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Crypto Finance

CRYPTOCURRENCIES BACKED BY GOLD

Morgana

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Cryptocurrencies have continued to come up with innovations and applications to make the market more profitable and useful in the real world. Filecoin came up with a platform for sharing unused storage spaces. Status claims to be more than just a cryptocurrency but a platform and even an operating system.

Goldmint is another step in this direction. Made in the United Kingdom, goldmine is a blockchain-based platform that operates gold backed cryptocurrency assets. The platform aims to make the value of gold equivalent to that of the gold tokens with a GOLD or unit of the digital currency costing one ounce of physical gold. The cryptocurrency is made to run on the goldmine blockchain, serve as a trust management and loan tool between users, provide transparent fast and secure payment and be completely backed by gold.

The platform offers a custody bot designed to accept physical gold, weigh these metals and upload an accurate value to the blockchain. Goldmint initially launched on the etherium cryptocurrency platform. It hopes to develop its original blockchain the MNT from the prelaunch MNTP tokens. The overall supply of tokens is 10,000,000 MNTP. Each of these tokens cost $7 base price. Mining power of the GOLD tokens based on the amount of the token possessed by the miner, which increases simultaneously with an increase in miner’s token. As a rule, 75% of the transaction commission for gold is distributed to miners as a reward.

Gold traditionally require several conditions that must be if it is to be stored as an asset. It has to be kept securely, insurance and safekeeping. The GOLD is goldmine’s solution to the problems mentioned. If you want to eliminate risk, or just earn money from facilitating transactions, goldmine is for you. The project launched in 2017 with the goal of providing gold ownership solutions for cryptocurrency investors. GOLD offers the advantage that comes with the physical gold. It is stable, open to everyone and free from unreasonable market swings.

In its white paper, the important of gold as a more stable store of value when compared with other precious metals was stated. Since gold is a good store of value people bought gold and stored it in vaults. This way of storing gold is highly insecure, consumes time, money and exposes owners and the gold assets to attacks. With the blockchain, however, there is little chance that any of these would ever happen.

Goldmint targets 1% of the total gold circulation in the world. It plans to realize this through the launch of pawnshops and automated storage facilities across countries around the world. It proceeds with a plan to go further to 5% of available gold through introducing custody bots in shopping centers and culminated in a 10% or $100 billion worth of gold reserve at after a period.

Goldmint is a blockchain based on the proof-of-stake algorithm.  This makes its transaction faster than other proof-of-work based platforms. The platform design is user-friendly and everything is set to get it running.

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