UNIQUENESS OF DIGITAL GOLD

aaaadon (25)in #gold • 5 years ago

One day a friend asked me, apart from Bitcoin and other cryptocurrencies which can be used easily to receive funds from friends and families irrespective of their location, which other things can be attributed to the use of cryptocurrencies? I was quick to introduce him to different platforms and systems using cryptocurrencies such as sports betting, gambling and so forth. The truth is, blockchain and as such cryptocurrencies have passed the era of just being used for mare peer-to-peer payments rather it has moved into more advanced uses where different platforms now use it for various reasons and one of such platforms using blockchain for more use is the Digital Gold platform.

From the name, it is easy to point out what the platform is all about; yes your guess is good, the Digital Gold platform is for gold-related activities. There is no doubt, there have been many platforms with the aim of bringing different activities related to gold but they are no where to be found owing to the fact the platform died before it could start. But in the case of Digital Gold, the reverse is the case; that is, the platform is already launched and functioning at optimum capacity. The main question now is, what makes Digital Gold unique?

WHAT MAKES DIGITAL GOLD UNIQUE

Digital Gold is based on blockchain and just like other blockchain platforms, leverages Ethereum blockchain owing to its advanced security, use of smart contracts and so forth. Thereby with blockchain, Digital Gold was able to usher in the digitalization of financial markets which is achieved by making it possible for users to buy physical gold while using its GOLD token thereby opening more blockchain opportunities.

One of the features that make Digital Gold unique is its way of ensuring the volatility of the crypto space isn't found in its platform. The question is how? Digital Gold token is pegged to the spot price of physical gold that is to say the GOLD token acts as a stable coin. In the same way, with the price stability comes with another benefit which is users benefiting from long term price increase associated with gold.

In addition, with volatility taken care of, users will be able to remove all fears while leveraging the Digital Gold marketplace to buy gold via GOLD token where 1 GOLD token is equal to 1 gram of 99.99% FINE gold. To make it more appealing, users carry out all transactions without passing through any unnecessary procedures; this is because, when purchasing GOLD token the smart contract is activated, thus all dealing is done automatically and transparently. Talking about transparency, the use of smart contracts ensures that the amount of GOLD token in circulation is at all times equal to the amount stored in the Digital Gold vault, therefore protecting users from any form of liquidity issues.

Furthermore, as earlier stated smart contracts are used to remove human error, in addition to this, Digital Gold took another step to ensure the trust is always gained. To ensure optimum trust, Digital Gold entered a partnership with BullionStar company. Therefore with BullionStar, an audit will be done on the Digital Gold vault to ensure all tokens are accounted for, and the GOLD token holder is free to access the live audit.

CONCLUSION

It can't be disputed that blockchain has helped many projects come to limelight which Digital Gold is one of them, however within Digital Gold, blockchain offered various possibilities which might be different from other blockchain platforms, because every platform is unique in its own way.
In the case of Digital Gold, there is no propping of an instant gold purchase for each token bought, this is achieved by ensuring adequate smart contracts functionality. Also, when users purchase gold via GOLD token, there is low cost and instant transaction whereby all confirmed transactions can't be manipulated.
Blockchain also offers Digital Gold platform total network security and market transparency.

Furthermore, Digital Gold platform is unique because there was no public sale of any kind, which implies the project is fully self-funded; in the same way, buying and selling of GOLD token are already going on.
The Digital Gold token being an ERC-20 token means it is supported by all Ethereum based wallet.