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cryptocoingrowth · 4 years

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More Than 77 Crypto Projects Claim to Be Backed by Physical Gold

The last few years have seen the creation of blockchain projects that claim to have tokens backed by physical gold. In October, Coinshares and Blockchain.com launched a digital gold token (DGLD) backed by physical gold that uses BTC’s security. Tether just announced a new token called tether gold (XAUT), which will be listed for trading on Bitfinex. The company that created the dominant stablecoin USDT claims a single XAUT token represents one troy fine ounce of gold. Also read: Data Shows $25 Billion Worth of Bitcoin and Ether Held by Seven Crypto Exchanges

While 30 Gold-Backed Crypto Attempts Have Failed, 77 Existing Blockchain Projects Attempt to Leverage the Precious Metal’s Backing

The narrative that BTC is “digital gold” has been embraced by maximalists in recent years, but despite this people are still creating gold-backed tokens that utilize blockchain technology. There’s a bunch of blockchain networks that claim to leverage physical gold to back certain tokens. For instance, Digixglobal has a token called DGX, which represents 1 gram of 99% LMBA standard gold. Additionally, there’s also darico (DEC), blocknote (BNO), aurusgold (AWG), cash telex (CTLX), blockstock (BSO), tether gold (XAUT), Coinshares/Blockchain.com MKS (DGLD), g-coin (XGC), goldnugget (GNTO), goldmint (MNTP), goldfund (GFUN), gramgold coin (GGC), pax gold (PAXG), karatgold coin (KBC), and hellogold (HGT).

30 gold-backed crypto projects have failed miserably during the last 10 years. 77 gold-backed crypto projects exist today. That list doesn’t even scratch the surface of gold-backed tokens that exist today, as there are a ton more projects that have followed the same path. According to data recorded on January 12, 2020, there are over 30 dead gold crypto projects that have failed over the years. There are also roughly 77 gold-backed blockchain concepts, initial coin offerings (ICO), and gold-backed token projects that exist in the wild today.

DGLD and XAUT Enter the Gold-Backed Crypto Competition

Despite the fact that people think BTC is digital gold and the recent marketing attempts to “drop gold,” gold-backed tokens are still enticing blockchain creators and investors. The latest two gold offerings stem from the firms Coinshares, Blockchain.com, the precious metal trader MKS, and Tether. The UK-based firm Coinshares claims to have launched $20 million worth of gold into a digital blockchain secured by the BTC network. The company asserts each DGLD is backed by 1/10th of a troy ounce of fine gold. The coin can be bought and sold using Blockchain.com’s trading platform the Pit, and DGLD runs on the BTC chain by using Commerceblock’s sidechain. The launch last October saw some fanfare, but DGLD is not available to residents of Canada or the U.S.

Last October, Blockchain.com, Coinshares, MKS, Commerceblock and Globacap revealed the DGLD token backed by physical gold. Tether’s XAUT launched last week and Bitfinex announced listing tether gold token on January 24. “XAUT is a digital asset offered by TG Commodities Limited one XAUT token represents one troy fine ounce of gold on a London Good Delivery gold bar,” explained the Bitfinex announcement on Friday. The trading platform emphasized that XAUT token owners enjoy the “combined benefits of both physical and digital assets.” Essentially, users avoid the “drawbacks associated with physical gold, such as high storage costs and limited accessibility,” the Bitfinex blog announcement noted. The pax gold (PAXG) token project is similar, for it promises that each token’s redemption is backed by one fine troy ounce London Good Delivery gold bar.

The creators of the dominant stablecoin tether (USDT) created tether gold (XAUT). Well known crypto proponent John Paul Koning questions if projects like PAXG and XAUT and other gold-backed cryptos are sustainable. “Interesting — Unlike traditional gold storage options, blockchain gold products like XAUT, Pax Gold, and DGX don’t charge custody fees, just redemption/transaction fees. Is that sustainable?” Koning tweeted on Friday. Brandon Arvanaghi, the chief security officer of the vertically-integrated Bitcoin mining company Layer1, responded “No, in part because the transaction fees are fickle. Offchain: any trading on a centralized exchange avoids them Onchain: create a ‘wrapper’ contract that owns several of the underlying tokens. Allow trading synthetics in the wrapper.”

Are Today’s 77 Gold-Backed Crypto Projects Any Less Centralized Than E-Gold’s Attempt in 1996?

Despite the fact that much older projects like e-gold and Liberty Reserve fell by the wayside, the attempt to create a perfect gold-backed token has been somewhat of a holy grail. According to the gold bug Peter Schiff, a precious-metal backed cryptocurrency would likely trump coins like BTC because he believes BTC is backed by “nothing.” However, e-gold failed miserably, even though the creator tried to offer features like micropayments and a decentralized governance system. E-gold’s tenure ended rather quickly because the project was a centralized entity that failed to keep up with KYC/AML guidelines and the Patriot Act’s money transmission laws.

