The blockchain technology has brought a lot of revolution to the world; it has taken us from cash world to a cashless system. The blockchain technology has eliminated the intermediaries which normally stand between two people that want to do transactions. It has changed a lot of things and a new platform called Digital Gold has also came up with a measure to tokenize the physical gold. This idea came up to tackle the challenges facing the gold market. This platform has designed a digital coin (GOLD) which will represent the physical gold.
WHY DO DIGITAL GOLD TOKENIZE THE REAL GOLD
Just has real gold are known to be precious, they are also expensive. It is very unfortunate that not everybody can afford to buy at least one bar of physical gold or more. The process of buying a real gold require a lot of paperwork, you will have to submit your identity documents and other required papers before you can be able to buy or sell your real gold. In short, buying, selling and transferring of real gold has not been easy; imagine when someone wants to sell his real gold, he will have to move from store to store to bargain price. This are issues why Digital Gold platform see the need to tokenize the real gold.
GOLD TOKEN
The GOLD token is a token launched by this platform to represent the real physical gold. This ideology will launch us into a new era of gold market; I termed it "cashless gold era" lol!
The GOLD token is a stablecoin just like other stable cryptocurrency but little differences in the sense that it is backed with the real physical gold. Remember there are other stablecoin in crypto market i.e USDT but all these stablecoins was not backed by anything. The GOLD stablecoin was designed and built on ethereum blockchain with Erc-20 standard. This digital assets (GOLD) will be stable just as same price of physical gold. This initiation will serve and make it easier for people to buy, sell, transact and store gold at a cheaper rate.
DIFFERENT BETWEEN GOLD AND OTHER CRYPTOCURRENCY STABLECOIN
There are many other stablecoin in the crypto market, they have stable price but they are all pegged to USD ($), Pounds (£), Euros (€) and other fiats. Meanwhile, the GOLD token is another stablecoin but was pegged to physical gold. There is no much argument here on which is better; the fiats are not that reliable because they can be affected by inflation while the physical gold will still stand strong.
BullionStar Storage Vault
The BullionStar is a platform from Singapore that offer storage services to the real physical gold and other precious metals. The have vault that can store and secure the physical gold. The BullionStar has the recognition as the world's most famous platform that provide storage solution to most of the precious metals in the world. The Digital Gold platform is in partnership with them for storing and securing the physical gold. So the GOLD stablecoin launched will represent the real physical gold stored in the BullionStar secured vault.
GOLD TOTAL SUPPLY
The GOLD stablecoin does not have a specific total supply, rather the total number of GOLD stablecoin issued out will be equivalent to the amount of physical gold stored in BullionStar vault.
The price of GOLD token has been pegged to be equivalent to the price of 1 gram of real gold; i.e 1 GOLD token is equal to 1 gram of 99% pure gold.
According to the last auditing done by BullionStar, 7200 gram of real gold are deposited on Bullionstar; this means 7200 GOLD tokens are in circulation now. According to the price of gold in the market today, that 7200 GOLD worth 345,672 dollars.
GOLD MARKETPLACE
For the sake of GOLD liquidity, this platform has built a marketplace where people can buy and sell the digitized gold at all the time. The marketplace was sited on their official website and it is easy and effective for use. In order to expand the market, the GOLD token was also listed on Cryptex exchange for trading of GOLD token.
BENEFITS OF DIGITAL GOLD
- Zero Transfer Fees
People with GOLD can transact and transfer to themselves without paying a dime for transferring services. Let assume you buy ordinary physical gold from store, or you went to the bank to transfer it to another person, you will be required to pay a huge some of money as transferring fees; but for the case of digitalize gold, it is totally free, no charges.
- Lower Storage Fees
Storing your physical gold with either banks or platform that offers storage services is very expensive, but it is a totally different case for the digitized gold. Through the Digital Gold platform, the annual storage fee is 0.99% (0.99% for 1 year). This will be the cheapest and the lowest fees you can see in this ecosystem. The platform are further planning to even reduce the storage price lower than 0.99% annually in the future.
CONCLUSION
What will you gain for acquiring the digitalize gold (GOLD)? You are securing your investment over market volatility. The price of physical always remain stable or going higher in respectively of any economy catastrophe. The monetary deficiency i.e inflation can affect your other kind of investment, but investing in digitalize gold place your investment at hedge over those kind of challenges. This is an avenue to balance things up, especially those of us that have lost big in investing on volatile cryptocurrency.
Do more research by following the below links
Website ⇒ https://gold.storage
Whitepaper ⇒ https://gold.storage/wp.pdf
Bitcointalk ANN Thread ⇒ https://bitcointalk.org/index.php?topic=5161544.0
Medium ⇒ https://medium.com/@digitalgoldcoin
Telegram ⇒ https://t.me/digitalgoldcoin
Twitter ⇒ https://twitter.com/gold_erc20
Reddit ⇒ https://www.reddit.com/r/golderc20/
Facebook ⇒ https://facebook.com/golderc20
Cryptex Exchange ⇒ https://cryptex.net/
Digital Gold Marketplace ⇒ https://gold.storage/market
Writer's Info:
Bitcointalk Profile Link ⇒ https://bitcointalk.org/index.php?action=profile;u=2662026
Username ⇒ faydepopu