Tuesday, January 30, 2018

New gold backed cryptocurrency GOLDX to differentiate itself through audits and additional security in wake of cryberhacking epidemic

There very much appears to be a battle going on for dominance in the cryptocurrency space, with the three market combatants being decentralized unbacked cryptos, resource and gold backed ones, and of course those being created by central banks or sovereign governments.

Recently the decentralized cryptocurrencies have experienced a slew of thefts due to unsecure platforms run by some of the exchanges.  And this has actually led to a growing demand for regulation which in part has allowed for the rise of sovereign controlled cryptos.

But outside of these two cryptocurrencies is the growing proliferation of resource backed virtual currencies, and primarily those that choose to back themselves with gold.  And the newest one to hit the scene is a cryptocurrency called GOLDX, which seeks to separate themselves from all the others by publicly producing audits, as well as strengthening their security beyond what is normally implemented for other cryptos and their conduits.

HelloGold Foundation has announced that it has launched GOLDX, the world's first audited gold backed token, to provide an anchor of stability to sophisticated crypto investors. 
GOLDX is a fully operational ERC20 token backed by 99.99% investment-grade gold independently vaulted in Singapore. The smart contract was audited by ZK Labs and ChainSecurity while the gold is audited by Bureau Veritas and insured by XL Group. Operations backing the gold are based on best practices from SPDR GLD, the world's largest gold ETF. 
Purchased using Bitcoin (BTC) or Ethereum (ETH), the main purpose of GOLDX is to provide cryptocurrency investors with quick and liquid access to physical gold as an investment class. GOLDX can be purchased within minutes and as an ERC20 token is transferable between Ethereum wallets. 
GOLDX is designed to play an important role in a cryptocurrency portfolio, whether as an option for asset diversification or as an alternative to converting cryptocurrencies into fiat currency. With daily volumes of USD 250 billion compared to USD 2 billion in cryptocurrencies, gold provides stability to a volatile market. 
GOLDX is available for sale over the counter with a minimum purchase amount of 100 GOLDX. Customers can begin the purchase process or find out more information about GOLDX and the HelloGold Foundation at www.hellogold.org. – Business Insider
Self regulation is one of the most vital concerns that the cryptocurrency market needs to improve, as seen by the slew of cyberhacks and thefts that are beginning to cause investors to demand government intervention in what is supposed to be a decentralized market.  And if this concern remains unchecked, events in the chart below will continue to occur, and put a serious damper into cryptocurrencies reaching that critical mass that could see them become a major part of the financial system.


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