GOLDMINT - Blockchain based platform which operates gold-backed cryptoassets GOLD

gie (55)in #cryptocurrency • 7 years ago

WHAT IS GOLDMINT?

GoldMint runs on a blockchain ledger and works through a digitized cryptoasset called GOLD whose cryptocurrency value is based on physical gold. The decentralized platform uses a special blockchain that helps gold owners trade, loan, invest in and, generally, use their commodities for profit.

GoldMint buys, sells and repurchases GOLD at the current market price for physical gold. The company uses exchange-traded funds (ETF) or physical gold (of 999 quality) as its security. GoldMint’s gold reserves equal or exceed its mined amounts of GOLD.

Differences between GoldMint and other gold cryptocurrency blockchains include the following :

GoldMint uses its own blockchain and altcoin, called MNT, for GOLD transactions.
GoldMint uses Proof-of-Stake where miners are doled out blocks/ transactions according to the amount of MNT they have. Proof of stake (PoS) is faster, simpler and cheaper than proof of work (PoW).
Physical gold and ETFs are stored in a programmed decentralized storage unit.
Custody Bot — GoldMint’s innovative storage unit is programmed to automatically identify and store gold jewelry, small ingots (up to 100 grams) and coins, without human intervention.

The characteristics of the GOLD cryptoasset include the following :

100% transparency of information about all Gold owned by GoldMint, disclosing the company’s gold reserves and its ability to buy back GOLD at its current trading price.
GoldMint uses the decentralized blockchain for smart contracts and for harboring its cryptoassets.
GoldMint uses ETF for liquidity and elasticity. ETF helps you trade gold much faster than physical gold does.
A secured loan may contain gold, like jewelry or coins. GoldMint helps you store this collateral in its unique Custody Bot.
The ability to receive passive income as market price of GOLD rises.
Buyback of GOLD for fiat according to the current price of GOLD.
A fast user registration system and identification.

The GoldMint platform includes :

Its own blockchain that uses GOLD and MNT cryptoassets.
Programmed safe deposits – namely, Custody Bot.
Application Programming Interface (API) for building application software and for helping software components interact.

Target Market

Crypto traders – These participants can use GOLD for hedging cryptocurrency volatility, as described in the white paper. GOLD can also be used to convert cryptocurrency into fiat.
Standard investors – These investors may want to buy GOLD as cryptocurrency or as a type of security.
E-commerce and self-employed individuals – GOLD can be used to pay for goods and services. Its low volatility as an asset and its predictability make it an invaluable form of currency.
Banks – GOLD cryptoassets give banks new opportunities. There is free liquidity and extra earning potential from trading gold into fiat and vice versa. The use of cryptocurrency has become a major industry. Banks can profit from earning standard commissions, commissions on gold storage, and from using the GoldMint cash management system. At the same time, banks that invest in GOLD reinforce GOLD’s reputation, which increases their profit. Banks also earn commissions from participating in the GoldMint partner program.

Today, overall cryptocurrency circulation has exceeded $700 billion a year and the commissions for deposit and withdrawal are more than 5%.
In case the bank sets lower commissions for GOLD buy/sell for a client, most transactions (cryprocurrency deposit and withdrawal) will switch from underground exchanges to the banks. At the same time, the integration with GOLD only is necessary, while all the other cryptocurrencies can be purchased on a cryptoexchange directly.

Banks also have revenues from cash management and commissions charged for stored gold owned by GoldMint company. Another source of income for banks is revenue from the partner program which includes adding GOLD digital assets to the product line of the bank’s department of wealth management.

How It Works

Digital gold provides its users with a number of opportunities by combining the benefits of precious metals on the one hand and digital cryptoassets on the other hand.

Hedging Risks

Traders, investors and other people who use crypto can use GOLD stable coin to hedge risks and save their savings from volatility and dramatic changes in price.

Exchange Units

Low volatile GOLD cryptoassets can be used as a payment unit both for companies and individuals. The essence of digital assets makes them a fast, transparent and secure currency.

Investment

Two scenarios of GoldMint trust management of cryptoassets guarantees the investors with a 10% ROI a year in gold and is a transparent investment tool.

Loaning Charged Upon GOLD

Individuals and companies can get a loan in fiat currency charged upon their GOLD cryptoassets. Credit cards with partner banks are emitted for this goal.

GoldMint company emits GOLD digital assets on its own and ensures their buy-back at the current gold price. Physical gold and ETF guarantee GoldMint company’s pay ability. The assets are purchased and sold according to emitted GOLD volume. At the same time, the company’s assets evaluated in 999 gold standard ounces are always equal or exceed the number of GOLD tokens emitted.

ICO

Here are the details of the ICO :

ICO investors are given MNTP (MNT pre-launch) tokens that can be converted to MNT after GoldMint has mined enough GOLD to independently support its platform.
MNTP tokens will be moved to GoldMint’s blockchain and converted into MNT in a 1:1 proportion.
ICO cap will be set in fiat 15 days before ICO.

Minimum cap for ICO is 150 000 MNTP. If less than that is raised, the investors recieve their funds back. MNTP tokens are released when tokens are distributed around one month after ICO starts.

Road Map

Business Model

GoldMint receives most of its revenues from :

GOLD transfer commissions.
GOLD security lending commissions.
Revenue from exchanging physical gold into GOLD.
Revenue from using private and franchised Custody Bots.

Most of GoldMint’s expenses come from the following :

Legal expenses and taxes
Staff – Development, marketing, business development.
Fees for participating in conferences, travel.
Marketing and PR
Holding assets in gold – Payments for storage and management (for ETF)
Ethereum costs
Development of Custody Bot
Taxes

Work Schedule

Budget

30% Marketing
35% Development
10% Team
5% Legal, registration
10% Staff expansion
10% Other

Team

GoldMint was founded in 2016 by the founders of the LOT-ZOLOTO company. This company buys unwanted gold securities from pawnshops, processes them and supplies them to jewelers.

In the first six months of 2017, turnover of LOT-ZOLOTO amounted to 50.2 million USD. The company is a marketplace leader and has an extensive background in gold trading.

Cofounders of GoldMint (founders) :

Dmitry Plutshevsky, (CEO of GoldMint)

2003 – 2009 – founder and CEO of a marketing agency
2007 – 2009 – development director of a trading company ГК «Domo»
2009 – 2016 – founder and CEO of a company for mobile app development.
2012 - 2016 – mentor and teacher in business school Skolkovo and GVA Launch Gurus
2013 - 2016 – development director of a venture fund Typhoon Digital Development
2016 - 2017 – development director of “LOT-ZOLOTO”

Konstantin Romanov, (co-founder)