So far, In an orthodox economy we used to purchase & sell assets like Gold, diamond or any other precious metals physically with Fiat currencies but,
now the time has changed, digitalization is overtaking the conventional economy of selling & buying the products.
DLTs like Blockchain technology is tremendously contributing towards making this change . It has surreptitiously changed the scenario of centralised economy.
Digital Gold project is one such project which is a blockchain based project. Let's go through it.
• What is Digital Gold?
As I mentioned above in brief, #DigitalGold is a Blockchain based project, designed for digitalization of financial markets especially in physical gold market.
It'll tokenises the purchasing of physical with the ERC-20 ethereum based #GOLD tokens.
• How will it work?
The #GOLD token is completely backed by physical gold. Customers can purchase the #Gold token by using the platform Instantly.
Each #GOLD Coin is equal to 1 gram of 99.99% FINE gold which is stored in company's vaults.
This will ensure customers to purchase the value of real gold digitally without being purchasing it physically.
So, user can indirectly use the value of gold to make monetary transactions & leverage it as a wealth storage method.
Also this can be achieved by without follow any complicated procedures as in centralised conventional economy.
#GOLD token price will be less volatile unlike many other Cryptocurrencies or infact it will work as a stablecoin since token value always be equivalent to gold spot price.
• Benefits of using digital #GOLD !
Blockchain based #GOLD token can be used as a value of real gold without being possession of gold physically all the time. Except this various applications & usecases are there including low cost & instant transactions made via ethereum Blockchain, immutability for all confirmed transactions, smart contract functionality & most importantly protection from cyber malpractices.
• Digital Gold Marketplace
Users can utilise the digital #Gold marketplace to instantly purchase and/or sell the #Gold token without thinking about the liquidity as the parent company will take care of that.
Digital #Gold project is not doing an ICO as it is totally a self funded project. Thus if you purchase any amount of #GOLD tokens, you are automatically purchasing the the equivalent amount of physical gold.
• Digital Gold Features
1• Low cost transaction fees
As mentioned above ERC-20 based Gold token ensures the minimal cost of transfer as the 'gas' fee of ethereum Blockchain. Means the transfers of tokens is free across the world.
Except this a miniscule service cost also has to be paid by the user just like the bank or any gold depository would take as storage fee.
It'll be ~ 0.99% per annum which is also very less as compared to Bank or any depository.
2• Stable price, no risk of security & easy to trade
As the #Gold token is backed by physical gold, the price of the token will be less volatile.
When it comes to security you don't have to be worried about it since project company with take care of that. You don't have to do the paperwork along with this too.
Also anyone doesn't need to worry about the purchase or sell. #Gold token can easily & instantly purchased, sold & traded.
3• High Liquidity of Digital Gold
The token issuer company DIGITAL GOLD LIMITED ensuring its user a High liquidity all the time irrespective of market conditions and time.
Means service will be available 24/7.
• Roadmap
The project roadmap will tell you about plans company has decided.
#Gold coin is already exchangeble at its official platform https://gold.storage/ with other Crypto like BTC, ETH etc.
It is also listed on https://cryptex.net/trade/GOLDUSD & team is planning to list #gold coin in various other exchanges too.
So personally I see the #Gold project as a huge success not only because of what this project promises to deliver but also because the long term vision this project has.
In my concluding remarks, I'd like to highlight what I like most about this project,
1• You will have less volatility with this Crypto Asset unlike most other Cryptocurrencies &
2• The project is completely backed by gold.
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
Author- Sumit Bisht
BTT username - Sumit44
BTT profile : https://bitcointalk.org/index.php?action=profile;u=2396148