Precious metals with tokens create the potential for fractional ownership of gold and greater transparency. Indeed, the largest bank in the world, JPMorgan, is ready to use its proprietary blockchain to tokenise gold, and Royal Mint has pursued technologies to achieve the same result.
As reported by CCN, some venture capitalists believe that Bitcoin will replace gold as a store of value. But what if you combine blockchain and precious metals? Financial centers and blockchain startups are studying the intersection of precious metals and blockchains.
JPMorgan, the most valuable bank for market capitalization in the world, intends to use its corporate version of the Ethereum blockchain, Quorum, to tokenize gold ingots.
First announced in October 2016 as part of the Ethereum Enterprise Alliance (EEA), Quorum is marketed as a blockchain-based system that aims to "significantly reduce" the number of parts needed to verify global payments by cutting transaction times "for weeks hours. "JPMorgan's blockchain initiatives leader, Umar Farooq, elaborated the tokenization:
"You wrap a gold bar in an electronically labeled tamper proof case, and they can trace the gold bar from the mine to the endpoint – with the case of use, if you know that it's a socially responsible mine, somebody will be willing to pay more money on that gold against if you do not know where it comes from. "Diamonds is another example."
He added: "We are the only financial player to own the entire stack, from application to protocol".
The potential for the blockchain and the gold market was recently underlined when, on 19 October, the London Bullion Market Association (LBMA), an over-the-counter wholesale market for gold trading and Silver, announced its plan to modernize transparency in the industry with blockchain.
While asking its 144 members (the world's largest gold refiners, banks and concessionaires) to submit proposals on how to trace gold from mines to their final destination and prevent gold bars from being counterfeited, it is a common theme emerged. Of the 26 proposals that the association received "from companies ranging from startups to major technology companies" including IBM, "more than 20 of the 26 responses" reported having used blockchain in their project drafts.
The Royal Mint, the official Mint of Great Britain, once tried to offer services that would allow businesses and investors to buy and sell digital tokens that represented physical gold through blockchain transactions. To be sure, the British government has stopped these plans.
Developed in collaboration with the Chicago Mercantile Exchange and using the technology of two blockchain startups, the Royal Mint system intended to make blockchain token transactions called Royal Mint Gold (RMG). The pawns digitally represent one ounce of real gold kept at the Mint facilities. The RMG price would have drawn the spot price of gold. The Mint planned to issue $ 1 billion in tokens and investors would be able to exchange RMG digital tokens via an institutional trading platform.
In addition to the aforementioned institutions, many projects focused on blockchain are working on projects related to gold.
The most established blockchain players (alphabetical order)
This decentralized autonomous organization, supported by Global Brain Corporation and Fenbushi Capital, has created a digital token (DGX) supported by 99.99% gold bars of refiners approved by the London Bullion Market Association. DGX is built on the Ethereum blockchain.
DigixDAO, whose token peaked at $ 553.80 per CoinGecko but currently stands at around $ 20, began trading in less than $ 1 at the end of September.
Paxos (Paxos Standard)
The Paxos of New York creates blockchain solutions for financial institutions. Their Bankchain product is a settlement platform that transforms post-trade through capital markets. Paxos Standard remains only at the expense of the price at which it started trading in October.
The New York Tradewind is adding physical silver to its digital trading platform six months after launching its digital gold product. "We are hearing from our dealer network that there is a growing demand from their customers to include silver on the platform," said Fraser Buchan, co-founder of Tradewind.
Tradewind is supported by operators in the gold sector, such as IEX Group, an innovative exchange; Sprott Inc., a global alternative wealth manager; and, Goldcorp Inc., one of the largest producers of gold in the world.
Veritaseum's precious metal tokens based in the USA VeGLD (Gold Token) and VeSLV (Silver Token) are fully redeemable for the bearer and 100% supported by gold or silver. The value of the tokens was designed to mimic the volatility of the major global currencies such as CNY, USD and EUR, reducing long-term volatility.
Precious metals are safely stored and secured with reliable deposits through COMEX-approved deposits for global redemption and delivery anywhere in the world. Veritaseum was founded by Reggie Middleton. Veritaseum intends to enable P2P-driven capital markets driven by software without traditional intermediaries, banks or exchanges.
Veritaseum (VERI) peaked at $ 466 on January 8, 2018. It is currently priced at $ 15.71.
Bitcoin Gold (bitcoingold.com)
Bitcoin Gold arrived at $ 456 in December 2017 as part of the bubble crypt, and today stands at $ 13.05. But, considering how many experts believe that Bitcoin is acting less like the "peer-to-peer electronic payment system" envisaged by Satoshi Nakamoto, and more like digital gold, Bitcoin Gold seems redundant.
CEDEX wants individual investors to exchange gold, silver and diamonds safely and simply. Sellers could list their precious metals on the CEDEX platform and then deliver them to a custodian, who would release them to the buyer once the transaction is complete.
On 6 September 2018, CEDEX reached its all-time high of 18 cents. Its current price is 0.04 cents.
Headquartered in Zug, Switzerland, the Darico Ecosystem revolves around the Darico Terminal. The company hopes its tools will allow users to monitor commerce, invest and spend cryptocurrencies from a single integrated ecosystem. DEC is currently trading on IDEX and Bilaxy. Five days after DEC's trading began on October 1, 2018, the price rose 0.08 cents. Its price is currently 0.07 cents.
Eidoo, based in Switzerland, is creating a more stable ERC-20 token by linking it to the price of gold. Each token, repayable for one gram of gold up to 99.9 percent, will be stored in its vault and checked every 90 days. The native token is "EDO".
