SHORT HISTORY
The Gold backed crypto currency token was first launched in 1996, by Douglas Jackson and Barry Downey and they created a revolutionary system for that era, in which users could trade coins, make e-commerce transactions, and even benefit from mobile payment services.
At first, they had the gold coins store in a bank deposit safe, and then the project grew to over 5 million and had difficulties to handle the safe, which lead to hacks, scam activities, fraud, and system issues and then in the year 2009 the company suspended all transfers and eventually packed up.
1mdc, e-Bullion, and Pecunix and few other gold back tokens also failed.
It is not a news, neither is it a rumour that there have been over 58 gold team, projects who have attempted to create a sustainable and enabling crypto currency tokens backed by Gold. But all failed due to one repository or the other that ranges from different sections:
- BAD TRENDS or BAD SETUP:
For example, the gold project that claims to be gold backed, and stored in a vault, but they were set up to fail.
HOW?
Because they belong to a category of gold projects that felt they need capital from potential investors before they can set up, which lead them to the situation of PRE - ICO, ICO & other crowdfunding patterns.
I have never seen a stable coin conduct an ICO and get successful, and that lead to their immediate demise.
- Sophisticated wallet
Failed gold back crypto currencies also failed because they decide to set up their own blockchain, their own security walls, and wallet, which are complicated and often result in loss of wealth for investors.
Most times such special blockchain wallet result in faulty private key and loss or assets, lack of liquidity and there will be poor transparency definitely.
- TOKEN SUPPLY
Gold backed crypto currency tokens fail massively due to deceits and lies. Some gold projects would mine total supply of 1,000,000 or 10,000,000 while they have just 500 GOLD in their vaults, this ends up ruining their prospects.
Because Professional traders get involved in Gold purchases and would never venture into such product.
HOW DID GOLD BACKED CRYPTO CURRENCY THRIVED.
The immense growth and massive development of bitcoin and its dominance over the past 11 years made trade of gold tokens every more realistic. It has made gold tokens safer and incredibly less volatile.
Alot of peeps will agree with me that Digix Global (DGX), Global Gold Cash, Royal Mint Gold (RMG) etc are all examples of gold backed crypto currency, but are unknown by many due to their sophisticated blockchain which restricts certain individual without more knowledge.
This is why digital gold token stands out
The digital Gold token does not only stand out, it is the best amongst the rest.
The digital gold token is not only backed up by Gold, it is decentralized unlike other gold ventures, and it utilizes the etherum decentralized blockchain for its operation to make it easy for all investors, users, and traders to buy and store them.
Likewise, unlike other Gold products, you do not need to worry about storing DIGITAL Gold token, because you can easily do that using all ERC-20 supported wallets such as imtoken, trust wallet, and lots more.
The Digital Gold token is equally trustworthy and transparent, with a total supply of 9,200 tokens (extendable).
The 9,200 tokens = 9,200 physical gold stored in Bullion Star Vault and is traceable by visiting:
* https://www.Bullionstar.Com/myaccount/audit
* Tracking details: 17081
To further emphasize on the uniqueness of Digital Gold token and conclude hereafter, the only thing you need to become a physical Gold owner is easy,
Get an erc-20 wallet and secure your private key.
Get bitcoin, etherum or usdt ready to make purchases.
Visit https://gold.storage/marketplace to swap and complete the purchase
or visit:
- Cryptex: https://cryptex.net/exchange/GOLDUSD
- Catex: https://www.catex.io/trading/GOLD/BTC
- Consbit: https://coinsbit.io/trade/GOLD_USD
- Livecoin: https://livecoin.net/en/trading/GOLD_BTC
- Bitforex: https://bitforex.com
To sign up, then withdraw your bought tokens to your private wallets and save them as your stable coins.
To get further information, news updates and developments regarding new listing on exchange or perhaps increased total supply in tokens and vault, use the links below:
Official Website: https://gold.Storage/
White paper: https://gold.Storage/wp.Pdf
Telegram: https://t.Me/digitalgoldcoin
Twitter: https://twitter.Com/gold_erc20
Author: cytpoway121
https://bitcointalk.org/index.php?action=profile;u=2202709
Credits:
https://cryptoresearch.report/crypto-research/gold-stablecoins/
https://coinrivet.com/gold-backed-cryptocurrency-overview/
https://www.goldscape.net/gold-blog/gold-backed-cryptocurrency/
https://news.bitcoin.com/more-than-77-crypto-projects-claim-to-be-backed-by-physical-gold/
https://t.me/digitalgoldcoin
https://gold.Storage/