DIGITAL GOLD : Blockchain Meets The Gold Market

What is Digital Gold ?

Digital Gold is a blockchain-based project, designed to encourage the
digitalization of the financial markets, and their afferent investment instruments.
It hopes to achieve this by enabling users to purchase coverage in physical gold,
via the ERC-20 Ethereum-based GOLD token.
The project holds numerous advantages for its users, the gold market, but also
for blockchain technology as a whole.
With this in mind, customers can use the platform to instantly purchase the
GOLD token, each coin being equal to one gram of 99.99% FINE gold that is
stored in the company’s vaults. As such, the tokens enable users to indirectly use
gold to make monetary transactions, or to leverage it as a wealth storage method.
This is achieved without requiring users to follow complicated procedures.

How Does This Work?

With the help of smart contracts technology being offered by the Ethereum blockchain, users can easily purchase gold tokens in which the amount of tokens in circulation will always be equal to the amount of gold bullion in the company’s vault, hence, this will ensure that there’s enough gold to cover for all the tokens in circulation.

The Solution: Digital Gold

This is an Ethereum based platform that allows people to anonymously buy, sell, store and trade investment grade gold easily.

This is being achieved by creating an ERC-20 based gold token which is being backed up physical gold and stored in the company’s secured vault, hence the volatility of the token is highly reduced making it a stablecoin.

Blockchain Meets The Gold Market

At this moment in time, the fintech market is home to several start-ups that offer
blockchain-based gold services. To put things into perspective, we will describe
several use cases that showcase how blockchain can positively influence the
gold market:
♦ Allowing gold to achieve consumer acceptance
Despite its high popularity, most people avoid gold-based investments due to
its inability of allowing for a monetary replacement. Generally, it is investors
mostly who choose to purchase gold, and use it to store their wealth. Prior to
our in-depth description below, it is important to point out that blockchain can
make gold tradable, and usable as a payment mechanism, thus removing the
restraints imposed on the market until now.
♦ Ensuring asset security
Another argument explaining why consumers do not usually purchase gold rests
in its high security concerns. As an extremely-valuable metal, most of those who
are interested in gold are not happy to store it in their homes due to a variety of
risks. On the other hand, blockchain-based gold tokens backed by physical gold
offer considerable security measures. As long as good digital security practices
are followed, digital gold cannot be hacked.
Blockchain also holds a potential use case scenario for improving the supply
chain of gold. While most of the world’s gold is accurately tracked, managed and
stored, the overall supply chain continues to deal with gold that has been illegally
mined, or used to carry out illegal financial operations. With a blockchain-based
system, newly-mined gold can be tracked from its first day, all the way to your
doorstep, while retaining all relevant information. However, this is only possible
with the cooperation of everyone involved in the industry.

More Information Digital Gold :

Website : https://gold.storage
Telegram : https://t.me/digitalgoldcoin
Twitter : https://twitter.com/gold_erc20
Whitepaper : https://gold.storage/wp.pdf

Author:

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