The e-gold project created by Douglas Jackson and Barry Downey failed after the Patriot Act was implemented. Most of the blockchain gold projects today use a distributed ledger system, but that doesn’t make the project any less centralized than e-gold’s attempt. As far as market share goes, most of the aforementioned gold-backed tokens have extremely small market valuations and a decent portion of these projects are not even listed on crypto capitalization websites. Karatgold (KBC) has a market capitalization of around $65 million but only sees $200,000 worth of global trade volume. Digixglobal’s digix gold token (DGX) has a $6 million market capitalization and $193,000 worth of trade volume. Both KBC and DGX’s combined daily trade volume pales in comparison to tether (USDT) $602 million, BTC $529 million, and bitcoin cash (BCH) $30 million. Shiny metal backed tokens have a long way to go to catch up to their fiat companions’ (stablecoins) trade volume and network activity. What do you think about the gold-backed cryptocurrency attempts over the years? Do you think that gold-backed tokens are something that will stick around or even overtake a digital asset like BTC? Let us know what you think about this subject in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any gold crypto products, gold-crypto services, or any of the aforementioned projects/companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Image credits: Shutterstock, Tether.to, DGLD logo, Wiki Commons, Fair Use, Twitter, and Pixabay. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post More Than 77 Crypto Projects Claim to Be Backed by Physical Gold appeared first on Bitcoin News.Original Article - Bitcoin.com Read the full article

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hellomovpn · 6 years

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This is a sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. On Oct. 30th, KuCoin announced the listing of GramGold Coin (GGC) trading pairs on their exchange. The extreme volatility in the crypto finance sector has been the worry of The post GramGold Coin: The Hedging Coin We’ve All Been Waiting For appeared first on CCN source https://www.ccn.com/gramgold-coin-the-hedging-coin-weve-all-been-waiting-for/

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stubfeedcrypto-blog · 6 years

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GramGold Coin The Hedging Coin Weve All ... Publication from ccn.com #crypto #cryptocurrency #stubfeed #stubfeedcrypto - stubfeed.com/crypto https://ift.tt/2zEWyTZ

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cryptnus-blog · 6 years

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The Hedging Coin We’ve All Been Waiting For

New Post has been published on https://cryptnus.com/2018/12/the-hedging-coin-weve-all-been-waiting-for/

The Hedging Coin We’ve All Been Waiting For

This is a sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below.

On Oct. 30th, KuCoin announced the listing of GramGold Coin (GGC) trading pairs on their exchange. The extreme volatility in the crypto finance sector has been the worry of numerous people wanting to enter it as well as the downturn for many others. The GGC seeks to solve these issues by providing the functioning and reliable hedging tool that we all need.

What is the GramGold Coin?

The GGC coin, provided by the GramGold Coin Collaboration, is based on the Ethereum ERC20 blockchain standard and its value is pegged to gold bullions. Each GGC coin represents one gram of these gold bullions, as recorded by a statement.

For each gram of gold presented by a vault statement via a smart contract through a Proof of Asset (POA) protocol, a GGC coin is created on the blockchain. This is ensuring the value of every GGC issued matches with the same amount of gold inside the company’s partners’ independent gold vaults, to which it provides real-time audit report for everyone.

The gold reserve is audited on monthly basis, while anyone can go on the independent vault’s website and get a live report of their current holdings. As of the time of this writing, the latest audit has been made on Oct. 30th, according to which GGCC holds 56 gold bullions at 100g each, worth a total of $223,028 at the time of the audit.

What is the GramGold Coin Collaboration?

As the whitepaper states, the GramGold Coin Collaboration (GGCC) is the “company and team that will facilitate, issue, manage, and store the GGC through the use of gold bullion with the blockchain as a transaction platform.”

The GGCC team members have broad backgrounds in traditional finance and have been through several recessions, including the one in 2008. According to Thomas Huang, CEO and Founder at GGCC, “that’s how we understood the vital role of gold, and how it can save lives in the investment market.”

Mr. Huang holds double Master’s Degree of Mathematics of Finance and Statistics from Columbia University. He has over 23 years of experience in investment banking, risk management, wealth management and quantitative trading with Louis Dreyfus Company, UBS and China Development Industrial Bank in Taiwan, Hong Kong, and New York.

What makes the GGC token more reliable than its competitors?

Unlike most gold-backed cryptocurrencies, the GGC token was launched without an ICO and went straight into Initial Coin Circulation (ICC). Moreover, GGC coin does not charge you any fees for holding it and has significantly lower transaction cost as compared to other hedge coins.

Why gold?

