DIGITAL GOLD: TOKENIZING THE PURE GOLD MARKET

100bnbwin
4 min readNov 18, 2022

The innovation of blockchain and cryptocurrency has revolutionize the world system. This innovation is gradually taking effects as there are numerous people into the cryptocurrency market, but there are still many that were still doubting the system. One of the reasons why there are still low turnout on the numbers of people that has adopted the uses of cryptocurrency is because this digital currency was not backed by physical assets. The cryptocurrency space is very volatile in the sense that your $10 investment can turn into $200000, and also there is a tendency for your $5 million investment turn $8 overnight. All these are things giving people double minds on whether to adopt cryptocurrency or stay off. However, Digital Gold is a new platform that want to revolutionize the digital currency ecosystem. Digital Gold has staged a plan to back cryptocurrency with a physical asset like gold.

DIGITAL GOLD

Digital Gold is a project created to back cryptocurrency with physical gold. Digital Gold idea is to make cryptocurrency adopters to have a coverage in physical gold while investing on digital currency. This makes the platform to create a cryptocurrency called GOLD; it was built on ethereum blockchain and it is fully backed by physical gold. The aims of Digital Gold is to enhance the financial market of cryptocurrency. The GOLD token was designed to be a stablecoin which the price will not be altered irrespectively the volatility of crypto market and it is going to be peg to the exact cost of physical gold.

Digital Gold will make it possible for people to buy grams of physical gold with the GOLD token. This means someone with 1 GOLD token can buy approximate 1 gram of 99% of fine gold. So with Digital Gold and tokenizing this ecosystem, it will be easier for people to store, buy, sell or trade their gold. This will further opens another opportunities for people to do gold business in an easy way. Digital Gold platform has also build a safe vault in conjunction with BillionStar to be saving the gold people buy with GOLD token.

PROBLEMS DIGITAL GOLD WANT TO SOLVE

I believe we all know that the physical gold is very precious, very difficult to see and its market are rare. Many people wish to go into the gold business but the space gives a little room for people to sell, buy or exchange it. The transaction fees are very high while the service charge levied on storing a physical gold on banks or vital store room are very high. To buy or hold gold in this current system, you are expected to undergo intensive verification process of your identity. This will expose your data and information to the third party. All these challenges are what Digital Gold is aiming to address and revolutionize.

BENEFITS OF DIGITAL GOLD

Digital Gold will make it possible for people to buy, sell and do gold business easily just like the other business. Through this means, there will be no bogus transaction fee for acquiring or selling a gold; people can order for gold at their convenient time and make payment in an ease way. In Digital Gold provides a storing vault to help users of the platform store their gold and the charges for storing service are very cheap when compared with the conventional way of storing gold.

This platform can make you hold physical gold without undergoing any kind of identity verification. The Digital Gold innovation will make holders of physical gold to be anonymous. The platform will provide adequate liquidity for gold market where at your own convenient time, you can buy any quantity of gold you like and you can also sell or exchange immediately.

THINGS YOU NEED TO KNOW ABOUT THE GOLD TOKEN

The GOLD token was built on ethereum blockchain (Erc-20), it is a utility token. The GOLD token can be used to buy physical gold, sell the gold in exchange of GOLD token, and also use it to pay for storing services.
The price is peg in a such a way 1 GOLD token can acquire about 1 gram of 99.99% FINE gold. The GOLD is a stablecoin coin that have a stable price. The GOLD token price doesn’t get altered despite the volatility nature of the crypto market.

CONCLUSION

In the conventional system, acquiring of gold is not easy because of the processes people undergo before they could acquire it. They will go all through the length of doing identify verification (kyc) before they could give them a chance to buy it. However, the Digital Gold platform has revolutionized the ecosystem, Digital Gold has tokenized the gold market. This means people can buy pure gold with the platform’s GOLD token at ratio of 1 GOLD token for 1 gram of 99% FINE gold. So clients don’t need to undergo kyc process before they could acquire the pure gold, and these platforms will create an easy market for gold business.

For more information about this project, kindly visit any of the links below:

Website: https://gold.storage/

Facebook: https://www.facebook.com/golderc20

Twitter: https://twitter.com/gold_erc20

Medium: https://medium.com/@digitalgoldcoin

Telegram: https://t.me/digitalgoldcoin

Writer: adibakala

Bitcointalk Profile link: https://bitcointalk.org/index.php?action=profile;u=3403543

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