A brief guide to the digital gold platform

bookreviews (11)in #digitalgold • 4 years ago (edited)

You see, one of the wise things a person can actually do is not just to leave an inheritance of landed properties to their kindred, it is to actually invest in something that has proven itself over time and that we can trust, and we know because we can trust it because it is provable, it's authentic and it is kept and that is gold. So gold is not available in large quantities worldwide.

The mining of gold is something that is joyous to many nations and not everybody sees an opportunity that they can actually use it to invest in this platform.

One of the things I’ve noticed is that with the introduction of blockchain, there is a whole world of assets that have been made available and to blockchain platforms. Look for example the trading of synthetic assets, you have a platform like synthetix that is, helping people to trade derivatives so let's take for example now you have the derivative of oil, the derivative of gold, silver, and the rest of them.

Now you take another platform and for example centrifuge that is bringing things like invoices to the blockchain and one can actually tokenize invoices and in return get something. So let’s not even digress too much. What we are talking about today is gold and the digital gold project is actually a project that seeks to democratize access to gold. So before now access to gold was actually meant for the few elites and there were few people who have actually seen gold there are few people who have actually felt or touched gold, there are few people who understand the underpinnings of gold operations. There are few people who understand it.

And one of the things that caused it is number one is the high cost of entry, so before now you required to be either an accredited investor you have to have a lot of money before can actually invest in gold.

And number two thing is with that now brought the issue of brokers, brokers said okay let’s, people cannot really afford to buy gold in large quantities, okay let’s bring a system where people can actually transact in almost minute amount. And with more bureaucracy with more third parties coming in introducing bureaucracy and the processes becomes more cumbersome.

So most of the time people are not actually interested because not just the introduction of many processes and pre-requisites, there are issues of transparency and there are issues of trust and others. You know most of the time you could actually invest with a good broker somebody can be advertising himself as a gold broker and at the end of the day they say we will help you buy gold and then at the end of the day you discovered that you been swindled or they didn’t even have, they didn’t buy the gold. So have heard many situations like that where people say they are brokers, they help people buy these and at the end of the day they don’t even have any of those. Right?

So those are some of the problems. Now with the digital gold platform, all those problems are taking away. Now you have a digital gold platform that is in a gold business and is auditable, which is number one. So every token you see in the market today, it has a physical representation that is not just saying oh we can verify on a blockchain, no its verified on a blockchain and it is also verifiable by audit. So if a new token, there has to be a corresponding physical gold in the gold store that is audited from time to time.

So what are the advantages of using the platform?

One of the advantages is that it removes third parties like brokers, so now you can own gold and you can trust that this gold is secure somewhere and is auditable. Number two is that they are secure so the cost of paying for third-party custodians is removed or gone. The cost of paying for security on yourself is gone. And then it is secure in the sense that as long as you are the only one that has the access to the private keys that represent this gold because you don’t have physical gold, it is safe.

And then another thing again is it is private so if you want to buy gold most of the time they require KYC processes, you have to submit information about yourself and in most of the time work you have to pay up a credit card and all those hurdles. But with a digital gold platform, all those huddles are actually taken off the scene and then you can get to transact with this platform in a very, very, very fast way. It's 24/7 and there is no waste of time in the process.

So where can you get this token?

You can get this token from a number of exchanges, there is Bitforex, you can get it from critters live coin and you can even get it from a gold market place where you deposit your Ethereum or your BTC and you can send a corresponding amount to a wallet address they provide and then they will send you back a corresponding wallet address that you’ll provide.

So it's supported by many ERC 20 tokens and it’s not advisable you keep your coins in the exchange so most of the times when you buy them from the exchange, you store them in the wallet hardware wallet like treasure or you can store them in a mobile wallet something like Guarda, metamask, trust wallet or you can even use something like myetherwallet wallet and the rest of them. So that is all about this platform.