Gold has historically been a reserve currency for many countries and an important wealth metric for economies. Today, it still plays an important role in each of these factors, but the issue of digitization of the precious metal has been rather slow and mostly confined to long-term storage solutions and not transactions themselves.
With the advent of blockchain technology and distribution ledgers, bullion traders, investors and exchange companies have been anticipating a blockchain-based gold trading and ownership solution. Distributed ledger technology’s innate capability to make transactions safer, faster and free from adulteration in the future paves the way.
Digital Gold, a blockchain-based gold company, has announced a digital stablecoin (GOLD) that is backed by physical gold. With the help of the new ERC-20 token, investors and traders can own, buy and sell gold digitally based on a decentralized ledger.
GOLD- a new Bullion-backed Coin for Gold Traders around the world!
GOLD is a new investment asset for users around the world to easily invest in the precious yellow metal in a digital manner that is safe and secure. The company is offering top-level security for users so that their assets remain safe in a digital existence.
GOLD is not merely a digital asset. It is backed 100% by actual gold reserves stored safely in a vault located in Singapore, itself constantly voted as one of the most secure cities in the world. A real-time audit of the actual gold reserves is a company commitment and users will be able to verify and account for the actual bullion presence on their own.
Company rules regarding Stablecoin
As it is often seen in fiat-based stablecoins, the audit of the total number of tokens vis-a-vis the total number of fiat reserves is extremely important in determining the actual value of a stablecoin. Fiat-based iterations often suffer from a lack of transparency in this regard. To put to bed this lingering issue, Digital Gold has underlined the following rules for its stablecoin:
- The total number of all GOLD tokens issued will always equal the amount of physical gold deposited in its BullionStar vault.
- The project’s clients can verify for themselves the actual amount of gold deposited in the vault by using the real-time audit feature.
- DIGITAL GOLD guarantees full liquidity of GOLD stablecoins. Any amount of digitalized gold can be purchased or sold at all times on the official marketplace of the project and cryptocurrency exchanges.
- No hidden fees will be levied. Users have a fixed amount of 0.99% per annum charged for secure storage. This is among the lowest bullion storage fees around the world.
The best part about GOLD tokens is that they do not fall under the jurisdiction of a regulatory body that can disrupt operations. Normal stablecoins are pegged to the USD and EUR and thus are indirectly subversive to the workings of the reserve banks around the world whereas Gold is unique and its price is not easily manipulated.
Using gold’s low volatility, mass appeal, actual physical backing and the immutable nature of blockchain technology, GOLD token aims to become one of the first successful gold-backed tokens in the world.
To learn more visit the Website: https://gold.storage
Disclosure: This is a sponsored article