Friday, January 19, 2018

What a surprise! It's another ICO for a gold backed cryptocurrency

Yesterday we published an article about a cryptocurrency called Puregold, and how they hope to use a gold-backed crypto to evolve into a medium of exchange that Bitcoin and other cryptocurrencies have yet to achieve.  Now on Jan. 19 we can add the second gold backed cryptocurrency of the week to the mix through the upcoming ICO of Sudan Coin.

Sudan Gold Coin (SGC Token), is among few Cryptocurrency that is backed by real physical assets. It is a unique combination of Real Gold Mining with Blockchain Technology. SGC Token aims to solve the volatility problem that currently cryptocurrency market has been experiencing. 
Dmitrii Konoval, Founder & CEO of SG Mining CO, said, ”Three years ago our team decided to combine modern IT technologies with proven values and start a gold mining business in Sudan. One of the partners was a great mining engineer with relevant know-how and management skills, others had expertise in IT, business development and international trade.” 
Sudan Gold Coin is the first blockchain option in the world, where the value of the coin will be tied to the market price of gold. The total amount of tokens that will be released is 20,000,000 tokens without further additional releases. At the Pre-ICO stage, the price of one token was 0.5 $ USD, at the stage of ICO – 0.75 – 1 $ USD, depending on the stage. After purchasing tokens, each investor becomes the owner of a certain amount of gold, which he will be able to operate within a decentralized exchanger, built on a blockchain technology. 
Investors and other users will be able to trade tokens, as well as exchange them for gold certificates in partner banks (in Dubai for example). The value of the token will grow due to the increase of gold’s market value. The fact that some tokens will be redeemed from time to time (or exchanged for gold certificates) from investors, after that those tokens will be burned, so the ratio of tokens to the amount of gold will vary and the price of the token will grow. 
SGC project has successfully closed its Pre-ICO with a cap of 250,000$ USD. For now, the project is at Private Sale stage, there are undergoing preparations for the main ICO which will start on January 25th. - Finsmes


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