ICO in Focus: PureGold – Gold bonds on Blockchain, make payments via Gold
Gold, gold has attracted mankind ever since it was discovered. From healing properties to an object of devotion. But the biggest use case gold has ever found is in the financial domain. Gold has been used as a means of the transaction for the purchase of goods and services ever since 300 B.C during the reign of King Croesus of Lydia.
But as mankind progressed, the dependency of gold only caused hinderance. The biggest disadvantage of gold are:
- Carrying, moving, storing is difficult.
- Security – anyone can break in and steal your gold.
- Limited supply – Tomorrow if a country needs more cash, they just cannot produce gold.
The drawbacks led to the abandonment of the Gold Standard (Using gold as a means of payment). Gold started to be seen more as a commodity rather than a means of payment. And the true power shifted from the individuals to the banks who hold the money. Countries could now decide to print more money as they see fit.
Until 2018, but one company is about to change that. Enter PureGold, a Singapore based gold trading company, that is marrying the age-old practice of paying money through gold with the latest Blockchain technology. The result the World’s first cryptocurrency, backed by gold and can be used for daily purchases.
What is PureGold?
PureGold is an e-commerce store established in 2010, which sell high-quality gold and silver online. They are planning to enter the crypto-currency payments market by coming up with their own crypto-currency backed by gold. The crypto-currency is called PureGold Gold or PGG for short. They are also introducing another currency called the PureGold Token (PGT for short) which will be used for micropayments and is backed by the PGG token.
What is PGG & PGT token?
PGG token is the cryptocurrency backed by Gold developed by PureGold.io. Its value will be completely dependent on gold. That means if the gold price increases, PGG value increases.
1 PGG = Price of 1gm of Gold + 5% commission
PGG token is what people get if they deposit their gold or buy gold from PureGold. Since it’s value is dependant on gold, PGG token won’t be tradable on the exchanges.
PGT token, PureGold Token, is the transaction token for PureGold. PGT is based on ERC20, Ethereum standard. PGT token will be used for microtransactions and trading purposes. This token will be backed by the PGG and the Ethereum price. And since PGT can be publicly tradable, this token will be highly volatile. People can exchange their PGT for PGG and vice versa. The entire process of converting will be released in the future.
You might be thinking what makes PGG different from all other gold-backed cryptocurrencies?
Well, for starters PGG is the first cryptocurrency that is using gold standard to make payments. This means that no exchange rates, no price difference. For eg, you are buying a phone through PGG. This means wherever in the world you go, if the merchant accepts PGG, the price will remain the same. Secondly, PGG being backed by the gold standard (that is, 1gms of Gold) means that it won’t be as volatile as other cryptocurrencies. Third, you can exchange your physical gold for the PGG contract, which essentially means that you own the gold without worrying about storing it( think of it something like a Gold Bon but on Blockchain). Another interesting fact on PGG is that all the Gold will be stored by third-party storage which makes it more trustworthy than other cryptocurrencies.
Note: PGG token will be only issued till the gold supply of PureGold sg. That means, the PGG token cannot be mined.
The PureGold’s ICO is currently live. You can register for the ICO on their website PureGold.io.
1 ETH = 700 PGT tokens
Min 0.1 Eth = 40 PGT tokens
Disclaimer: This article is meant for informational purposes only and is not a substitute for professional advice or independent factual research. No content on this article is intended to, or should be assumed to, be a recommendation to enter into any securities transactions or investment, or an endorsement, recommendation, or rating of the here mentioned project.
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