Digital Gold; Digital Wealth

Introduction

Blockchain technology has been in existence for a fairly long while. While it is commonly known to be a means of managing value and has a reputation for providing a transparent and secure storage system, there is a lot more to blockchain technology that many people are not aware of.
Due to the lack of information about all that blockchain technology can be used to achieve, it is basically seen as a technology that is very valuable to the world of digital currencies. It has proven its worth in its role in the rise of Bitcoins and other crypto currencies. Although valuable to digital currencies, the transparent, decentralized, and immutable features of blockchain are very useful in other parts aspects of the financial sector. One of them is in the transparent storage and transfer of gold.

What is Digital Gold?
Digital gold is basically a project which links gold to the digital sector of the world’s finances. Although relatively unknown, if harnessed properly, digital gold can change the face of the world’s gold industry. For more info, go to https://gold.storage/

Problem
Gold can be said to be as old as the existence of man. It is one of the longest serving means of storing value that is known to man. While gold can be used to carry out lots of financial transactions, there is a form of limitation to how efficient it can be. This is one reason it appears not to be enjoying an increased relevance in the world’s financial system.
To purchase and store gold, one has to go through complicated processes and will also need to deal with a lot of middle men. This can be a discouraging factor in the rate at which people deal in gold even though gold has an amazingly low price volatility.
That’s not all the challenge that people have to go through with gold. Unlike regular currencies which can be transferred electronically, gold can only be moved physically. And when one is not physically with their gold, they cannot transfer ownership to another person.For more info, go to https://gold.storage/
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Solution
Although the challenges with the use and the transfer of gold have been in existence since humans discovered gold, with the presence of blockchain technology, gold can be treated like any other digital currency and transferred digitally.
Digital gold is an invention that was developed to bring an end to the limitations that are involved in the use of gold. This project is one that has made a move to build a link between gold and the digital financial sector. This is one reason it is known as digital gold. Now, a question arises. How is this possible? This is possible because of the existence of blockchain technology.
The truth remains that blockchain’s feature of decentralization and security has more applications than many people realize. There are so many ways blockchain technology can influence level of relevance gold enjoys in today’s world.
With blockchain technology, people can be in possession of their gold digitally without actually having to store it physically. As a matter of fact, through blockchain technology, one can have total possession of their gold by simply being in possession of it digitally.

Conclusion
The digital gold project is a project that aims at creating a means through which gold can be bought, sold, and traded very easy. It aims to get this done by developing a token which is Ethereum-based. With this Ethereum-based token, transactions involving gold can be carried out easily with privacy and security still being intact. This Ethereum-based token functions in a way that the digital gold in one’s possession is equal to the quantity of physical gold that any company they are transacting with has in store.
Furthermore, due to the digital gold project, owners of gold do not need to lose sleep over the safety of their gold. Blockchain’s decentralized nature is a guarantee that one’s digital possession of gold cannot be hacked and altered in anyway.
The digital gold project can also be used to bring a lasting solution to the issue of illegally mined gold. As it stands, all the gold present in the world are accounted for. While this is a good thing, gold can be mined illegally and can exist without being accounted for. Well, with the advent of digital gold, this is about to come to an end because with digital gold, once gold is mined, it can be accounted for. While this is absolutely possible, for it to become a reality, everyone in the gold industry have to come into agreement.For more info, go to https://gold.storage/

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