Since the beginnings of humanity, GOLD has always been an object of value and one of the first forms of currency.
Until today, gold remains an important asset and is used traditionally for investments as well as trading.
Bitcoin has often been nicknamed a "digital gold", or a next-generation type of gold - but it looks like there's an entirely new type of currency for that now.
Introducing: GOLDMINT - a platform for 100% gold-backed crypto assets!
What is GoldMint about?
GoldMint runs on a blockchain ledger and works via a digitized cryptoasset called GOLD whose cryptocurrency value is based on physical gold. Goldmint buys, sells and repurchases GOLD at the current market price for physical gold. The company uses exchange-traded funds (ETF) or physical gold (of 999 quality) as its security. GoldMint gold reserves equal or exceed its mined amounts of cryptoasstes GOLD.
GoldMint aims to combine the benefits of physical gold with those of a cryptocurrency, and ties the value of its tokens to the actual value of real gold.
This offers the best of both worlds: traders can be relatively sure of GOLD's stability, while not having to purchase physical gold and taking care of it.
GOLD and MNT Tokens
The GoldMint platform will release two different tokens: GOLD and MNT.
GOLD is the stable cryptocurrency which is tied to the real gold price. The consistent value is ensured via ETF and futures paper assets as well as physical assets.
GOLD tokens can be used in loans, guarantees and escrow services on the platform.
MNT tokens on the other hand are used for the utility part of the platform - implementation of smart contracts, reward for transaction confirmation and block creations and more.
Since they're facilitating the blockchain, MNT owners are eligible to 75% of the commissions taken from the processing of GOLD transactions.
Custody Bot & Graphene Blockchain
Upon release, MNT will be sold and distributed on the Ethereum Blockchain.
But once the project has fully launched and MNT tokens have been distributed, GoldMint will eventually launch their very own PoS blockchain based on Graphene.
What is the Custody Bot?
Custody Bot is programmed for temporary holding, inspection, long-term storing and conveying of physical gold. It is programmed to inspect and store gold jewelry, coins or gold bullions.
Custody Bot carries out this function on all gold given them by small banks, non-credit financial institutions, pawnshops, and private individuals (among other parties). Also it is used in investing programs with cryptoassets GOLD and lending system secured gold.
Custody Bot is connected to blockchain where it storages data regarding all the gold things that were put in the box.
The Custody Bot is a groundbreaking new innovation.
Like explained above, it's a robot that manages the physical assets, and which is connected to the Graphene based blockchain.
The custody bot will be placed in different financial institutions.
When you put an item into the custody bot, it analyzes it through a weighing system and spectrometer, and then sends the information about the item to the blockchain.
GoldMint Team
The founder and CEO of the russian-based GoldMint team is Dmitry Plushevsky.
He is also the co-founder of Lot-Zoloto, which is a Russian gold trading company with a trading profit of $50.2 billion in 2017. One of his project developers from Lot-Zoloto is also on the team, as well as the Blockchain developer Anton Akentiev and CTO Konstantin Pichugin.
GoldMint ICO & Future
There is no exact date for the GoldMint ICO yet. The website shows a statement explaining that more information is to be released on August 20.
So if you want to invest in GoldMint, mark August 20 in your calendars!
The GoldMint team predicts that gold will mostly be stored, traded and invested in machines like the Custody bot, and that their GOLD token will become a major trading unit for this purpose.
GoldMint aims to disrupt the billion-dollar gold market and become the market leader in the cryptocurrency revolution of the market.
I think this project has a lot of potential, we'll see how it will develop in the future!
What do you think about this idea of a gold-backed cryptocurrency and a real-life Gold custody bot device?
© Sirwinchester
Who holds the gold? Because if you don't hold the gold you don't own it.
Exactly. If it comes to the crunch, the whole "gold backed" thing means nothing. And ETFs are not gold anyway.
this is very interesting, i would love to know what ETF exactly, if its GLD - the coin will rot cause the GLD fund rots. Paper gold turning digital, also very interesting. But its a way to purchase a 'real world asset' thank you for sharing.
Thanks for another great lead! There is too many cryptos to keep up with anymore :(
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Super Interesting!
Love this idea but I heard there were already couple of them out, not sure I would have to do more research 💯
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very interesting, definitely gonna look into these further...thanks for sharing @sirwinchester!
You're welcome and glad you like it!
This is an interesting project to watch. Thanks for letting me know about it.
tip! post
Thank you, I'm glad I could share some news!
Very interesting... and SHINY! I gotta get some a that sweet crypto gold!
Hahaha yes! This is truly next-gen GOLD!
who will control the custody bots? Whoever does has control of the real gold. I didn't see anything mentioned of independent audits. Otherwise, the blockchain could just be keeping tract of golden IOUs.
Very interesting! @sirwinchester Upvoted
Will this lower the gold price overtime? Because for one ounce of gold being Sold 100 times more? like how they do it with paper gold.
The opposite is true. Because the OTC markets are leveraged 100x or more paper vs physical gold, this makes gold supply 100x or more than it actually is. When any commodity becomes more available (more supply) the price will drop. By supplying 100x or more paper gold to the markets, this essentially is keeping the price of gold artificially low. Imagine if all of that demand were actually applied 1:1 to physical gold! This is why people say gold will go to 10,000 or more.
Backing a currency with gold. What a concept.
Source
We have now come full circle.
giod post @sirwinchester thanks for sharing..
Interesting, thanks :)
Interesting project! Its a good way people gives more value in the cryptocurrency because they see a real thing and not some numbers on the screen :D
Sounds pretty awesome and might do very well as gold is what backs fiat currency so doing that with a crypto might provide it some serious value. It would have to be able to be traded back into gold though at some point ?
interesting :) I must go and find more info :)
Very interesting great greetings from venezuela here I will leave a link for those who can help me thanks! https://steemit.com/help/@gr3g0r/hi-i-m-from-venezuela
This deserves some attention. Upvoted and resteemed :)
This looks promising, will be looking in to this. When Crypto meets Gold, things could get interesting.
As already been said, you don't own your gold when you don't hold it! And by putting it on a blockchain doesn't make it decentralized cause it's still stored in one single place. To me it's just a business idea to profit from the crypto hype.
Bullion dealers (JM Bullion, Provident Metals, etc.) are readily exchanging BC for their products, and they'll ship them right to you which, in a sense, adds physical precious metals to the exponentially growing crypto-currency basket. That would seem to go a long way towards stabilizing what should undoubtedly be a highly volatile emerging market. A lucky few become rich by speculating (and my sincere congratulations to those who've done well by speculating in cryptos), but the rich protect their wealth not by continued speculation, but through constant diversification of their assets. That, and staying away from abstruse gimmicks that reek of Ponzi-esque chicanery.
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WTF is "graphene blockchain?"
It is the inverse of a buckyball cryptoasset
The transaction fees are very high. Why do I want to pay 5% on buy and 3% on sell? Absolutely no value whatsoever to the buyer or seller.