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Buying, selling and trading gold is about to become easier, safer
and more efficient than ever thanks to GoldMint’s innovative new
blockchain models.
Gold has a long history with investors as a revered store of
value. As an asset, it provides a reputable alternative amid the instability of
fiat money and can serve as a safe haven during a global financial crisis. More
recently, gold has served as a viable hedge for the growing markets of
cryptocurrencies and their tendency toward hyper-volatility.
GoldMint aims to make a mark in today’s evolving markets by
backing its virtual token, GOLD, with actual gold from prevailing precious
metals ecosystems. The company’s goal is to drive the future of gold markets
using an automated vending machine model — one where individuals can purchase,
sell and trade gold with ease and efficiency using the GOLD crypto asset.
The company aims to make its native GOLD tokens the unit of trade
for these transactions, exchangeable for real gold via a process that verifies
the quality of the metal traded by small sellers using the blockchain. Because
of the importance of ensuring that gold on exchanges be of a certain quality,
GoldMint has rated its crypto assets against the London Bullion market (LBMA).
In other words, one GOLD crypto asset equates to one ounce of gold on the LBMA,
which is rated 999 in purity. Therefore, any gold that becomes a part
of GoldMint’s ecosystem must possess that pure or derived level of gold
content from weight.
Of practical significance is the company’s
comprehensive peer-to-peer (P2P) solution that allows businesses such as
pawnshops to raise credit. Moreover, GoldMint seeks to deliver on a feature called “vending
gold,” introducing something it calls the “Custody Bot.”
When asked about the roadmap ahead, founder and CEO Dmitry Pluschevsky had this to say:
“We plan to build a global P2P system of crediting secured by gold
so that some people would be able to help others regardless of politics and
without risk for both sides.”
Custody Bot and the Future of Gold Vending
Gold vending reflects a new approach to an old concept: The Custody Bot buys gold and then a person can purchase the GOLD crypto asset, which is equivalent to a given amount of physical gold.
Custody Bot is the solution
that GoldMint utilizes to ensure that the collateral offered by a business such
as a pawnshop can be audited and verified. It provides a means of offering a
temporary hold, purity inspection and long-term storage vessel of physical gold
on the GoldMint blockchain. Once the Custody Bot has completed the assessment
process for the gold, it can be safely stored until it is retrieved via a
special code unique to each item stored. This process not only affords a higher
level of verifiability, but facilitates the trustworthy delivery of information
to the blockchain.
Using this innovative approach, lenders profit when the owner
reclaims the stored gold in Custody Bot, or in the case of an unclaimed pledge,
when it is sold off by the pawnshop. GoldMint thus serves as a valuable tool
for investors seeking to add gold to the blockchain for speed and security,
with the added benefit that they can independently verify the purity of their
gold.
“One of the next generations of Custody Bot will operate in
retail, on the street,” said Pluschevsky. “A
new generation of pawnshops in the form of vending machines will appear at each
gas station. And the next step will be the home Custody Bot, which will allow
you to evaluate the gold items while storing them at home.
GoldMint Crowdsale Ongoing Now
GoldMint’s crowdsale, which commenced
on September 20, allows participants the opportunity to purchase MNTP token. This token will eventually migrate over to the blockchain under
the name MNT, and will be used to verify the GOLD transactions on GoldMint’s
blockchain.
Note: Trading and investing in digital assets is
speculative. Based on the shifting business and regulatory environment of such
a new industry, this content should not be considered investment or legal
advice.
Bitcoinmagazine.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
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