A Gold Standard for and by the Masses.

in bitcoin •  3 months ago

A new Gold Standard is arising and it will incentivize the use of gold as money. Be a part of the change and win $10,000 in gold and silver.
Participate and win STEEM; details at end of article.


The problem: People tend to hold good money.

Money is a means of transferring value. Money in its modern state, fiat, is one of the worst stores of value and thus people are inclined to spend it. The transient nature of fiat’s value pushes people to spend it and this provides fiat with the velocity needed to sustain its prominence.

Velocity of money is the rate at which money moves from one holder to the next.

Fiat, which possesses constant depreciation of value, is easily spent by people as they do not fear that it will have a greater value tomorrow. This turns fiat into something that is easily spendable: a means to transfer value. If something that appreciates in value is introduced as a money, it will not be spent and would innately become a pure store of value rather than a transfer of value.

People’s innate desire to hold appreciating assets rather than spend them renders such assets as poor means of value transfer.

A new fintech startup, Kinesis, is designing a new monetary system which is the evolution of the Gold Standard. Kinesis has come up with a means to ensure that gold, despite being a strong store of value which may be worth more tomorrow, is spent.

The development resolves the dilemma of people’s innate desire to hold good money and thus reestablishes gold’s utility as a currency.

Incentivizing Velocity of Good Money


Gold is one of history’s proven and strongest stores of value. However, its weight and lack of divisibility made it an inconvenient currency. Moreover, in this digital age, a purely physical currency is extremely limited in utility.

Thus, a new protocol, built atop a Stellar fork, has been created to tokenize both gold and silver.

Kinesis protocol emits gold- and silver-backed money.

Kinesis, leverages blockchain technology to allow anyone to use fiat or cryptocurrencies to buy physical gold directly on the open market, store it within a trusted network of depositary vaults, and then mint the gold-backed coins. Rather than a central entity controlling the creation of money, Kinesis allows the masses to mint money as long as they possess the gold to back it.

However, people have become accustomed to purchasing gold and holding on to it as a store of value. Were Kinesis to provide the world with a gold-backed currency, people would just hold on to it. Thus, for tokenized gold to be genuinely utilized as a currency, there’s a need to incentivize its use.

Kinesis Velocity Token

There’s an incentive to hold gold as people presume it will appreciate. Thus, Kinesis has created the Kinesis Velocity Token (KVT), which provides people an incentive to both tokenize physical gold and then spend it.

As it stands, Visa alone delivers $2 trillion in transactions every year. Cashless payments are growing and, while Crypto is a disruptive solution to the market, payment cards are a convenience people are using more frequently. Thus, Kinesis has developed a payment channel for its gold- and silver-backed cryptocurrencies, thereby allowing them to be compatible for spending via payment cards. Therefore, Kinesis takes advantage of the two leading payment technologies: cryptocurrencies and payment cards.


The first of its kind, the Kinesis payment card is a means to transact, across the world, with tokenized gold.

As the precious-metal backed coins created through the Kinesis protocol can be used at any point-of-sale system, adoption will be greatly eased. The transactions on the payment cards will face a fee, just as payment cards do at present. This fee will be utilized to drive project growth.

The fees incurred by the Kinesis protocol will be used to incentivize the Kinesis ecosystem and user base growth.

All holders of KVTs will be given up to 20% of the fee. Thus, KVTs are a token that ensures the success of the Kinesis Protocol is rewarding to the community on a life-long basis. There’s no limit to the net rewards that can be incurred; there’s no expiration of the rewards; there’s no date at which the rewards cease.

Setting Things in Motion

Enabling easy spending of tokenized gold and silver is not enough. There must be an active community handling the tokenization of the process or the system risks becoming centralized.

In order to encourage a p2p ecosystem for the creation of gold-backed money, there are incentives for creators of the metal-backed cryptocurrencies, those who initiate the money’s velocity, and those who attract users to the ecosystem.

  • Kinesis incentivizes the minting of tokenized gold and silver. Kinesis will not control the flow of metal-backed currencies; people will. If the market feels the demand for tokenized gold and/or silver is growing, they’ll be able to buy gold and silver through crypto or fiat, and then tokenize it. This process will be called minting; minters will be given a 5% reward from the collected fees.

  • Community members who buy gold- and silver-backed money and then initiate its velocity by being the first ones to make a transaction with them, by depositing them into a personal wallet, will be entitled to a depositor’s yield. This yield will be earned on the lifetime of the coins they set into motion; the reward will be 5% of the network fees.

