Hello guys, today I will introduce GOLD Stablecoin. First, let me talk briefly about the gold of the present.
What is gold?
Gold is a monetary asset that countries hold in their international reserves and is sometimes used to pay for balance of payments deficits. In the past, many countries have adopted the gold standard, where gold is used as the basis for domestic supply and payment of the balance of payments deficit. But now the gold standard has switched to token mode based on notes and coins. In the international arena, gold and some currencies such as dollars and pounds are also used as reserve assets.
In 1934, in a currency agreement signed between three countries, the price of gold in the USA, England and France was valued at 35 US dollars. This price was officially adopted by the member states of the International Monetary Fund (IMF) when it was established in 1947. In the IMF’s fixed exchange rate system, gold was used as a unit. Determining the parity value of member countries and member countries should be responsible for presenting 1/4 of their limit to the IMF in gold. Gold continued to play a key role in the IMF system, and its official price remained at $35 per ounce until 1971, when the IMF’s fixed exchange rate system gave way. for variable rate systems. However, countries find it increasingly difficult to maintain gold prices as industrial materials and jewelry purposes increase. A gold reserve fund was created in 1961 to regulate the gold trade; but in 1968 IMF members were forced to accept the inevitable and a two-price structure was established. Gold is valued at $35 per ounce for official transactions between IMF central banks, while the free market gold price is determined by market factors.
Since 1972, gold is no longer accepted as the IMF’s means of payment, instead being replaced by Special Drawing Rights (SDR). IMF members should surrender their quotas, not gold. Apart from the IMF, gold continues to take its place as the most important component of international reserves. The appeal of using gold as a reserve asset is that, unlike the paper currencies of countries that are essentially worthless, gold has a convertible value because it is used in industry and jewelry materials. But holding gold also has the disadvantage of not being profitable like other assets (stocks or bills).
What is GOLD Stablecoin?
As I mentioned, there are stable coins based on dollars or euros in the system, but investing in them would be a very silly business. At the end of the day, your 1 dollar will still be 1 dollar. Things are a little different with GOLD Stablecoin. Each GOLD token is pegged to 1 gram gold. In other words, when you buy GOLD Token, you are investing in gold. As you can see the system is quite simple. So why do you need to buy Gold tokens instead of physical gold? I will talk about this in the advantages section.
What are the Advantages of GOLD Stablecoin?
1- Security issues arise when you buy physical gold. You have to find a safe enough place to store your gold. Most investors keep their gold in the secret compartments of the house, which we call under the pillow. This is a big risk for your investments. If you keep your gold under the pillow, you will definitely make the thieves very happy. In the new system created by GOLD Stablecoin, you can sleep comfortably in your homes while the gold is stored in a secure steel safe. Safety should be the top priority in any investment.
2- If you keep your gold in the bank, you will pay high cashier fees every semester. GOLD Stablecoin is an ERC-20 based ethereum token. Whether in your paper wallet or a hardware wallet, you can have your gold safely stored for free.
3- Buying and selling gold is a difficult business, and when you perform this action through the bank, you will have to pay high costs. Every time you transfer or make a purchase, banks take money from you under the name of commission fee. In the GOLD Stablecoin system, it is free to transfer your gold. You can easily buy and sell your Gold tokens either on your own website or through brokerage firms. It will be very pleasant to carry out this action without experiencing liquidity problems.
4- Another important feature is the privacy that Gold Token will provide to you. When you buy and sell gold in a jeweler or bank, everyone knows the amount of your gold or who you are. GOLD Stablecoin, on the other hand, allows you to quickly perform these transactions without revealing your identity.
Conclusion
Unlike different forms of cryptographic money, the principle of the void of gold-backed tokens is that they reduce the chances of downside offering, as financial experts can trade these tokens for gold. Next, speculators should not lose all their cash due to the market crash; fill in the bullion estimate as a multiple (the cost of a gold-backed digital currency is consistently anywhere equivalent to the spot cost of gold). At this stage, there are no swap payments, sufficient liquidity and 100% backed by pure gold. I think it is a project that will contribute to the development of cryptocurrencies. I will share the links of the project and my contact information in case you want to contact me so that you can make a more detailed examination. Kind regards.
Website : https://gold.storage/home
Bitcointalk: https://bitcointalk.org/index.php?topic=5161544
Technical Document: https://gold.storage/wp.pdf
Medium: https://medium.com/@digitalgoldcoin
Facebook: https://www.facebook.com/golderc20
Twitter : https://twitter.com/gold_erc20
Telegram: https://t.me/digitalgoldcoin
Name: 100bnb
Eth: 0x72d6d56cc2edf37559df7fb130ddc4756bd2793d
Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=3480812
