Puregold (PGT) - First Payment Gateway to Use Gold-Backed Tokens
Puregold introduces the first payment gateway using gold-back token on Ethereum platform. Puregold issues two types of token: PGT for transactions and PGG as a digitized form of physical gold. Puregold.sg is a Singapore based company that was established in 2010 as an e-commerce store selling value-added gold and silver coins and bars.
Puregold Platform supports
- PG Stored Value Cards
To be issued to consumers with PG account that can store both PGG and PGT
- PG Payment Terminals
To facilitate merchants to accept payment by PG cards
- PG Gold Dispenser Machines (DM)
To be installed at various locations to provide 24 by 7 convenient access by account holders
- PGPay Payment Gatement
The complete suite of backend system and frontend app to support online and mobile transactions
Key Differences of Puregold
- First Payment Gateway using PGG, a cryptocurrency supported by Gold
- Puregold issues two tokens - PGT for transactions; and PGG as a digitized form of physical gold
- The physical gold are stored in a decentralized storage unit, The Safe House Pte Ltd, which is a third party, separately audited security firm that Puregold engages to identify and store investment grade gold, gold jewellery, small ingots (up to 100 grams) and coins
Target Market
- Cryptocurrency Traders
These participants can use PGG tokens as a guard against cryptocurrency volatility.
- Standard participants
These investors may want to swap other cryptocurrencies such as ETH for PGT as a diversification in their portfolio of cryptocurrencies.
- E-commerce and self-employed individuals
PGT may be used as payment for goods and services by merchants. Its low volatility as an asset and its predictability make it an invaluable form of currency.
PGG
PGG is a digitized gold issued by Puregold that uses the current price of gold set on the LBMA exchange at the time of swap. PGG equals to one gram of gold (999.9 quality). The emission of PGG is depended on how much PGG is needed but never exceeds the total amount of gold in storage.
PGT
PGT is an utility token issued by Puregold to be used to pay or offset transaction fees on the Gold-Commerce platform. The maximum PGT tokens emitted is 50,000,000.
Benefits of PGT
- Can be used to pay or offset transaction fees whenever the token holders perform any transactions on the Gold Commerce platform. These transactions could be buying of gold with fiat, selling of gold or making payment to merchants. It is intended that holders of PGT will benefit by being charged just 50% of the prevailing fees when PGT is used.
- From time to time, and at the sole discretion of the Puregold, PGT can be exchanged for PGG at a rate announced by Puregold at that point in time. It is expected that the retained earnings from Gold Commerce will increase the stockpile of gold held in storage which would increase the supply of PGG accordingly.
- From time to time, and at the sole discretion of the Puregold, PGT holders can also be rewarded with PGG by Puregold, in proportion to the amount of PGT they hold.
Proceeds Distribution
ICO Information
- Sale Period: 15/01/2018 to 14/03/2018
- Price: 1 ETH = 700 PGT
- Accepted currencies: ETH & BTC