"People will be able to see the gold stored in security stores through a video camera, we will post a link on the website so that everyone can check the gold," said Christian Christmas, the founder in Ferrara of the startup. "Every Ekon token will be supported by … [24-karat gold], then we will issue new tokens only if gold is available and only if the user has completed the KYC and all the legal requirements required by Swiss law. "Eidoo raised $ 27.9 million in a symbolic sale in October 2017. EDO peaked at $ 6.99 on January 8, 2018. Its current price is around 80 cents.
GoldMint (GOLD & MNT)
Moscow, based in Russia, GoldMint is a blockchain-based platform that uses GOLD digital resources, which are 100% supported by physical gold or exchange-traded funds (ETFs).
GoldMint helps traders and investors manage volatility risks and obtain competitive commissions on commodities sold through GoldMint to financial institutions, pledge centers and other stakeholders. The GoldMint platform leverages the private and individual gold trading market.
The company would also like to manage larger physical assets such as those of central banks and create an electronic payment solution not tied to the US dollar like the Tether of the cryptographic network, but rather to the physical gold. The company also provides a peer-to-peer loan system for gold loan.
GoldMint depends on two native tokens, GOLD and MNT. The first is an investment tool that is fully backed by physical gold and / or an exchange traded fund (ETF). A GOLD token is the equivalent of an ounce of gold on the LBMA. MTN is GoldMint's native cryptocurrency and is used to confirm GOLD transactions. The GoldMint miners, the amount of MNT reflects how many positions or blocks of transactions they can accept. GoldMint tokens are available on EtherDelta and YoBit. Listed as MNTP on CoinGecko, this token was trading at 0.80 cents in June 2018 and is currently priced at 0.23 cents.
Global Gold Token (GGT)
The Global Gold Token (GGT) started trading at around $ 1.21 in late October, and currently trades for around 0.44 cents.
HelloGold, based in Malaysia, allows users to buy and sell instantly, send gold to anyone with a HelloGold account, withdraw money and redeem physical gold on their app. The currency is in exchange EtherDelta, Coss and HitBTC. Starting from the peak price of 0.22 cents in January 2018, the HGT fell to 0.002 cents.
KaratGold is based in Stuttgart, Germany. Each coin represents a certain weight of gold and can be exchanged for physical gold in the form of a CashGold. On 4 July 2019 100 KBC is equivalent to 1 g of gold. The exchanges with KBC include YObit.net, Coinbe, Hitbtc and Coinsuper. After reaching a historical high of 0.02 cents in September 2018, KBC suffered a price decline. His current valuation is less than 0.19 cents.
PureGold (PGT and PGG)
Headquartered in Singapore, puregold.io has two tokens. PGT is for transactions and PGG is a digitized form of physical gold. PGG is the native digital token dedicated to cryptographic transactions enabled for gold. PGT is available in the Token Store. The PGT was traded for the first time on October 19, 2018 and, according to CoinGecko, at a price of around 0.20 cents. It is currently trading at 0.03 cents.
GoldFinX (GFX) provides funding for artisanal gold mines (ASGM) from around the world and obtains the share of their production in return. The first gold production will be delivered within the second quarter of 2019 and will accumulate and will be archived indefinitely to support the value of the GiX coin. The pre-sale started on 1 July 2018 and ended by 31 December 2018. GiX ICO was launched in January 2019.
ICO TruGold will run from 19 February 2019. TruGold is an electronic distribution system to digitize gold production for daily peer-to-peer transactions or to redeem physical gold.
Well seen projects
Anthem Gold (Anthemgold.com)
Anthem Gold is a cryptocurrency developed by Anthem Vault Inc. Each ANTHEM (AGLD) is supported by one gram of physical gold, with a security guaranteed by a non-bank operator and fully insured. Anthem Gold is connected to Anthem Vault, which since 2011 purchases and sells cryptocurrency for gold.
Emergent Technology Holdings, headquartered in the United States in February 2018, announced its "Responsible Gold" supply chain along with "G-coin", a digital token based on "responsible gold". gold from the miner to the refiner to the vault. "The company's partners include key industry players such as Valcambi Sa, Asahi Refining and Yamana Gold to structure the G-Coin tokens.
In an interview with CNBC, Emergent's chief sales officer, Mitchell Davis, told CNBC that the company's approach was "fundamentally different" than others in space because of their focus on " responsible gold responsible ".
"G-coin", according to reports, was created with the NYSE-listed Canadian mining company called Yamana Gold. A coin is equivalent to one gram of "responsible gold" and is pegged to the spot price of gold. G-Coins are by invitation only.
Which Blockchain-based gold projects are the best?
The industry that seeks to place gold on the blockchain is nascent, and the large players are positioned to ensure that, in the event that blockchain becomes a viable way to manage gold trading. , have the tools and technologies to participate in the market. It is difficult to recommend a new gold project when JPMorgan is working on a platform designed to do the same.
However, projects like Paxos have been around long enough and have made sufficient progress at that time, to be considered a leader in gold in the blockchain space. Veritaseum and Digix have both enjoyed media coverage and are available for negotiation at this time, but neither has made so much progress in the tokenisation of gold to be a safe bet. For now, I will remain at the edge of the crypto-golden market. Considering that Bitcoin has long been called "digital gold", I would first participate in that market.
Sudan gold coin
Tiberius Coin (TCX)
London, United Kingdom
OneGram Coin (OGC)
Dubai, United Arab Emirates.
Dubai, United Arab Emirates.
The Midas Touch Gold (TMTG)
Seoul, South Korea.
Crystal Palace, BTC City, Ameriška ulica 8, Ljubljana, Slovenia
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