DigitalGold: A Blend of Gold with Blockchain Technology
By: Boom Bull
Tags: Digital Gold, Bitcoin, Blockchain, Gold

Even in many past ages till the current era of digitalization we are now, Gold has continue to prove itself as one of the most valuable and reliable assets whose worth cannot be overlooked by anyone. Almost every human being want to have this globally recognized asset because of its monetary worth and cultural heritage because in any culture or tradition, Gold is for the few in the society.

People are ready to go to any length just to be proud owner of this very rare asset and some don’t even care if they don’t do so in a legal and ethical way and the reason for this is because Gold can’t be compare with any other assets class and it is only one of few assets out there that appreciate with time without having to loss value because of the fiat-model economy inflation that do affect many other assets class.

Since the day of Olds, gold has proven itself to be a reputable medium of exchange and it is very convenient for them to use because of its possession of recognized features that almost everyone understood which makes it to be an accepted means of exchange before fiat takeover.

As our society evolve, diverse changes always happens in virtually all way of life and the medium of exchange is not excepted from this which makes human to have evolved from using gold to buy and sell to the use of fiat-based currencies like USD, YEN, NGN etc but even with this, gold is still much relevance especially as a means of storing wealth because of its stable and appreciative value trend that makes not to be prone to either high volatility or value depreciation that could be caused by inflation.

Gold is a very rare commodity and it is not an asset class that are easy to buy and the reason for this could be because people only keep gold and most times they are not ready to sell if which makes to be scarce in the market.

Also, when trying to buy, sell or even store this precious asset, it involves many rigorous processes that one will need to pass through which makes it to be not enticing to those that don’t have documents need in doing so. It is a very difficult process and this could be the reason why it is not enticing to an average person but the good news is that as technological advancement continues to revolutionize the way we do things, it will be easier to handle something seems rigorous and come out with an exceptional result.

One of such technological advancement that has been with us for more than a decade is blockchain technology. It has proven it self to be a more easier and efficient way of transferring data in a decentralized and well secure environment. But the reality is that most of the benefits of blockchain technology are yet to be adopted in our day to day business operations by many because only few of us are making use of blockchain technology. If we decide to take a modest look at blockchain technology which also has digitalized monetary asset known as cryptocurrency and gold; there potentials, strengths and weaknesses, one will be able to come out with what is limiting them and how both can benefit each other.

What about blending these two great entities together? What will be the result of a relationship between the two entities?

Digital Gold: A Blend of Gold & Blockchain Technology

In order to provide solutions for the rigorous processes one needs to pass through before trading gold, the platform of Digital Gold has come with an innovative solution which is made possible by the application of blockchain innovation and other effective technologies.

Within Digital Gold platform, this decentralized technology and Gold market are bring together in a way that their strengths and potentials are fully explored and efficiently made used of which result in further adoption of blockchain innovation and a simplified and digitalized way of trading and storage of real physical gold.

What You Stand to Gain in Digital Gold Platform

The market of gold which is facing a major challenge will be bring back to its normal state with too much difficulties and all the inadequacies in the gold market will be eradicated and replaced with many benefits for every stakeholders in gold value chain.

All what is listed in the image above will be a possibilities within the ecosystem of Digital Gold through the use of an ERC20 compliant token known as Gold Token.

Gold Token

As I said above, the token is an ERC20 compliant token on the Ethereum blockchain and it is backed by Gold and it can be used for transactions related to gold like buying, selling and storing gold and also transfer of it.

One gold token will be able to buy 99.99% gram of Gold and this means that gold token is a stablecoin and its value is promotional to the price of real gold per time.

Final Notes

Just by combining the blockchain innovation and Gold market, the Digital Gold platform has made used of the gold token to disrupt and change people’s perception about gold and blockchain technology. This platform has taken a giant step in reviving the non enticing gold trade and compel people to make use of blockchain technology thereby increasing its adoption.

Useful Links

https://gold.storage/

https://www.facebook.com/golderc20

Article written by Snowwy

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