The Platform Ecosystem of Goldchain
The TruGold ecosystem functions as a decentralized gold supply chain and trading network. Gold is produced, refined, physically stored and minted into digital coins for peer-to-peer transactions or to trade for other cryptocurrencies. TruGold tokens also provide trust and validation of specific processes and procedures within the mining production pipeline (supply chain). Our TruGold gold-backed tokens will be tradeable on our exchange with trading pairs for cryptocurrencies and other digital assets.
TruGold tokens are secured by trusted third-party custodians and issued as a product receipt that is provided to the smart contract user interface (UI) and which allow users to mint and claim TruGold tokens. Users may also redeem physical metals using their TruGold tokens through the Token Recast/Burn Process which starts by reregistering the e-receipt and burning the token(s). The e-receipt can then be used to claim physical metals from the vault and schedule for delivery of the physical metal.
Global ecosystem of the TruGold network.
Purchasing of gold starts with the Customer Onboarding Process. Ownership of gold is recorded on the e-Receipt and provides a time stamp of purchase, chain of custody digital signatures (Miner, Custodian, Warehouse, Auditor), auditor documentation, depository receipt, and storage fees due. The Mint Token Process provides fungibility for gold ownership via smart contract and represented by the TruGold Token. The Token Burn Process is initiated when ownership is transferred to the custodian, which is recorded on the e- Receipt so that the Redemption Process can be executed, and Physical Gold can be redeemed by the user.
The Purchase Process onboards customers, collects KYC/AML data and registers ownership of physical metals via e-Receipt. The Mint Token process is a function of the smart contract that mints TruGold digital tokens, registers the e-receipt with the corresponding digital token and uploads data to IPFS. The Token Burn Process burns the token and reregisters the ownership on the e-receipt. The Redemption Process allows token owners to take future delivery of the physical metal.
Our proof-of-provenance protocol was developed to track the movement of physical gold through the chain of custody so that custody and ownership of gold can be tracked as it moves through the supply chain, from gold producers and miners to refiners, to the custodial vault, and all logistics in between — in a cryptographically secure manner. Our protocol for verifying the provenance of gold addresses deeply rooted issues in traditional mining supply chains by proving the existence, authenticity, and ownership of gold in real time, and in an easy to query manner. TruGold does this by providing a blockchain-based system for all transactions, logistics and custody arrangements, and by uploading real-world physical documents related to custody and authenticity to the IPFS.
The EOS blockchain is used in the mining supply chain to provide a time-stamp and validation of transactions that can be queried in real time by stakeholders and authorized users. This protocol provides authentication that metals in the supply chain are conflict-free and ethically and responsibly sourced. Metals are physically stored, digitally minted and uploaded to the blockchain where it can be purchased for peer-to-peer exchange or stored digitally in an electronic wallet or vault. As such, the TruGold token can be used in the supply chain for microtransactions sent from IoT devices to the EOS blockchain for providing time stamps, verification, location-tracking of metals in real time — proof-of-provenance in the mining supply chain.
Our electronic trading platform will enable users to trade digital currencies for TruGold — a decentralized exchange platform engineered from the ground up for security, scalability, and efficiency to provide high liquidity, safe and secure trading, and convenient customer service with multi-lingual support. The platform will accommodate high exchange volume via a powerful matching engine and will support digital currency trading pairs such as BTC, ETH, LTC, as well as other coins that will be listed in the future. Device coverage will include a web client, android and IOS native clients (IOS client pending app store review), mobile HTML5 client and PC native client.
A fixed fee (to be determine) for makers and takers will provide revenue for the TruGold Network. Additionally, withdrawal fees, listing fees, and other fees will provide further revenue. The digital metals market is a unique market in that the value of tokenized metals is greater than the spot price of metals in their physical form. A decentralized settlement platform for metals traders to trade their tokenized metals for cryptocurrency is thereby warranted.
The overall architecture of the TruGold Platform will include the backend, frontend User Interface (UI), nodes and servers, and EOS and IPFS network integration services. The framework we outline will allow users to call functions and interact directly with our smart contract(s) like any other contract on the EOS network, or users may choose to access the TruGold network using the Web User Interface (UI) or mobile app. It is our belief that this approach will provide a secure foundation for an enterprise-level DApp and ensure continuous network functionality.
Network architecture of the TruGold network.
Smart contracts provide the core logic behind the TruGold platform and facilitate the execution of contracts between parties and users on the network. Metal asset ownership, authenticity, and custodial vault documents are uploaded to IPFS file system and the file hash is linked back to a blockchain transaction hash. Smart contracts and metal asset custody and ownership data can be queried using an EOS Client and queried and accessed through the TruGold Platform. The TruGold Platform consists of a Web API Server and gives access through the TruGold Web UI and Mobile App. NodeJs and Web3 Services are used for communication between EOS nodes and JavaScript applications and allow for communication between EOS nodes and the TruGold Web API Server. The Event Logging database system is used as a database for storing TruGold blockchain transaction history for an efficient query of grouped files in a single request. Oracles provide a trusted means for External Price APIs.
Smart contracts are the core logic behind the DApp and backend of the TruGold platform. The smart contracts for our platform will be written in the C++ programming language and deployed on the EOS Network (Mainnet). The EOS Studio framework provides an Integrated Development
Environment (IDE) in which the smart contracts and DApp are developed and deployed upon. The framework is used for administration and management of the smart contracts of the platform. The contracts deployed on the TruGold platform use standard, tested and audited code and follow secure smart contract best practices for developers. The code for smart contracts is written in C++ and are compiled to Web Assembly (WASM) and published to the blockchain, taking advantage of C++’s type and template system which ensures that the smart contracts’ mathematical operations are as safe as possible and reduces the risk of overflows/underflows.
NodeJs and Web3 services are used for communication between EOS nodes and javascript applications. These services allow for communication between EOS nodes and the TruGold Web API server. Other services include an Event Logging database system for storing TruGold blockchain transaction history on a database for an efficient query of grouped files in a single request. Finally, decentralized storage of metal ownership data is uploaded to the IPFS file system as an encrypted hash.
For the frontend development, JavaScript is used for its compatibility with the EOS Studio framework and the EOS blockchain. The blockchain state change for operations performed are tracked and are viewable in the DApp on the client side. The frontend code for the User Interface (UI) is compatible with web3 providers. The EOS Studio and EOS web3 JavaScript frameworks are then used to interact with the frontend.
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