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A Panama-based company has proposed to digitise ownership of precious metals by harnessing the power of Ethereum blockchain.

Not available for US persons

Orocrypt plans to issue Ethereum tokens representing one Class A common share. The stakeholders will be the individuals/organisations who participate in the upcoming sale of Orocrypt’s 500,000 class A shares representing 45% of the company’s equity. The cost per one Orocrypt Inc. Share Token (OROC) is 9 EUR.

Investors will be able to purchase stakes for Euro, Bitcoin or Ether in real time. An excerpt from the Orocrypt whitepaper:

For instance, an investor sends 10 bitcoins. With an exchange rate of euro/bitcoin of 1,135.001, (10 bitcoin divided by €9) buys 1,261 share tokens. If at share token sale closing, bitcoin has declined to 1,000 euros, the investor still gets the same 1,261 share tokens, effectively buying each share token for 7.92 euros. Conversely, if bitcoin rises to 1,200 euros, then the investor will be paying 9.5 euros for each share token.

The ICO will start on June 14, 2017 and will run until July 14, 2017 or until all OROC are sold, whichever comes first.

Orocrypt Inc., as the company is titled, will issue “precious metal tokens” that are backed by securely stored and audited precious metals. These tokens will adhere as well to the Ethereum’s ERC20 standard. It is an interesting development, for the standard evidently allows easy interchangeability of the Orocrypt tokens between Ethereum wallets.

Not available to US persons

Orocrypt will start issuing OROG gold tokens in the final quarter of 2017. Each one of these tokens will represent the ownership of 30 grams of LBMA-quality gold.

Moreover, digital imprints of precious metals on the blockchain ensures pseudonymity, and multi-purposeness as the tokens explore applicabilities in finance trading, collateral trading and other bespoke income enhancement strategies. Smart contracts will further enable the issuance, distribution and management of precious metal tokens.

Orocrypt will also function as an exchange for issuing and trading precious metal tokens.

For more information, please read Orocrypt’s whitepaper: https://orocrypt.com/docs/whitepaper.pdf or join their slack channel.

[Note: OROC (share-tokens) and ORO.G (gold-tokens) are not the same entities.]

Disclaimer: The opinions expressed in this article do not represent the views of NewsBTC or any of its team members.  NewsBTC is not responsible for the accuracy of any of the information supplied in Sponsored Stories/Press Releases such as this one.
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