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As we have reached the 21st Century, gold in the form of metal no longer represents any real value. Nowadays, the precious metal is mostly used by investors to hedge against the negative factors of the economy, such as inflation. The question stands: how can the cryptocurrency market benefit from gold’s attributes?
The history of gold and the understanding of the main principles of the unique properties of this precious metal in the ancient world are verifiability and rarity. Gold evolved to become a standard of value.
What sustains the price of gold today? The first thing is an ability to return to the original values of the metal. The second is the fact that the price of gold is essentially determined by the number of people who believe in gold and provide a daily turnover of securities based on gold.
For a long time, gold has not been traded in its original form. A form that is suitable for trading requires rapid exchange.
Cryptocurrencies, for their part, are valued in part based on their volume of transactions. The top 10 most popular cryptocurrencies have the largest number of transactions.
Let’s combine the two audiences! As gold-backers and crypto enthusiasts join together, the volume of transactions will significantly increase. As the number of transactions surges up, so will the credibility of the cryptocurrencies.
Three blockchain startups (Onegram, RMG and Xaurum) already launched gold-backed digital currencies. All of these attempts, however, considered gold a backup currency. These attempts basically appealed to gold’s traditional purpose.
GoldMint proposes to provide tokens not based on gold itself, but by its turnover. The transfer of transactions from securities to smart contracts, and to make illiquid gold reserves, such as jewelry, liquid. Such transactions will provide additional turnover, which will be in the form of cryptocurrencies.
Golden nest for early birds
The GoldMint ICO is starting on September 20, 2017. Investors will be able to purchase MNT pre-launch tokens, called MNTP, for $7. After the ICO MNTP tokens can be traded on Ethereum platform for internal MNT tokens (found only on GoldMint’s platform), using a 1/1 course. Investors can buy MNTP tokens with bitcoin or Ethereum. The value will grow since MNT token supply will be limited and used a stake in the PoS consensus algorithm. 7 million of the 10 million total supply will be available during the ICO. There will be a bonus to allow the earliest purchasers to earn additional tokens. The crowdsale will be for one month or until all the tokens are sold.
Once Graphene, GoldMint’s own blockchain, deploys, MNTP tokens will convert to MNT tokens for use in GOLD transactions.