Thursday, January 18, 2018

Meet Puregold, the newest gold backed cryptocurrency that seeks to fill the function as a payment system where Bitcoin and others have failed

Even the staunchest anti-cryptocurrency advocates are admitting that the future financial and monetary systems will somehow be integrated onto the blockchain.  And where most of these analysts differ from cryptocurrency evangelists is whether the money of the future will be decentralized like Bitcoin and Litecoin, or resource backed using commodities such as gold or oil.

Since the cryptocurrency boom really began to unfold in early 2017, there have been a number of companies that have created and ICO'd gold backed cryptos.  And on Jan. 17 the newest one was announced which not only seeks to offer a crypto that is backed by precious metals, but over time creates the payment system platforms for commerce that cryptocurrencies like Bitcoin have failed to achieve over the past decade.

PureGold aims to solve for these points of friction by developing a gold-backed cryptocurrency and payment gateway. They have attracted a team with many years of combined experience in and around the fintech world to launch the initial coin offering (ICO) of their proprietary ‘PGT” and PGG (Gold-Backed) tokens. In doing so, they will accelerate their vision of “worldwide adoption of gold as the de facto international currency in all commerce transactions.” 
Puregold has cleverly paired the key features of gold (stability, predictability, etc.) with growing consumer-demand for digital assets to create a highly transactable and accessible cryptocurrency. Effectively, the digitization of gold solves a centuries-old problem: gold has always been an extremely difficult asset to safely store and move around. In the “old-days,” people would have to buy gold blocks, verify them and place them into a secure vault. This process was extremely manual, error-prone, laborious, expensive and extremely vulnerable to hacking. 
Puregold leverages the blockchain to expedite this process, making it quicker and easier to protect your gold, reduce expenses and transfer capital. They do all of this while protecting your asset from theft and fraud. 
Originally established in 2010, Puregold has operated as an internationally-acclaimed e-commerce store selling value-added gold and silver coins. They quickly became Singapore’s premier private mint. In addition to owning/operating physical retail stores, they also managed an online platform, called Bullion Currencies, which “empowered merchants and consumers to use gold as the base currency for all transactions.” 
They provide an online platform where customers are able to buy and sell gold, and also use the gold as a means of payment when purchasing goods and services. Stemming from their years of experience and iteration over this problem-statement, Puregold is uniquely positioned to make a tangible impact on the space and enter the arena of electronic gold exchanges. 
With budding momentum and extensive expertise in this domain, their ICO will make them the first payment gateway that uses gold-backed tokens to crowdfund their offering. Specifically, they plan to distribute two digital tokens, PGT and PGG, which run on two independent ledgers. PGG is supported by physical gold and acts as a digitized crypto-asset. 
The Puregold currency is developed on top of the native Ethereum ecosystem, offering all the benefits of a blockchain (full traceability, cryptographic security, immutability, etc.) and multiple-source language implementations that garner an active community. The Ethereum chain will offer key features like consensus, accountability and general transparency. - TG Daily


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