still has a significant position in the global economy.

To understand this idea, you only need to look at the reserve balance sheet of central banks as well as other financial institutions, such as the International Monetary Fund (IMF).

Currently, these organizations are responsible for keeping about one-fifth of the world's gold supply. In addition, some central banks are also trying to add to their current gold reserves.

Gold protection is the preservation of your property

Why is gold so important in a modern economy? Because of the fact that Gold is the only means to maintain and store wealth over thousands of generations. And of course, this is something paper money in denominations can't do that.

Gold is the risk insurance tool

The idea that gold preserves wealth has become more important in the economic environment where investors face dollar price declines and high inflation (due to rising commodity prices). Historically, gold has been instrumental in preventing both scenarios.

If inflation increases, gold often rises. When investors realize that their money is losing value, they will begin to invest in tangible assets that maintain their value. The 1970s were a prime example of the price hike in gold as inflation rose.

Gold is a safe selection

Whether it is tensions in the Middle East, Africa or anywhere else, it is clear that political and economic instability is a reality that occurs in our modern economic environment. Therefore, investors often view gold as a safe option during the period of political and economic instability.

Why? Human history always revolves around the collapse of empires, coups, and the depreciation of currencies. In those times, investors who hold gold can protect their assets, and in some cases, they even use gold to get rid of the turmoil itself. Therefore, whenever there is an event or news related to instability, investors often buy gold as a safe choice.

So!! What is Digital Gold?

DIGITAL GOLD is a type of Cryptocurrency, Stablecoin. Digital gold is created when combining physical gold and blockchain technology. That means 1 digital gold will correspond to 1 gram of physical gold 99.99%. And more specifically, this amount of gold will be safely stored in stock.

Simply understood, physical gold has been digitized and its code is DIGITAL GOLD. Digital gold is a solution for the current economy, through this stablecoin you can use it for many different purposes: exchange, buy / sell, store, .. With every number of digital gold codes The release will be similar to the amount of physical gold guaranteed.

It can be said that the digital gold is the Stablecoin you are looking for, a code completely maintained by physical gold, a hero that helps you resist unstable price fluctuations in the current economy, especially in the Cryptocurrency economy.

What is the purpose of this project ?? I think the DIGITAL GOLD team is amazing, simply because they recognize many problems with physical gold:

Currently the exchange, buying / selling physical gold takes place in many places around the world, but you know that the risk will increase when the number of gold transactions increases, the risk I want to say here is : physical gold risk (loss, damage), especially the risk for your own life. Every year thousands of theft and murder cases are involved in gold.
At present, the traditional system of gold trading has gradually become unpopular by cumbersome paperwork, which takes a long time.

So the application of blockchain technology to create new systems is encouraged in gold exchange. Creating safe shops with flexible transactions is the purpose of this project. Your risk will no longer be available when trading with DIGITAL GOLD token. This token will make the process more flexible and easier for gold trading transactions.

What is the background of digital gold & what are the highlights of the project?

DIGITAL GOLD token is secured in physical gold. The number of tokens issued will correspond to the amount of physical gold in stock. This amount of gold will be stored and stored extremely safe. Gold prices will be updated according to the market and you can fully check online.
Application of blockchain technology in physical gold digitization: Blockchain, the initial block chain name is a hierarchical database that stores information in blocks of information that are linked by encryption and expand over time. Each information block contains information about the initialization time and is linked to the previous block, with a time code and transaction data. Blockchain is designed to resist data change: Once the data is accepted by the network, there is no way to change it. Each DIGITAL GOLD code is issued based on smart contracts, the number of tokens is limited and controlled to ensure the token will correspond to The amount of physical gold is in stock. The application of smart contracts will help the project's platform work more smoothly and quickly.
Extremely low transaction fee: you can use the notification code DIGITAL GOLD in exchange, buy/sell, ... a very low cost. This is a big difference for you, especially for people who regularly trade gold. With the old system, you will lose a lot of fees when you trade; You will need to wait for the store to open to trade, but with the digital gold platform you can buy/sell whenever you want!
Safety: for investors, the safety of their investment is a top concern. With DIGITAL GOLD tokens backed by physical gold and absolute safe storage. The amount of physical gold will be covered by insurance (leading insurer), this will increase safety to 100%. Investors can feel secure when buying / selling this token.
Customer security: the field of information technology is becoming more and more popular and popular all over the world, leading to the increased risk of cyber-attacks. Therefore, customer information security is a very important issue of each project. The application of Blockchain technology into this project contributes to reducing the risk of network attacks and information security of customers.

Cryptocurrency X Digital Gold

There are many advantages of crypto that can attract gold investors such as:

Low transaction costs (there are completely free transactions)
Convenient in transactions: You can transfer or receive coins immediately without going through intermediaries like banks, governments,…
High security
Create potential for the e-commerce industry
Environmental Protection

The Digital Gold project has made investing in the gold market easier than ever, even for amateur people. The token was issued based on ERC20. GOLD is backed by physical gold that is stored securely and secretly. More detail, 1 GOLD equals 1 gram of gold (99,99% Fine) and the physical gold can be audited anytime.

One of the important thing crypto investor usually worries about is token liquidity. Moreover, there are more and more scam projects in the crypto space and investor’s investments usually go to zero if they unluckily engage in these money-grab projects. This sore issue has been completely solved by GOLD by its own trading platform. Investors can also liquidate GOLD through their partner exchanges (Cryptex exchange). Furthermore, the purchase and sale of GOLD become more easily by GOLD’s market maker system around all of the exchanges.

Bitcoin — the greatest invention in the blockchain industry is currently facing a big problem, which is a high transaction fee every time multiple transactions take place at the same time.

That was proven at the end of 2017, the period when bitcoin reached its All-Time High. This has caused unwanted damage to the crypto industry. Investors gradually recognize the disadvantages of bitcoin and leave the market. For them, Bitcoin is not like what they had expected. Bitcoin transaction costs are even more expensive when they transfer through banks. This has led to what we call crypto winter in 2018. GOLD’s team realized this issue and they emphasized “No Transfer Fee” as one of the key features on their website (https://gold.storage/).

As mentioned above, storing lots of gold can be dangerous for your own safety, especially when your identity is revealed which is unavoidable when you own a large amount of money. This is solved easily thanks to blockchain technology. When you own GOLD, your privacy is just simply perfectly safe all you need to do is just to remember your private key of your GOLD wallet. No one, even your husband and wife, can know whether you own gold or not unless you tell them by yourself.

Same as USDT backed by USD, GOLD is also 100% backed by physical gold. This makes your investment to GOLD become risk zero and owning gold is easier than ever.

Conclusion

With the purpose and the DIGITAL GOLD project platform you can fully expand your portfolio, stability, 100% guarantee, customer information is kept confidential, backed by gold material. I believe DIGITAL GOLD will be a smart choice for financial investors amid the uncertainty of the current cyptocurrency economy.