  • The most crucial role in the growth of the Kinesis ecosystem will be the attraction of merchants who accept the metal-backed currency and people who use the metal-backed currency. Thus, those who grow the ecosystem will be rewarded with 7.5% of the fees generated by the network users they add.

A Gold Standard by the People

The traditional Gold Standard, while backed by gold, had its caveats. The gold-based money was created by the government. Thus, the masses had little to no control in the creation and flow of money.

Kinesis is delivering the evolution of the gold standard and it involves more than just the tokenization of precious metals.

Rather, Kinesis is not only giving the power of creating a gold-backed currency to the masses, but also rewarding them to do so. Moreover, rather than relying on banks to set money into motion, Kinesis encourages people to act as depositors and set gold-backed money into float.

The modern Gold Standard will be backed by gold, on par with the needs of the digital age through tokenization, and created and distributed by the masses.


$10,000 for YOU

Join the Kinesis community and win gold and silver!
Simply answer the Kinesis Gold Hunt quiz and you’ll stand a chance to win thousands of dollars in precious gold and silver.

Join the competition here.

First Prize: 100 gram PURE 9999 Gold Bar (~$4,300)
Second Prize: 5 kilograms of PURE 999 Silver BAR (~3,200)
Third Prize: 1 ounce Gold Bar (~$1,300)

3 Additional Winners: 10 grams of gold bullion each (~$430)

Free STEEM


You must resteem this.
Answer this quiz. When you are done, you will be taken to a "thank you for participating" message.

Post a screenshot of the "thank you" message, and I'll deliver 1 STEEM to you. 30 people. Once per person.
Yes, you're getting 1 Free STEEM to participate in a free $10,000 give-away.


Show off YOUR Talents: Win $430

Kinesis is also hosting a competition for video content creators.

Create an interesting video about gold as a currency and win 10 grams of gold worth $430.
Here’s some inspiration for you:




Essential Links


🌐 Website: http://bit.ly/SteemKinesis2
💡 Whitepaper: https://kinesis.money/documents/translations/kinesis-whitepaper-summary-en.pdf
👨 ANN Thread: https://bitcointalk.org/index.php?topic=4502836.0
💻 Telegram: https://t.me/kinesismoney


Connect with me:
https://bitcointalk.org/index.php?action=profile;u=1700741;sa=summary

My
PM Me on Telegram https://t.me/HatuSSS



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Should be interesting to watch how the Crypto will interact with Gold.

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Will be interesting to see if people use Gold to hedge BTC like they currently do with the USD.

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Its sound cool.

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Your comment doesn’t sound cool.

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Not for Americans...

I'll continue buying gold and silver that I can hold in my hand.

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The KVT is limited during the ITO.
However, everyone is welcome to use and/or mint the metal-backed coins.

Thanks for sharing about kinesis.
You magnificently described the assets appreciating in value.
The comparison between fiat and gold was awesome.

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awesome!

Curious to know if there are other projects like this already out and if so, how is this unique? Definitely like the idea of essentially tokenizing existing assets to make transactions easier and faster.

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Tokenization of gold has already been dabbled with. However, this is the project to turn that tokenized gold into a global currency. ABX.com is initiating Kinesis; the parent company has the infrastructure and reach to access massive amounts of physical gold, connect market makers, and provide payment channels.

can US citizens participate in the ICO?

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Accredited investors only.
However, the metal-backed coins will be open to all.

Gold is a great storage of value, but is a terrible currency. The reason: there just isn't enough of it in existence to allow everyone on earth to have even just a tiny amount. As long as the gold backed crypto doesn't get adopted in mass it will work. If we assume that the gold is stored in vaults and the Kinesis Velocity Token (KVT) is adopted in mass, the currency will fall apart because there isn't enough of it to go around. This would in turn drive price through the roof. The lasting effect is that we can no longer use gold in our consumer products due to scarcity and we will suffer a technological setback.

The storage of real gold in vaults will inevitably not match the circulating supply of the backed currency as there is no way around it if adoption goes widespread. The options are to allow the currency to fail to function as a currency and cause gold to be unobtainable, or just lie about the amount of gold that exists in the vaults. It would be soooo much more valuable to just lie about the supply of gold.

The price of precious metals are already being manipulated by banks. This gold backed crypto would only make it easier to manipulate price.

