Have you heard of Lode Coin, a decentralized crypto backed by silver?
The Lode Monetary system is a fantastic concept that can be traded like any crypto, but backed by silver and also redeemable for physical silver.
The basic premise of Lode is to have initial investors deposit their physical silver which will be used to start the lode monetary system for transaction. As transactions happen, fees will be applied to any transactions and these profits will be used to purchase more silver to add to the lode system. This way the Lode system continues to grow and encompass more and more silver for use.
This system will utilize two different coins, the Lode coin, which is for investors, and the AGX coin, which is to be adopted for regular transactions.
"LODE Coin owners will receive rewards, known as AGX Pay, with each new issuance of silver-secured AGX Coins and with increased AGX Coin adoption. AGX Pay will flow to LODE Coin owners in the form of AGX Coins and will grow as the system monetizes increasing weights of silver bullion."
"Each AGX Coin represents a one (1) gram weight and measure of vaulted and verifiable silver bullion which may be used to purchase physical silver and gold products at prevailing market rates from LODE affiliated dealers and retailers (subject to the vendors terms and conditions).
AGX Coins will provide LODE Community members and users with a high-speed, low-cost, private, and borderless method for transferring real value across the street or across the world, one where all transactions are secure, transparent, verifiable, and immutably notarized upon the blockchain distributed ledger."
David Morgan seems to be a fan.
An interview with the creators. https://www.youtube.com/watch?time_continue=3&v=h0pD6kboRJo
Check it out and let me know what you all think.