Goldenugget – gold auction platform
Introduction of blockchain and crypto currencies made a lot of noise in the press, especially with BTC reaching all time high at the end of 2017, and altcoin season that was following uprise of BTC in that period. This event marked the moment for new people and scammers to include themselves in the crypto industry and try to make some money from the market. After this many crypto currencies, BTC included, are in downtrend and it is still this way, market is volatile and daily fluctuation are high, which is good for daily traders, but professionals’ investors and institutional funds are staying away from the market, because of volatility.
Goldenugget is providing a solution, where their token is connected to gold, and real gold can be purchased with their token, through Dutch auction. Since there is a backup for the token, price volatility shall be lower in comparison with regular tokens, that are influenced by BTC price fluctuation, but also with all bad news on the market, no matter true or not true. It is a panic first and then thinking about news market, in this early adoption phase.
Mining in west Africa, particularly Ghana, is the main investment behind this project, and Afro Splendid Minerals Co. is a company founded and owned by Goldenugget owner, which has a good and quality fleet of heavy earth moving machines, with a reference in Extra mining and Mining jobs listed in the whitepaper.
Three problems that are addressed by Goldenugget in their whitepaper are dirty mining, with a proposal of clean and eco-friendly gold mining process through Carbon in Leach mining operation, which is one of most technology advanced processes in gold mining. From the group of advantages that are introduced with CIL mining operation, water consumption is reduced by 15-20%, similar to power reduction that is also in a range of 20%, usage of non-toxic chemicals instead of Cyanide, but also benefits to the community through the process of land reclamation, solar energy usage within the process, provision of water and electricity for the nearby settlements and villages, and benefits to investors through transparent supply chain process, which is recorded on Ethereum blockchain with GNTO token, all that in a peacefull and emerging development country like Ghana.
Token auctions will be held on goldenugget-token.ch website, where purchase and reversed auction (Dutch) will be held, with KYC as necessary predecessor for all buyers. Purchase can be done with Metamask connected to GNTO account. Total amount of released tokens is 30 million, with hard cap set for a sale of 19,5 million through IEO, and GNTO price is set on 1 USD, with discounts currently available, up to 25% in initial stage of IEO. Minimum transaction amount is 0,8 ETH, and soft cap is set on 2 million GNTO.
Tokens will be locked for a period of 120 days, in accordance with Swiss regulations, where Self-regulatory organization have to be passed, when dealing with precious metals. SRO affiliation is planned until the end of the month.
Project website: http://www.goldenugget-token.ch/index.html
Project whitepaper: http://www.goldenugget-token.ch/Whitepaper%20Goldenugget.1.3%20.pdf
ANN thread: https://bitcointalk.org/index.php?topic=5143332.msg51057493#msg51057493
Author: https://bitcointalk.org/index.php?action=profile;u=1573369