What I Know About Dignity coin & Cryptobontix
“If you want to go to the future, you have to go to the past. The future of money is gold.”
I took this from an interesting book I read recently, in many ways it makes sense to me that combining the oldest store of value, gold with the newest technology would be an a very interesting concept.
Arbitrade has acquired Cryptobontix, and although they both have different but complementary business models, they have formed a symbiotic relationship benefiting both parties to bring you this multidimensional asset class.
Cryptobontix is the company responsible for creating a family of tokens backed by precious metals such as Gold, Silver, Platinum and Palladium.
Currently, you will not be able to find a lot of information on their website, because:
“The website is awaiting legal approval from our council and council of our newly developed partners before we can release details of our operations and partnerships.” ~ Cryptobontix
The Cryptobontix Inc. development team has created four cryptocurrencies based on the Etherium smart contract technology (ERC20 Token), which are backed by valuable hard-backed assets. These include:
Dignity (DIG) – backed by ingot of gold bullion
Namaste (NAM) – backed by ingot of silver bullion
Orectic (ORE) – backed by ingot of palladium bullion
Honor (HNR) – backed by ingot of platinum bullion
Key Features Of The Asset-Backed Tokens:
Robust security & privacy protection, making it difficult for hackers, corporations and governments to unfairly seize assets.
Faster & cheaper transactions than traditional electronic systems.
Elimination of boundaries and fees associated with international transaction, some bank charges are as high as 10-15% – Baffles the mind to think what big industries and companies must spend on these fees!
How this changes the digital asset landscape and the future
To give you a better understanding of how powerful this family of tokens really is for the future economy, let’s take a closer look at another traditional store of value, money.
Money has four functions; It is a:
Store of value
Medium of exchange
Unit of account
Standard of deferred payment
One of the many problems with our traditional monetary system is the declining value of our fiat currencies, they are dropping immensely due to the impact of inflation on the economy over time.
For instance, the Great British Pound has lost 90% of its value since 1973 and the price of a pint of milk has increased by 767% in 40 years.
What is commendable and unique about the Cryptobontix Inc. cryptocurrency tokens is that they provide a dependable means of exchange beyond the direct control of national banks, such as the U.S. Federal Reserve, European Central Bank, Bank of Canada, Monetary Authority of Singapore, etc.
This is particularly attractive for those concerned about future long-term inflation as a result of:
The loose monetary policy such as quantitative easing (often central banks’ “printing money” by purchasing government bonds).
Near zero interbank lending rates.
3.Banks going into liquidation such as the recent crash of Deutschebank or India’s war on cash.
In 2016 Indias Finance Minister says “honest people” have no need worry. They removed the two large denominations of the rupee (500 and 1000 rupee) from use, stating it will no longer be legal tender. Citizens were given only four hours notice of this change, thus removing 86% of cash in circulation by value. And in a country where 95% of all transactions happen in cash and this is where more than 40% of the population of the country has no bank account. The immediate effect was expected to be a loss of 2-4% of the GDP of the country, and the ripple effect has been devastating.
By combining bullion, the oldest store of value, with the newest, cryptocurrencies, we believe Arbitrade & Cryptobontix have created both a new hybrid asset class and investment vehicle that has the potential to become a global leader in this sector.
We are witnessing the start of a new era in bullion backed digital assets.
Trust-less is the key & decentralization is the strength
“Arbitrade is acquiring $8.7 Billion worth of the four bullions (gold, silver, platinum, and palladium) that will back the company’s four major tokens.” Arbitrade Management 25/05/18
History: UNY To DIG Swap
The history of events leading up to the rebranding of T.J.L. Holdings to Cryptobontix Inc. has been outlined below:
T.J.L. Holdings launched unity Ingot (UNY) on May 8th 2017. Tokens value proceeded on a gradual decline.
T.J.L Holdings, then rebranded to Cryptobontix Inc.
A 1:1 token swap from Unity Ingot (UNY) into Dignity (DIG) was initiated by Cryptobontix Inc. and took place from the 8th February through to 20th February 2018 on the Livecoin exchange.
During the take-over, a small number of members from T.J.L Holdings remained with the development team in the capacity of consultants until the transfer was completed and the company is successfully operating as Cryptobontix Inc.
Cryptobontix Inc. has a renewed vision of the original idea behind the Unity Ingot project and is now leading a family of tokens into its next stages of expansion.
Dignity (DIG)
Backing the Dignity token to Gold will give the token a floor value that matches the true value of the gold. It should be noted that assets usually trade at multiples of their intrinsic value.
Key facts about the Dignity (DIG) token:
The first token of it’s kind to be backed by both:
Mining hardware – 10,000+ high performance mining rigs
Gold bullion -$3 Billion in Gold Bullion ($1 worth of Gold Bullion for every token issued.)
Tender: GOLD
Quantity: 0.02445 grams per token
‘Floor’ Value: $1.00 USD (awaiting audit confirmation)
Original UNY supply: 10,000,000,000
UNY Burned: 7,000,000,000
Token swap UNY > DIG
DIG Total Supply: 3,000,000,000
Currently listed on Coinmarketcap, ticker DIG and currently on the Livecoin exchange, with further popular exchanges listing the token throughout the summer of 2018.
Dignity (DIG) coin token
What makes DIG so unique in the crypto-space, is that once it is developed, its continued growth is tied to both the value of gold and the performance of cryptocurrency (mining & buyback), which means the only way it could completely fail is if the entire cryptocurrency market fails.
Global trends and adoption rates indicate this is a highly unlikely event when one considers the value, energy and passion that has transpired and got us to this point.
Namaste (NAM)
This token represents the very first truly silver backed cryptocurrency and sets another industry standard for the new era of hard backed tokens.
