An organization is creating an ecosystem the place tangible property similar to gold may be traded for digital currencies in a digital atmosphere.
The platform, often known as the Digital Gold Trade (DGE for brief,) says it has the aim of building a spot the place customers can securely retailer their property and commerce with others “shortly, safely, and with out middleman intervention.”
It’s designing a blockchain-based ecosystem which it hopes will permit people and corporations to hitch – buying and selling with out borders wherever they’re on the earth.
Though gold goes to be a major focus for the platform, DGE’s white paper says the corporate ultimately plans to broaden to different treasured metals together with diamonds, platinum and white gold. The corporate goals to make altering gold into tokens a quick expertise, with conversion charges which might be based mostly on the official market costs listed on gold exchanges in South Korea and world wide.
In line with DGE, one explicit focus has been growing a commerce system that’s simple to grasp, properly designed and never too dissimilar from the fee processing techniques generally used on e-commerce websites – making its platform accessible and usable for patrons from a spread of age teams.
Digital Gold Trade says it has established partnerships with recognizable manufacturers – and these agreements will end in a “secure and dependable ecosystem.”
In line with the corporate, its first unique contract was signed in February with the Korea Gold Trade 3M, the nation’s largest gold service provider.
In March, an settlement was reached with Completely happy Cash, a model whose reward playing cards can be utilized to make purchases on greater than 500 manufacturers in Korea. Underneath this deal, customers will be capable of change cash for these vouchers, that are accepted in guide shops, eating places, cinemas, music retailers, espresso homes elsewhere.
The crew behind the challenge says it’s optimistic that these partnerships will proceed to extend over the approaching months.
The weather of the ecosystem
DGE says there are three foremost parts to its challenge. The primary is a utility token often known as TMTG, which stands for The Midas Contact Gold.
Though this token will not be pegged to tangible property similar to gold, it may be used for buying different cryptocurrencies on the Digital Gold Trade.
The ecosystem can also be going to supply one other token often known as MDG. This may be purchased on the DGE utilizing TMGT tokens and is simply tradable on this platform. Pegged to 1g of gold as a certificates, it may be traded to actual gold at any time.
Lastly, the platform tying these two tokens collectively is the Digital Gold Trade, with a white paper describing it as having a “pivotal function within the ecosystem.”
A presale for its tokens was held in three phases all through Might and June, and this was adopted by an preliminary coin providing which ran from July 10-25.
The corporate is aiming for its tokens to be listed on various coin exchanges over the approaching months, starting with IDCM on August 1 and Coinsuper Trade on August 16. By February 2019, it’s hoped that diamond buying and selling will even start.
DGE claims that its providing stands out from different types of digital cash as a result of its tokens “might carry worth to the on a regular basis lives of many individuals,” in contrast to corporations which have launched cryptocurrencies with out really contemplating what they need to be used for.
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