Right now the Blockchain technology is becoming more and more popular and its gaining acceptance worldwide all because of its numerous benefits. It is a technology that values speed, security, transparency and most importantly, it is anti-corrupt. This is the more reason why various companies and individuals are embracing this technology. Even though the full concept of blockchain technology is not fully understood, the existing benefits have made it gain wide acceptance. Cryptocurrencies have also been of great help but the major problem it has is its volatility, hence scaring people away from investing in it. Because Bitcoin has become very successful since its inception, blockchain technology has gained more popularity and people are convinced that it has a greater potential. And in the other hand Gold has been a very fantastic and innovated currency,
Gold has been used to preserve wealth for thousands of years.
The stability of gold's long-term purchasing power is unprecedented and better than any fiat currency.
Digital Gold has designed a project aimed to use blockchain technology to bridge the huge gap that exists between digital ecosystem and gold. Blockchain technology was chosen because it solves the existing problems that the current financial services have. These financial service providers (banks) are slower and charge much higher transaction fees. Mostly too, they cannot perform a lot of transactions at once. Blockchain technology provides a faster, more efficient and trustworthy transactions which can be tracked at any time.
BENEFITS OF BLOCKCHAIN TECHNOLOGY TO THE GOLD MARKET
This technology will make gold accessible, hence users can purchase gold with their own tokens, and even use it as a means of payment. Hence the restriction that exists in the current gold market will be reduced.
Since gold is a precious commodity, investors are scared to store it in their homes due to security reasons. With this new technology backed by gold, storage of the gold will be much easier.
WHY UTILIZING GOLD TOKEN?
There are numerous stablecoins that are pegged to a real-world asset, for example, gold, square feet of land, minerals, and other precious metals. Hitherto, most of such project failed in their quest for mass adoption. These tokens have very few holders and no or low trading volumes, while investors don’t consider them to be a good alternative option to fiat- collateralized stablecoins.
A coin collateralized to an assets other than the real and reliable assets, the based assets can loss value at anytime as a result of an extra mining of tokens when compared with the sum that could be collateralized by the based currencies or assets in their possession. A practical example of this is what happened to Tether recently, Tether had issued more tokens when compared to the sum that could be collateralized by US dollars in their possession.
The DIGITAL GOLD company has issued a new stablecoin called GOLD that is collateralized to the price of 99.9% purity gold. The total tokens issued is constantly proportion to the sum of real gold (in grams) that the company has acquired by its own funds. The gold is safely stored in the vault of BullionStar, a Singapore-based company, and continually carried out internal and external audits.
CONCLUSION.
this is the combination of two factors that holds the future of money, the digital Gold is taking advantage of the blockchain technology innovation which which makes Gold more valuable and blockchain technology stronger and popular.
More Information Detail DigitalGold :
Website = https://gold.storage/
Telegram = https://t.me/digitalgoldcoin
Twitter = https://twitter.com/gold_erc20
Medium = https://medium.com/@digitalgoldcoin
ANN = https://bitcointalk.org/index.php?topic=5161544
Author : Crypt0mafian
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2660967