GoldMint’s Cryptoasset to Give Gold the Blockchain Makeover
Cryptocurrency and gold are both valued for their resistance to inflation and preserving real wealth over the long term, but many crypto advocates point to two concerns. The lack of portability and physical seizure of the yellow metal. GoldMint will offer to cryptocurrency investors a 100 percent gold-backed token, hoping to ease these concerns.
Cryptocurrency investors should be interested in gold, since it has stood the test of time and is something to diversify into, if you do not hold some already that is. But securing that gold is likely to be problematic for many people. Also, transporting gold is easier said than done.
With GoldMint’s tokens, GOLD, you can hold cryptoassets in a stable form linked to the price of gold. One GOLD is equal to the price of one ounce of gold on the LBMA exchange. While many researchers have toyed with the idea of a new gold standard, augmented by cryptocurrency and the blockchain, GoldMint is trying to show the world that it is possible. Using blockchain technology, the portability of gold can be enhanced.
But we must take steps to get to the goal of a revamped gold standard. The company’s states their mission is to, “…convert gold into blockchain-encrypted tokens to help owners protect their valuables, to help investors move their gold rapidly and easily from one part of the world to another, and to help companies and individuals hedge their gold against market volatility.”
Physical and paper assets will be used by GoldMint to ensure the persistent value of the coin. The gold reserves will constantly be equal or more than the amount of GOLD in circulation. Buying and selling of the GOLD cryptoassets will come with fees of 5 and 3 percent respectively.
GoldMint have designed a blockchain specifically to realize their vision. At first, the project will be based on Ethereum but in 2018, it will transfer to a Proof of Stake Graphene blockchain. An altcoin, MNT, will be used for GOLD transactions. MNT is the utility token, used for the implementation of smart contracts, and rewarding block creation and transaction confirmation.
Other ways GoldMint differ from other gold cryptocurrency projects is that physical gold and ETFs will be stored in a decentralized, programmable unit. Also, GoldMint’s Custody Bot will assess gold, allow investors to convert physical gold to GOLD at banks, and record details on to the blockchain. The Custody Bot is described to, “innovative automatically identify and store gold jewelry, small ingots (up to 100 grams) and coins, without human intervention.”
The founders of GoldMint predict that, in the next decade, gold will be stored in, traded, and invested using machines like the Custody Bot and that the GOLD cryptoasset will become the trading unit for these operations.
The MNTP token crowdsale will begin on September 20 (09:00 UTC). Early bird bonuses of up to 20 percent are available for investors, scaling down to two percent once 4.9 million of the seven million MNT on offer are sold.
Tokens can be purchased using BTC or ETH. MNTP tokens will then be convertible to MNT on the GoldMint’s custom Proof of Stake blockchain, allowing investors to earn a return from facilitating the network.