Do yourself a favor and simply calculate the total amount of gold ever mined and multiply it by the price. You will find out there is only enough gold to put approximately $1.00 in every person's pocket in the planet. As long a cryptocurrency adoption remained small like it is today, the gold backed currency would work, but it would soon break if mass adoption were to take place.

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$1/person? You think mined gold is valued at just $7B? Daily gold trade is over $32B.

Kinesis does not mint the tokens nor are the tokens backed by gold exclusively held by Kinesis vaults.

People mint it. Any trusted vault may store it. It's an open network so the amount of gold being stored cannot be falsified.

As for gold needed to support this, I raised that question too when I met the team.

Present net gold supply is valued at $7T. To support this network, were the whole world to adopt it, price would appreciate.

Industries won't be affected as gold is sparingly used in manufacturing. The few products that do use it would apply close substitutes or use the newly priced gold. However, as gold would be only one component, final price won't be affected much.

Russia has been increasing its gold reserves and Kazakhstan has also boosted its gold holdings in the past 30 days. China has been doing the same for the first time in more than 2 years. Only a matter of time ;)

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Time to turn gold into a store of value that is also a transfer of value.

Why did you use the bitcoin tag if your post has nothing to do with bitcoin and doesn't mention it once?

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Implied relevance: BTC's popular reference as digital gold.

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It would make more sense if you used relevant tags instead of popular ones that don't apply.

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I submitted the response and resteemed the post.
Unfortunately I clicked "GO BACK" before taking the screenshot and lost that screen.

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I'll take your word for it. :)
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Here you go.
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Cool screenshot buddy!

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Done

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Upvoted and Resteemed

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Thanks, @hatu

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good

thank you for this great contribution

Great

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You have already claimed the prize.

Great!
Thanks for this!

My friends how are you

Hello @hatu thank you
Voted and reesteemed
Thanks dear

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Fake.

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Fake

Hey @hatu steps were done. Thank you
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Fake.

THIS DUDE LOOKS LIKE THE MONOPOLY GUY BUT ALSO A REGISTERED SEX OFFENDER HAHAHA

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Harsh. 😂

great article!!!!

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Thank you.

This is my entry
Good luck everyone
you're the best @hatu
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Fake.

Thanks for this precious information

gostei estamos juntos nisto!

Submitted my answer

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You already received it.

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Yes but I think there is second chance 😞😞😞😞😞😞😞😞😞 I lost the chance to get one steem

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Excelente post.. De verdad se gana tanto?

what's up friend. you are awesome teach me how to get to your level so that with just publishing something you have as many votes and comments as you did man?

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Should be interesting to watch how the Crypto will interact with Gold.think u

i done, hope i can win the main prize.
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Good luck!
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Here it is Sir, nice initiative. I even reposted it on my own cryptocurrency twitter #AliencoinOfficial :)

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Appreciate the support!
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Also like this post

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Thank you.

Hi @hatu thank you for making these informative posts. Gold is one of the most important natural elements that will take more importance, recently I was reading about this. Now with kinesis I have more interest. Very interesting the contest. Everyone to participate

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Glad to have you aboard.
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I have never heard about this,the contest is very good, not only for the quiz but also for the opportunity to make the video for those more creative people. We are learning daily. big thumps up
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That was too fast to capture so i went to my email @hatu
Reesteem done
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I want to start earning money

Interesting and full useful bolog I strongly recommend it and voting and of course restreem. All the best from @aple

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I designed the thread for this project. All the best.

It is shared from medium. copyright content.

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The post on Medium is (1) by me and (2) published after this one.

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Resteemed

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good!

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Upvoted and Resteemed

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It will be very interesting when Russian decide to accept Crypto on July 2019

Submitted my answer. I am seeing a great future ahead of this kinesis

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You have already claimed the prize.

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Okay. Yea.

awesome video

Done

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This is a fantastic opportunity. Thank you so much @hatu
quiz done, reestem done.
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Good to find this kind of post,
I love gold hatu
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"Kinesis is not only giving the power of creating a gold-backed currency to the masses, but also rewarding them to do so. " Thats is so good <3
Reesteemed and upvoted

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excelente información!!

Thank you, @hatu for sharing Kinesis with us. It definitely has a lot of great potential. I'm excited to see what the future holds for Kinesis. I also Upvoted and Resteemed the post :)