The answer is more straightforward than it seems. Gold has a close to zero correlation against all crypto assets out there, meaning that GGC will not be affected if the market goes crashing. Moreover, according to Thomas, “gold has a -77% correlation against the USD, that transfers directly to USDT and all other stable coins.” This means that when USD goes down, gold goes up and saves investors from an economic crisis.

Gold provides a haven for your assets in the case of a recession, which might be closer than you think with the growing bubbles in the US. Recently, countries have been selling off their US debt while the boom of student loans, government debt, and healthcare cost per capita, just to name a few, are all bubbles that could easily lead to the next significant economic slowdown. Are you prepared for such an event?

Are there any future exchange listings planned?

So far, the GGC coin is listed on three exchanges and, according to Mr. Huang, there are a couple more listings on top crypto exchanges planned for this December. As to which are the exchange, only time will tell.

Conclusion

Given that the top priority of GGCC is to make sure crypto investors know there’s a much smarter way to invest and that the risks associated can be managed, I believe GGC to be the best gold-backed cryptocurrency on the market right now. The GGC coin indeed offers a reliable tool for all crypto traders and investors. It provides an easy and cost-effective way to ensure your financial safety in the case of a market crash. After all, the rule of thumb in traditional finance is to place at least 10% of your portfolio on gold. Why wouldn’t the same apply for the crypto market?

To learn more about GGC and the GGCC, please check out their website and/or whitepaper.

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The transaction volume between 12:00 on Dec. 3rd and 12:00 on Dec. 4th are as follows:

GGC/BTC 123.143BTC (approx. 493,039.94 USDT)

GGC/USDT 602,392.45 USDT

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hodlerxl · 6 years

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cryptnus-blog · 6 years

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In Midst of Crypto Market’s Confidence Crisis, GGC Launches Gold-Backed Hedge Coin

New Post has been published on https://cryptnus.com/2018/10/in-midst-of-crypto-markets-confidence-crisis-ggc-launches-gold-backed-hedge-coin/

In Midst of Crypto Market’s Confidence Crisis, GGC Launches Gold-Backed Hedge Coin

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

The ICC Gold-Backed Hedge Coin

According to the statistics from CoinMarketCap, as of August 2018, the market value of global cryptocurrency has evaporated nearly 75%, whereas a bear market in the cryptocurrency sector has not yet come to an end. In a turbulent market like this, token holders are most afraid of reoccurring credential issues in ICO as well as the dramatic volatility in cryptocurrency prices. In this regard, what token holders currently call for is perhaps not new cryptocurrencies, but a hedge coin in the sector.

Under such backdrop, GramGold Coin Collaboration (GGCC) skipped the controversial ICO (Initial Coin Offering) and completed ICC (Initial Coin Circulation) this September. A GramGold Coin (GGC), issued by GGCC, is a hedge coin with the underlying logical 1:1 ratio of 1 gram of physical gold. Our mission of issuing GGC is to become one of the top Hedge Coin providers, so that token holder can, not only have an alternative to go for in the fluctuating crypto market, but also a measure to obtain consistent stability. GGC’s operating model is to purchase physical gold from certified provider BullionStar, save it in world-class storage facilities, coin tokens on smart contracts with the PoA. Token holders holding GGC not only have a crypto token but under the consensus in the Blockchain, in fact, own an equal value to gold. In this way, token holders are able to reach stability and balance in their crypto portfolio. GGC will be on the world’s top 10 exchanges by the end of 2018.

Why is Hedging a Must for Your Business?

In 2018, the two most valuable cryptocurrencies in the world, Bitcoin and Ethereum, have taken their year-to-date losses to an eye-watering 50%. Until Sep. 15, 2018, Bitcoin has dropped 52.3% while Ethereum has crashed 71.9% compared to that on Jan. 1, 2018. If token holders wish to exchange crypto to fiat, an additional transaction fee to varying degrees will be charged by exchanges.

Gold — the Best Hedging Tool for You

Gold’s wealth preserving ability has withstood the test of time. Its prices have a low correlation to the market’s economic activities and have sustained a relatively stable price range. Such characteristics make gold the most reliable asset when the economy is in systemic crises. In the cryptocurrency market, one that is more volatile than traditional financial markets, a secure and valuable option is needed more than ever.

GCC — Crypto Gold with Higher Flexibility and Security

Each GGC is tokenized through a smart contract logically supported by a gram of physical gold with PoA, certified by world-class storages. With such a structure, token holders are able to enjoy stability through the Blockchain’s consensus system.

The nature of gold enjoys higher flexibility in Blockchain than traditional markets. Token holders around the world can purchase such crypto asset anytime, anywhere.

BullionStar works with Bureau Veritas, the world’s cutting-edge third-party auditing firm, to audit twice every year, and is 100% subscribed to world-class insurance company Chubb Insurance.

Learn more about GGC on https://www.gramgold.co/

Read our Whitepaper.

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