Cryptocurrencies and gold, in the opinion of experts, are valued for their resistance to inflation and preserve the real wealth in the long term, regarding gold as elements against the cryptocurrencies highlight the lack of portability and physical attack of the precious metal. GoldMint will offer investors a 100% gold-backed currency, hoping to alleviate these concerns.
With GoldMint’s tokens, GOLD, the investor may contain cryptoassets in a stable mode linked to the price of gold. A GOLD is equal to the price of one ounce of gold in the LBMA exchange. GoldMint is trying to show the world that using blockchain technology, the portability of gold is viable.
Physical and paper assets will be used by GoldMint to ensure the continued value of the currency. The gold reserves will be consistently equal to or more than the amount of gold in circulation. The purchase and sale of gold cryptoassets will come with fees of 5 and 3 percent, respectively.
GoldMint has designed a blockchain specifically to realize their vision. Initially, the project will be based on Ethereum. An altcoin, MNT, will be used for gold transactions. MNT is the utility token, used for the implementation of smart contracts.
Other ways in which GoldMint distinguishes itself from other gold cryptoconversion projects is that physical gold and ETFs will be stored in a decentralized and programmable unit. In addition, GoldMint’s Custody Bot will evaluate gold, allow investors to convert gold to gold into banks, and record details about the chain of blocks.
GoldMint’s founders predict that in the next decade, gold will be stored, marketed and invested using machines such as the Bot of Custody and that the gold cryptoasset will become the trading unit for these operations.
The multitude of MNTP witnesses will begin on September 20 (09:00 UTC). Advance bonds of up to 20 percent are available to investors, reducing to two percent once 4.9 million of the seven million MNTs offered are sold.
Tokens can be purchased using BTC or ETH. MNTP chips will be convertible to MNT in GoldMint’s Stake test lock string, allowing investors to obtain a return from facilitating the network.