Tuesday, August 8, 2017

Singapore based GoldMint is the next gold backed cryptocurrency to hit the market

It is fascinating to see that a pseudo return to the Gold Standard is coming first through the cryptocurrency sphere, and not from central banks or governments who have tons of gold held in reserve.  And while the vast majority of cryptos remain backed simply by confidence and mathematical algorithms, in between are resource backed cryptos that are providing individuals the means to store their wealth in gold, while also having the freedom to use their money in the form of a digital currency.

And the newest gold backed cryptocurrency just launched on Aug. 7, and is the brainchild of a Singapore based company.

On the 7th of August, 2017, the GoldMint project is being launched to provide gold ownership solutions for cryptocurrency investors. Physical gold is an age-old method of payment and wealth preservation, due to its brilliance and value. Owning gold, however, requires expensive security, safekeeping, and insurance, in addition to being illiquid. GoldMint’s modern solution to these inherent problems is GOLD, a 100% gold-backed token. 
Gold & MNT Tokens 
Taking all of the security advantages of its yellow metal counterpart, GOLD tokens are a stable, transparent and non-volatile means to hedge your crypto portfolio from wild market swings. GoldMint will ensure the coins persistent value using paper assets (ETFs and futures) as well as physical assets. Additionally, GOLD holders will be able to use their tokens in guarantees, loans, and escrow services. GOLD will be subject to a 5% purchase and 3% sale fee. 
GoldMint will also release MNT, its utility token used for operations, implementation of smart contracts, and for rewarding block creation and transaction confirmation. For facilitating the blockchain, MNT owners will receive 75% of the commissions taken from processing GOLD transactions. Initially, MNT will be sold and distributed on the Ethereum blockchain. After MNT is distributed, Goldmint will launch its own PoS blockchain based on Graphene. Thus, it will be safer, more productive and faster. 
Cutting-Edge Blockchain Integration 
GoldMint will incorporate several technological advancements into its project: Custody Bot, the Graphene based blockchain, and its own custom API. 
Custody Bot is a blockchain connected robot programmed for inspection, temporary and long-term storage, and transfer of physical gold, jewelry, coins, or gold bullion. The groundbreaking unit will be installed in small banks, non-credit financial institutions, and pawnshops, as well as used by private individuals. When an item is placed into the Custody Bot, it conducts analysis using a spectrometer and state of the art weighing system and then stores information about weight, quality, and value on the blockchain. 
For merchants and developers, GoldMint will release its API for the development of third party apps and other interfaces. Use of the API will allow online stores to take GOLD as a payment method, enable loans to be secured by banks and other MFIs, and implement other services such as escrow accounts and financial guarantees. - Coin Speaker
Perhaps what is most interesting about GoldMint is its intended App which will link multiple financial centers, including that of Pawn Shops, to its cryptocurrency during the transaction processing of gold.

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