GoldMint GOLD Cryptocurrency

With the advent of cryptocurrencies, it was inevitable that one would be backed with gold or gold contracts, and one such notable example is GoldMint’s GOLD cryptocurrency. GoldMint is currently having an ICO, or initial coin offering, to allow investors to participate in the launch of the project and gain ownership of it. GOLD will be traded on numerous exchanges and can be traded freely among individuals. Due to regulations, the ICO is available to global investors except those based in the United States and Singapore, though the decentralized nature of cryptocurrencies means anyone can in practice own GOLD. GoldMint will reimburse investors who initially bought in the ICO from these countries, and emphasizes that residents of these countries are not allowed to sell tokens that they issue.

GoldMint will be a leading gold-backed cryptocurrency.Among the advantages of backing a cryptocurrency with gold is that it is universally recognized as money, is a hedge against inflation, and provides a tangible asset to underpin a generally intangible marketplace. Backing the GOLD cryptocurrency with physical gold or gold exchange-traded fund (ETF) contracts will generate interest among those who value gold and want to invest in cryptocurrencies. As gold is a hedge against inflation and has modest supply growth due to its difficulty in mining it — costing over $1,000 per ounce — it is perceived also as a hedge to volatile markets and cryptocurrencies, and hence is referred to as a safe-haven asset.

The GoldMint blockchain ledger will store all GOLD transactions and will be accessible to authorized users. It will run on Ethereum, considered to be an advancement to bitcoin as it allows what are called “smart contracts” which do not require middlemen. The symbol for the GOLD coin will be MNT. GoldMint also uses a “proof-of-stake” (PoS) protocol, which will allow token holders to mine the cryptocurrency and receive a reward depending on how much GOLD they own.

The GoldMint Custody Bot will accept and assess gold.
GoldMint Custody Bot

GoldMint Custody Bot

To make inroads into the gold market, GoldMint will provide Custody Bots to pawn shops and other businesses that deal with gold. Custody Bots appear like coffee machines, standing 1.5 meters high and .8 meters wide. They will be equipped with a gold retrieving mechanism, the ability to assess the weight and purity of the gold, individual safe deposit boxes, and will run on Linux software. These machines will accept gold jewelry and coins, as well as gold ingots no heavier than 100 grams.

By deploying these automated machines at pawnshops worldwide, GoldMint aims to gain one percent of the gold in circulation, which translates to 300 tons. Eventually, GoldMint aims to place these machines at shopping centers and other public locations, to capture as much as 10 percent of the gold market.

Other GoldMint Financial Services

GOLD investors will have the option to loan their GOLD to GoldMint in exchange for interest. GoldMint will in turn use the GOLD to lend to other parties such as pawn shops. GoldMint will also allocate four percent of investor funds to the stock market to hedge against risk. GoldMint guarantees investors that they will receive a return on their investment within the specified date and interest.

GoldMint will also provide credit cards at pawn shops and other locations, where customers can use gold as collateral for loans. Credit limits are set according to the value of a cardholder’s GOLD. These cards can be used to buy everyday items as with typical credit cards.

To protect the value of the cryptocurrency and ensure it does not inflate like fiat currencies, the amount of GOLD — or MNT — that can ever be minted is capped at 10,000,000. About 20 percent of these tokens will be held by the company for verifying GOLD transactions and managing operations.

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