Custody Bot Will Automate Putting Gold on Blockchain
Gold is thought to be the only real money by many. It has been a time-tested hedge against inflation and a store of value.
A large problem for gold investors though has been the storage, transmission and trading of the precious metal.
Harnessing the power of the Blockchain now makes it possible to replicate the reliability of gold but take it to the next level. GoldMint, who are holding an Initial Coin Offering (ICO), starting on Sept. 20, 2017, are aiming to free up the hidden potential of gold.
Custody Bot is what sets GoldMint apart
At the heart of GoldMint’s plans is something called ‘Custody Bot.’ This device can temporarily hold, inspect, convey or even store for the long-term. Using the Custody Bot, GoldMint would be able to receive gold from institutions and individuals and transform it into a cryptoasset that can be instantly traded and transmitted.
Custody Bot can process gold given to them by small banks or non-credit financial institutions as well as private individuals.
The device’s dimensions make it useable in a variety of circumstances. Custody Bot is only 1.5 meters high, 0.65 meters deep and 0.8 meters wide. Gold is placed in a tray that is similar to a CD-ROM tray, this tray measures 15×20 cm.
The machine includes a gold retrieving mechanism, gold checking mechanism and individual deposit boxes, which can be as many as 40.
Custody Bot uses the Linux operating system for the computer it contains. Using a Custody Bot, the user can have their gold analyzed and weighed. It can then be stored inside the safe deposit box contained in the machine.
The machine can share the data of the gold on the Blockchain and the user can get their gold out by entering a code provided by GoldMint.
What is GOLD?
GoldMint has basically created a new cryptocurrency called GOLD, which will run on a Blockchain like many different cryptocurrencies in existence.
However, the difference is that GOLD will be based on the value of Gold, the precious metal. Transformation of real gold into this new decentralized Blockchain gold will help users carry out trading in futures contracts and take advantage of price movements.
They can also use GOLD as a sort of collateral. Giving gold the shape of a digital currency also makes it extremely tradeable and transportable. In fact, users can send GOLD to any part of the world without having to take the risk of transporting precious metal themselves.
GOLD is backed by both physical gold as well as gold exchange traded funds (ETFs.)
What is the GoldMint ICO all about?
The GoldMint ICO, which will begin on Sept. 20, 2017, and end on Oct. 20, 2017, will offer investors MNT pre-launch tokens (MNTP).
This is a pre-launch token, which would be converted to the Blockchain currency GOLD after the amount necessary to reach independent supply the platform is raised. This is the first step towards the launch of a new digital currency which would create gold backed cryptoassets. Investors can purchase MNTP tokens by using Bitcoin (BTC) or Ethereum (ETH) during the public crowdsale. During the crowdsale the price of each MNTP token would be US$ 7. It is expected by GoldMint that the price of MNTP tokens would grow as they are limited in supply and are used as a stake in the Proof of Stake (PoS) consensus algorithm. Early investors stand to benefit according to GoldMint as they will benefit from a progressive bonus scale which will earn users more tokens for their BTC or ETH investments.
The total amount of MNT tokens that exist are 10 mln, out of which, seven mln will be distributed under the ICO. MNTP tokens utilise the Ethereum blockchain. The ICO will provide a special bonus to earliest ICO investors and they can earn additional tokens. The ICO will run for a period of one month or till all tokens are sold out, whichever is earlier. We were told by GoldMint that they have received over 700 participation requests from users in 23 countries already.
After the ICO concludes, ICO investors will be able to trade Ethereum MNTP tokens for internal MNT tokens to be used on Graphene, which is GoldMint’s own blockchain. When Graphene is deployed the converted MNT tokens can be used in GOLD transactions. GoldMint will offer future MNT-GOLD digital conversions at 1:1 according to a white paper released by them. We were also told that all GOLD transactions will be certified by MNTP holders, who stand to receive a 75 per cent commission for mining.
As for what GoldMint plans to do with the funds they raise. They have earmarked 30 percent for Marketing, 35 percent for Development, 10 percent for the team, five percent for Legal, registration uses and 10 percent for Staff expansion. 10 percent of the funds will be used for other purposes.
A transformation of Gold?
While gold trading has been a fact due to ETFs and other means, GoldMint has brought in an element of automation and transparency into the use of gold.
It will now be possible for people to get a fair valuation of their precious metal and to make it tradeable and transferable in very less time without human intervention.
The potential for this is endless and the element of trust in gold can be increased manifold. Gold can now be moved across international borders, can be used as a hedge against inflation and can be used to finance new businesses and enterprises.
It may be the case that we come to view gold very differently as an asset as we do today because GoldMint has the potential to free gold from its limitations.
Please check back for new articles and updates at Commoditytrademantra.com