Digital Gold and Its Key Advantages Compared to Traditional Crypto Currencies
Throughout history, human beings have been involved with the aid of gold, and it had been mined long earlier than other metals. Gold has a magical first-class that different metals and substances do not, as it presents a sense of purity and infinity. It is additionally handy to shape in more than a few forms. These traits explain why gold continues to remain treasured and be used in a variety of currencies — each standard fiat currencies and cryptocurrencies.
In this article, we will briefly talk about what digital gold is, why gold is extra stable and greater impenetrable than traditional and crypto currencies, and the blessings of digital gold in assessment with different currencies.
Gold and Digital Gold
After the generation of bartering goods, around 550 BC, gold coins have been introduced as a foreign money by way of the King of Croesus of Lydia. However, some pupils posited that historical Egyptian already used gold foreign money 3,500 years ago. Since King Croesus’ reputable use of gold coins, more than a few kinds of cash have been additionally used in various nations before the introduction of paper money in 600 BC by means of China.
In 1066, the British foreign money gadget introduced “the authentic pound,” which used to be a pound of silver. In 1248, they issued the gold florin, which was once the first important gold currency. The era of using gold as economic standard has officially started.
Fast forward 5 centuries later, in 1792, the United States started out a silver-gold financial system, which hooked up that the fee of one US greenback used to be equal to 24.75 grains of pure gold. At that time, notes can be redeemed into gold or silver. However, redeemability ended in 1933 for gold and 1968 for silver.
By the 19th Century, many major currencies were fixed to gold at a set rate per ounce, under the so-called Gold Standard. The USA delivered its gold popular in 1900. President Richard Nixon, however, launched this trendy in 1971. Since then, the US dollar has no backing however debt, which is known as “fiat money.”
Digital gold for payments
The Digital Gold undertaking was once created in order to facilitate an easy, effective and efficient buy system for gold market. The Digital Gold market will additionally serve as an avenue for buying and selling of Gold token. In Digital Gold marketplace, the pricing records of gold will be displayed for anyone to see. The Digital Gold marketplace is very impervious and they are geared up to provide normal customers services to the customers of the platform. The market used to be designed to go well with internet base and also be well suited mobile application.
For the sake of human beings that do not have sound knowledge; what Digital Gold platform desire to do is that, rather of going to vault stores to purchase gold, you can buy GOLD TOKEN which represents the actual physical gold.
The GOLD TOKEN is a cryptocurrency built on ethereum community with Erc-20 standard. It is additionally a stable token backed via bodily gold. The GOLD TOKEN was targeted to be equals to 1 gram of physical gold.
The Digital Gold built this platform so that every body ought to effortlessly have get right of entry to to buy, sell or store his gold assets.
Other blessings of digital gold currencies include:
1. Universality
It is a without borders international forex system impartial of exchange quotes and political situations.
2. Asset protection
Digital gold currencies maintain a hundred percent of ownership in gold units, which can be redeemed with digital certificates. Most fiat currencies, however, aren’t backed at all. The US dollars, for instance, are “legal tender” in repayments of debts.
3. Investment
Digital gold currencies can be stored as investments. They can be used for more than a few investment purposes among events as well.
4. Exchangeability
Digital gold currencies can be exchanged through digital foreign money exchangers to be offered and sold. However, if necessary, proprietors can redeem the gold gadgets and use them for transactions.
5. Non-reversibility
Digital gold forex transactions are ultimate and can’t be reversed like in credit and debit card transactions. It lets in transactions to show up without being able to be reversed in most circumstances. These characteristics permit digital gold currency systems run except spending a massive price range for dispute resolutions.
6. Immediacy
Due to the blockchain technological know-how that supports digital currencies, like the https://gold.storage/, transactions and exchanges can occur straight away with clever contracts. Smart contracts are pc software that affords on the spot execution of settlement phrases upon met conditions.
Advantages of Digital Gold
Because it is supported by using gold bars saved in BullionStar safe in Singapore, digital gold currencies supply the equal sense of balance and security as gold bars and gold certificates. Users shop digital statistics on their gold units, which are supported with the aid of real gold. These data are proof of ownership of the gold unit.
Thus, the digital gold foreign money also provides protection against inflation and is timeless and handy to store. Ownership documents will be saved in an on-line account, which customers can use for various purposes, such as foreign money exchange and acquiring loans.
Compared to regular currencies (fiat), gold and digital gold grant a hedge against inflation. Also, when currencies are weak, the fee of gold generally increases. Because digital gold can be redeemed, proprietors can use real gold units each time needed.
Compared to other crypto currencies, such as Bitcoin, digital gold currencies are extra steady and safer. Digital gold currencies are supported through actual gold bullion, whilst most different cryptocurrencies are not. However, in the case of Tether, which is supported by means of the dollar, it is vulnerable to inflation and the ups and downs of fiat currencies. Crypto currencies matter on the faith that they have value, whilst the price of digital gold currencies is significantly influenced by using the value of gold bullion.
Why is Gold More Stablecoin?
The market price of gold stays more secure than other metals. When different currencies are weak, the price of gold usually increases. One of the most broadly used use case tales is that humans at some stage in wartime or herbal mess ups frequently return to using gold coins to pay for their daily needs. In other words, when different currencies do now not have more value because of political, social and economic uncertainty, gold remains treasured and is the most revered item for barter.
Physically, gold does not corrode or change form in spite of modifications in temperature, location, and time. Even after lots of years, gold remains pure and free of exterior elements, which allows instant processing, if needed. It's additionally non-toxic and portable - it can be shaped in a number of forms. As a currency, these qualities supply a sense of protection that their value will additionally be preserved.
The total wide variety of GOLD tokens in circulation can be tested the usage of Ethereum blockchain explorer and is equal to the complete value of physical gold bars stored in protected vaults in partnership with BullionStar - a leading protected depository provider that is pleasant to the blockchain industry. Singapore's strong property possession rights make it the us of a of desire for storing physical gold.
The value of gold bars can be validated in actual time with the BullionStar Direct Audit Report. Quarterly reports through third-party auditors that affirm the cost of the Digital Gold bullion portfolio in BullionStar vault storage will also be reachable in Q3, 2019.
In conclusion, digital gold currencies are the modern-day digital structure of gold bullion. Thus, they have the equal benefits as the real gold, whilst additionally experience the convenience and immediacy of digital currencies. https://gold.storage/
Information Link
Website : https://gold.storage/
Whitepaper: https://gold.storage/wp.pdf
Telegram: https://t.me/digitalgoldcoin
Twitter: https://twitter.com/gold_erc20
Medium: https://medium.com/@digitalgoldcoin
Author; duxtonpay
ETH: 0x26d22C5E97A3C154120a82eA7F69F69943270462