Tuesday, March 27, 2018

G-Coin: You guessed it, it's a new week so that means it's time for a new gold backed cryptocurrency

So far our prediction that 2018 would be the year of the resource backed cryptos is following through like clockwork as the 35th gold backed token has made its way to the forefront here on March 27.

G-Coin is a gold backed 'token' which is partnering with Yamana Gold to provide investors and savers another opportunity to participate in both precious metals and the Blockchain.

Emergent Technology Holdings, a US-based FinTech company is planning to release the “g-coin”. A digital token that will be fully backed by gold in an effort to create a way to trade the precious metal with more liquidity. 
Similar to the way other companies are developing ways to encode and track seafood using blockchain technology to ensure humane and legal fishing practices the company hopes to digitally encode the gold supply chain to reinforce ethically mined gold. 
Emergent is partnering with NYSE listed Yamana Gold to create “g-coins”. Each coin will be backed by a gram of responsibly mined gold which has been recorded through each stage of its processing as it travels the supply chain. 
By encoding and tracking the gold the company will be able to ensure the provenance and purity of the gold. The “g-coin” as a blockchain based asset will be a certificate of ownership to be used like any other currency for investing or as payment for goods and services. 
By using blockchain technology, Emergent is hoping to make the process of taking gold from mines to vaults easier while ensuring that every step in the supply chain is handled in an ethical way. As Davis wrote in his email discussing the “g-coin”; “You’ve got a trusted asset that is liquid, is traded globally and is fully backed by gold,” – BTC News

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