Tuesday, July 24, 2018

Korean salvaging company to create a new crypto backed with the gold expected to be found in Russian shipwreck

In 1905 when the Dmitri Donskoi sank off the coast of Korea, the world was still on a gold standard.  Now 113 years later, digital currencies like Bitcoin are quickly working towards supplanting the metal as the next form of money.

So with this in mind it should not be surprising that the salvaging company that found the submerged wreck is planning on taking the proceeds from the estimated $130 billion worth of recoverable gold and using it to back a cryptocurrency they will forge through a new ICO.

South Korea treasure hunting company, Shinil Group has stated that they have discovered $130 Billion from the shipwreck of Russian cruiser Dmitrii Donskoi. With such a huge amount they have planned to launch ICO. 
As per the latest news, the company has posted a picture of the battleships in order to prove it. It has been discovered near Ulleungdo island and the company has confirmed they are going to launch ICO where the crypto token will be backed by the newly found treasure. 
The company has uploaded a video on YouTube showing how they come to know about the same and unveiled it. They took two days to make it successful and have decided the manner of distributing the amount. 
They claimed that Russia will be given half of the gold, Island of Ulleungdo will be donated 10% of it as fund tourism. Finally, as there reward they stated that the team will launch its own cryptocurrency titled ‘Shinil Gold Coin’. 
According to the framed policies it has been made clear that ICO will be commenced from 30th July. Moreover, they also reported that one gold coin will amount to 10,000 won ($8.87). August and September are the finalized month on which the tokens will be released to display on various exchange list. - Koinalert
While most new ICO's have not fared well over the past six months, lately there has been a resurgence in both volume and price for tokens like Bitcoin.  But for now like with any potential investment, one needs to wait for the full outline and validation of the gold before choosing to put their money in any cryptocurrency scheme.

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