Gold has been around for a Long time now. It was first used by the ancient man as means of exchange, as an ornament and in the creation of artifact which has well documented its history. Gold is also used for construction purposes.
The value of Gold appreciates regularly and is stable thus serving as efficient means of payment for financial and business transactions and as a great store of wealth.
But, there is a reduced global adoption of the Gold market which has affected its trade today. This reduced adoption is due to the challenges of trading in the Gold market.
These challenges include difficulty in obtaining Gold, theft due to its value, cumbersome verification process, high transaction fee, etc.
This age is known as a technological age, due to the creation of improvised technologies, the standard of living in the world today has been improved.
The different sectors of the world have also been improved most importantly the financial and economic sectors of the world.
An example of such technology is the Blockchain technology.
Blockchain technology is a potent tool used in the development of our world today as it has greatly influenced the world's financial and economic sectors. This technology allows an efficient transfer of data between two parties without any alteration of the data.
However, the benefit of this technology is not widely known to everyone which has led to a reduced rate of global adoption thus, slowing the impact of this technology in our world today.
A combination of the Gold market and the Blockchain technology would be of great importance to the world as the benefit of both markets can be utilized to elevate the world system.
Now the question is,...
How will this take place?
To answer this,
DIGITAL GOLD PROJECT IS HERE
What is Digital Gold Project?
Digital Gold limited is a blockchain-based platform created to utilize the benefits of the Gold market and the Blockchain technology towards the development of both systems and the world at large.
Through the combination of both systems, an increased rate of global adoption of this system would be established.
The Digital Gold limited has created a token which facilitates the efficient functioning of the system.
What are the benefits of the Digital gold Project?
The benefits provided by Digital Gold includes;
SAFE STORAGE OF THE GOLD
Digital gold limited has partnered with the Bullionstar vault to provide the safe storage of gold in the company vault which will be audited regularly.
This will reduce the risk involved in the individual storage of the gold. With the digital gold token, the stored gold can still be used for transaction purposes.
Also, the gold token is kept safe by the owners in a digital ERC-20 wallet.
LOW TRANSACTION FEE
The token which is backed by the gold stored in the company vault can be transferred at a reduced rate. This is because the token is could be easily transferred from one digital wallet to another and is made free by the Digital Gold platform, except for the Ethereum network fee which is low.
EASY PURCHASE OF GOLD
Gold in form of the token can be purchased conveniently from the platform and do not involve a cumbersome verification process for the purchase.
The token purchased is sent immediately to the buyer's wallet compared to the gold which takes a longer period for it to get to its buyer and the stressful verification process involved.
HIGH SPEED OF TRANSACTION
Through the use of the blockchain technology, a transaction using Digital Gold would be done at a faster rate, unlike the regular cryptocurrencies
INCREASED TRANSPARENCY
Digital gold guarantees absolute transparency in its operations as the gold stored in the vault would be audited regularly by bullion star and token owners.
Also, a smart contract will be created to ensure the token distributed are equal to the amount of gold stored in the vault.
THE GOLD TOKEN
The gold token is an ERC-20 token which is backed by pure physical gold stored in the company vault which will be used for running of operations on the platform.
Each Gold token is equal to one gram of 99.99% pure gold. This token is used for transaction purposes, store of wealth and much more.
With the price of real Gold being stable the price of the gold token is also be stable because the token is a stablecoin backed by real Gold.
IN CONCLUSION
Digital Gold limited with its design is prepared to bring about a turn around in the gold industry. And also showcase the potential of the blockchain technology to the world through the benefit of the gold token.
Thus leading to increased worldwide adoption of the gold industry and blockchain technology by different sectors, industries and the world at large.
USEFUL LINKS
Website: https://gold.storage/
Whitepaper: https://gold.storage/wp.pdf
Telegram: https://t.me/digitalgoldcoin
Medium : https://medium.com/@digitalgoldcoin
Twitter: https://twitter.com/gold_erc20
Author: depedro
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1659312