Key facts about the Namaste (NAM) token:
Backed by $2 Billion in Gold Bullion to be traded for Silver Bullion upon each payment. ($2 worth of Silver Bullion for every token issued.)
Tender: SILVER
Quantity: 3.6559 grams per token
Value: $2.00 USD (on release)
NAM Supply: 1,000,000,000
Planned Release: To Be Confirmed, Testing underway
Number of mining rigs dedicated to this token: 10,000
Namaste (NAM) ingot of silver
Orectic (ORE)
This token represents the very first, truly palladium backed cryptocurrency and sets yet another industry standard.
Key facts about the Orectic (ORE) token:
Backed by $1 Billion in Gold Bullion to be traded for Platinum Bullion upon each payment. ($3 worth of Platinum Bullion for every token issued.)
Tender: PALLADIUM
Quantity: 0.101 grams per token
Value: $3 USD (on release)
ORE Supply: 500,000,000
Planned Release: To Be Confirmed, Testing underway
Number of mining rigs dedicated to this token: 10,000
Honor (HON) ingot of silver coin token
Honor (HNR)
This token represents the very first truly platinum backed cryptocurrency and sets yet another industry standard.
Key facts about the Honor (HNR) token:
Backed by $500 million in Gold Bullion to be traded for Palladium Bullion upon each payment. ($4 worth of Palladium Bullion for every token issued.)Tender: PLATINUM
Quantity: 0.125 grams per token
Value: $4 USD (on release)
HNR Supply: 500,000,000
Planned Release: To Be Confirmed, Testing underway
Number of mining rigs dedicated to this token: 10,000
Arbitrade Ltd. has made a definitive deal with Sion Trading FZE Dubai to acquire $10,000,000,000 in gold bullion. The bullion will be held at Brinks’ vault at the Dubai Gold Exchange. The company will have the bullion audited by a major accounting firm that operates in both Bermuda, Dubai and the United States before the end of September 2018 or as the accounting firm’s schedule permits. The audit is not an important factor and is only being done to satisfy U.S. Regulators.
Source: Arbitrade news update
How To Get Hold Of Your Physical Assets
According to the existing white paper:
After two years, you will be able to swap your token 1 to 1 for a special utility coupon that grants you your amount of bullion.
These will be redeemable during specific periods each year.
In November of every year, 1/15th of the token float will become available for you to trade your tokens with, until the expiration date of the coupons.
You will then be able to redeem the physical bullion held against the token by using the coupon.
At any point throughout the year, you can place a bullion order at the Cryptobontix website and fill out and send an order form to the prescribed address.
The shipping department will then process the transaction when the November redemption window opens and will ship the physical bullion to the token holders.
Mining Facility
Cryptobontix Inc. and Arbitrade have partnered with:
Coin Miner LLC – to provide mining hardware
Cryptotopic Inc. – to build and operate the mining facilities
View video footage of one of the facilities.
Coin Miner LLC
Arbitrade Ltd. and Cryptotopic Industries have been working with Coin Miner LLC and the build team to create a 100,000 square foot industrial mining facility in Ontario, Canada. A facility that was previously used for metal manufacturing.
Has over five years experience in industrial sized mining infrastructure & development
Over the next 12 months, they aim to provide the facilitities with 65,000 mining units, ranging from high-performance ASIC and GPU mining units such as proprietary G Series mining units with Nvidia & AMD chips achieving 275MH at 1,200 watts each.
Hayden Gill, Arbitrade’s leading advisor & mining consultant, says:
“The D9 miners alone will be generating a minimum of 305 Decred (DCR) per day which is currently trading at $99.90 on CoinMarketCap.com (June 2018)
Arbitrade and Cryptobontix have also reported purchasing additional units from Bitmain, Canada Computers & Halong.
The mining units will commence operations for:
Arbitrade’s decentralized exchange (DEX)
Cryptobontix’s bullion and cryptocurrency mining backed tokens
Once installed and operational, the facility will mine the most profitable cryptocurrencies such as Bitcoin, Etherium, Dash & Monero.
The daily cryptocurrency mining profits are to be used to:
50% – purchase physical bullion
20% – buy additional high standard mining rigs
15% – support buy back tokens and trade exchange marketplaces
15% – operational cost and upkeep of mining facility
Cryptotopic Inc.
Arbitrade reported it has commenced a 15-year lease agreement with Cryptotopic Inc., an Ontario company that will work with Coin Miner LLC, on behalf of Arbitrade, to build Canada’s largest mining facility in a 100,000 square foot industrial warehouse located in Watford, Ontario, Canada, which will house the 65,000 mining units.
This lease agreement marks the first of four facilities Arbitrade plans to open over the next 36 months with Cryptotopic Inc. and Coin Miner LLC.
Coin Miner LLC
Hayden owns Coin Miner LLC and has been overseeing the mining developments in Watford and Atlanta. Watford has 5MW of current power that can facilitate 4,000 mining rigs to start. Arbitrade, along with Coin Miner LLC, has been successfully negotiating with Hydro One and its partners to bring in up to an additional 150MW of power so that the Watford facility will be among the largest cryptocurrency mining facilities in the world.
Currently, the property boasts a massive size of 100,000 square feet, but there are an additional 16 acres available that can accommodate an enormous expansion up to 1,000,000 square feet of mining space. The company, on behalf of Hayden, has been in negotiations to develop the company’s own ASIC mining rigs and GPU miners.
The Atlanta facility has already been toured by top stock and crypto analyst Ronnie Moas. Photographs and videos are available on his Instagram account. You can also check the Timeline.
If executed, this will make Arbitrade one of the largest cryptocurrency mining operations globally.
Make sure you do your own reseach, theres lots of questions and hurdles ahead
Coins mentioned in post: