Digital Gold is a platform which is made by the integration of the digital world and physical gold.
You can say it’s 'physical Gold made digital’.
As we may all know, gold which is a natural element on earth happens to have a high and increasing value. While this is so, people feel more unsafe storing or trading such a valuable asset. Not just about the safety; physical gold has to pass through a lot of protocols before being able to be sold out. Due to all of this, it was necessary and very important that the Digital Gold platform was created. The Digital Gold platform is made for the easy, reliable and quick trading of physical gold. However, this can't be made possible on the platform without the use of a token. Hence, the Gold Token was created too.
The Gold Token
The Gold token is the official currency on the gold platform. It is an ERC-20 cryptocurrency which is 100% backed by physical gold. In other words; It is the gold token which represents the physical gold. Each gold token is 99.99% equivalent to one gram of physical gold. Also, as I said earlier; it is 100% backed by physical gold and this means that the price of the digital gold is always the same with the physical gold. Therefore, the Gold Token is a stable coin.
So, with the Digital Gold platform and the Gold token, how can the storing, trading, and transferring of physical gold be made easy?(How Digital Gold solves the problems of Physical Gold)
Good! That's a nice question.
Firstly, let's look at the storing aspect, then other aspects will coming in.
We all know how risky it is to store gold at home. Most people even take their gold to the bank where they believe is safe yet, it is far from their reach for quick transactions. Now, the Digital gold platform has the Gold token which I said is 99.99% equivalent to one gram of physical gold. Considering the fact that the Gold Token is an ERC-20 cryptocurrency, it can be stored in your very own ERC-20 wallet. You can keep it in your wallet for as long as you want (even if for years). No one except you should be able to access your wallet. With this, Your physical gold is now digitalized, safe, and right in your own hands (for quick transactions).
I know you may be wondering what you’ll do when you want to sell your Gold Token. Maybe how you can change them back to physical gold and have them sold out. Well, you don’t have to worry about that. This is because, on the Digital Gold platform (gold.storage), you can trade your Gold Tokens with the updated/current price of physical gold. In other words, you don’t have to look for a buyer; all you need to do is to type in the amount of Gold Token you want to sell and quickly change them against Bitcoin Or Ethereum using the platform. Also, trading of your Gold Tokens isn’t just done on the Digital Gold platform; you can also trade them on partner exchanges like Cryptex, Livecoin, and BitForex. Most interesting and fascinating is the fact that you can sell your Gold Tokens at any time of the day and in just a few seconds without any sort of delay. Also, this same service is applied to anyone who wants to buy Gold tokens (safe, always available, and fast).
If I have you 10 or 20 grams of physical gold and asking you to send them to a friend who is only 1 mile away in a few seconds, will you be able to deliver it on time? I’m 1000% sure that the only answer to that question is capital "NO". However, even though this is 1000% impossible with physical gold, it is 1000% possible with Digital Gold. How? Well, if the 10-20 grams of gold was digitalized and made Gold Token, you and I can transfer it (Gold) to anyone on the planet. I mean Everyone!
All you need to transfer the Gold Token (which represents your physical gold) is the wallet address of the receiver, nothing more and nothing less. In other words, with the aid of the Gold Token, you can send Gold to anyone irrespective of their location.
Except those, the other features of the platform include;
No transfer fee: There's no percentage of your gold taken in the name of a transfer fee, not even when you're converting your gold tokens to bitcoin or ethereum.
Secured: The Gold Tokens are 100% backed by physical gold. Your volume of physical gold stored can be harmonized against the total number of tokens in real-time.
Privacy: Storing, Trading, or Transferring of your Gold Tokens does not need your private information. The few information which is needed is kept discreet. In other words, to purchase or sell any amount of Gold Token, you only need to provide the receiving wallet address.
Honestly, this platform is one of the platforms I love. It is a unique platform which I believe is reliable. It works exactly as I’ve explained above. I got some Gold Tokens earlier, and when I wanted to change them to bitcoin, I was shown a specific wallet address to send the Gold Tokens I wanted to sell. Just after I had sent it, the gold.storage website verified that I had sent the gold and immediately sent me bitcoin which is equivalent to the gold I sent. It is simple, lightening speed and quite interesting.
To know more about the Digital Gold platform, please visit the links below;
My Bitcointalk Account: Chris Barth