New Coin is backed by GOLD!

in bitcoin •  3 months ago

There was a time when fiat currencies were backed by gold.

Today, every country issues currencies that are backed by nothing more than the issuing government's credibility; these currencies are valuable due to people’s agreement to attach a value to them. Monetary policy and foreign reserve levels are the deciding factor of a currency's valuation against other currencies or commodities.

A common argument utilized by cryptocurrency believers to nudge away accusations, that cryptocurrencies are valued based off nothing, is to take a stance that fiat currencies are not back by anything either. Both fiat and cryptocurrencies are backed by one thing: enough people's desire to attach a value to them. There are already more cryptocurrencies than fiat currencies and this gap continues to stretch every day. There is enough opportunity in this market to allow the innovative freedom to create a new currency that follows any construct mechanism.

Darico is an upcoming project whose team is going back to the age-old concept of backing a currency with assets. A portion of the funds raised through Darico’s ICO will be dedicated to purchasing highly liquid cryptocurrencies, bitcoin and ethereum, and history's most trusted storage of value, gold.

The goal off this is not to take a jab against fiat currencies but to actually provide an operational value. Darico is creating more than just a currency; the Darico Ecosystem Coin is the means to access all the services offered by Darico. As the ecosystem is expansive and includes a wallet, an actively managed index fund, an exchange, a payment gateway with its own debit card, and a news terminal, there is plenty of value to be attained by transacting the DEC on the Darico Ecosystem.

Sustaining Liquidity

Darico undoubtedly aims to provide a wide menu of services, but cryptocurrency trading can occasionally hit plateaus in which trading volumes can be drastically low. These occasions result in a low liquidity and Darico's purpose for backing its tokens is to create a liquidity pool, 35% of which will be gold, 55% will be bitcoin, and 10% will be Ethereum.

The legacy coins being bought with a portion of the ICO funds will ensure that Darico is able to provide the necessary liquidity to sustain DEC value even during times of sluggish market volume. As bitcoin and ethereum are the standard crypto pairs for tokens, and are accepted by every crypto trader, a liquidity pool comprised of these coins ensures the Derico Ecosystem Coin can sustain some degree of liquidity.

A portion of the liquidity pool is dedicated to gold. This too isn't for an edgy marketing ploy but to ensure that this can be the token that can sustain even the worst liquidity plateaus possible. If an unforeseen event were to severely destabilize the crypto economy, even legacy coins like bitcoin and ethereum could face an unprecedented level of volatility and low fiat pairing volume. In such a time, the fund's decision to dedicate a portion of the liquidity pool to gold would provide an invaluable purpose.

Darico’s team is a pioneer in taking measures to ensure the coins they are issuing are able to retain liquidity.

Darico Essential Links


🌐 Website: http://darico.io/
💡 Whitepaper: https://darico.io/en/Darico-Whitepaper.pdf
👨 ANN Thread: https://bitcointalk.org/index.php?topic=2852281
💻 Telegram: https://t.me/joinchat/FnQXt0xwkfTn_3V1KU98Jg


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A gold-backed cryptocurrency will only be successful if it can build trust with users, who will need to believe they can store value safely. To build this level of trust, operators need to be transparent with their underlying gold holdings and conclusively prove these holdings are relative to the coins they’ve issued.

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that is very wise comment @bimboola42

I agree. it may take some time to build this kind of trust

yours, Piotr

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Yes. Thanks for the compliment.

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You're right.
This would be a cryptocurrency that would likely need to be audited.

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Yes

Good morning @hatu

Interesting project.

Darico is an upcoming project whose team is going back to the age-old concept of backing a currency with assets.

I wonder if there would be large demand for this solution? What do you think? Would many investors care about the fact if particular crypto is backed by gold or fiat?

Interesting. Obviously upvoted :)

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I am sure most investors would prefer if a portion of raised funds were dedicated to a liquidity pool, especially when a project's ICO has greatly surpassed the soft cap. Such an action would only increase investor confidence :)

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hi @dedicated

Im not sure what what liquidity pool means but I think I get your point. Thx

Pero amigo, aun ganando la fiabilidad de las personas y el gobierno, debe ser aprobado por la sociedad a nivel internacional (si no pasara , lo que paso con el petrocoin en Venezuela) el gobierno lo aprobó y quiso lanzar su primera criptomoneda basada en petroleo,

donde la moneda valdria el equivalente a un barril de petroleo

pero el rechazo social a nivel mundial la hizo fracasar y hasta posponer su lanzamiento

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You have raised a very interesting point, but it seems Petrocoin did raise a great deal: Reuters.

Regardless of that, DEC is different because DEC is not state-issued and is not meant to be transacted for the purpose of being backed by liquid assets; the backing entirely acts as a liquidity measure. The main purpose of DEC is to be used unlock the utilities Darico offers.

unbelievable tenyata coin very attractive once the price in the market, supposing gold can certainly profit a lot when sold at high prices

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In this case, it is less an action for investment and more an action for long-term liquidity guarantees.

@hatu
Gold backup, that is great.
Awesome mate

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Yes, more ICOs that surpass their soft cap should dedicate a portion of the funds to liquidity pools.

There should be hype about this cryptocurrency because thats the major tool for mass adoption.

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Actually, you've touched on a point that I will cover very soon.

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Actually, you've
Touched on a point that I will
Cover very soon.

                 - hatu


I'm a bot. I detect haiku.

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Will wait for that.

Haa the new coin been launches to the general public?

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BITCOIN HAS THE POWER..!

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And that's why the largest portion of the liquidity fund is given to bitcoin.

Gold-backed cryptocurrency would only succeed if it could create trust with users..

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Thank you :)

Amazing project it will take revolution

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Yes, it is a good concept.

Great content, that's increase my knowledge about fiat currencies and cryptocurrencies

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Glad to hear that.

Let's Welcome This New coin

Btc earn is very hard work

@creativeblue supporting the greats initiatives!
go ahead...

Coins mentioned in post:

CoinPrice (USD)📈 24h📉 7d
ETHEthereum407.808$0.14%-10.7%

Give me the Gold any day