Wednesday, September 19, 2018

Two more gold backed cryptocurrencies are born here in September as resource based virtual currencies becoming the standard

In 2017 we saw the cryptocurrency phenomenon hit its peak as ICO's and new virtual currencies backing everything from coffee to donuts grew the sector from around 700 cryptos to over 1800 by the end of the year.

However 2018 has been a much different story since more than 80% of the cryptocurrencies have either fallen to below a penny in value, and the majority of projects these cryptos backed have either disbanded or became shelved.  Yet even with all of this there is one sector of the industry that has flourished, and it is the resource backed cryptocurrencies.

Gold backed cryptos like One Gram, and a new venture called Kinesis which was started by a group led by Andrew Maguire, have done fairly well and are being accepted and integrated not only by individuals looking to get out of their fiat currencies, but also by many nation states that want to return to some form of gold backed money.

And while there are now more than 35 total gold backed cryptocurrencies to date as of Sept. 18, we can add two more to this list through the introduction of the Eidoo and Airgead coins.


Eidoo:
Eidoo has become the latest cryptocurrency startup to seek to create a more stable token by tying it to the price of gold. 
The Switzerland-based startup says the ERC-20-compatible token, dubbed the ekon, will sit alongside its multicurrency wallet and decentralized exchange. But perhaps more notably, each token will be redeemable for one gram of 99.9 percent fine gold, which the startup says will be stored in its vaults and audited every 90 days. 
"People will be able to see the gold stored in the security vaults through a video camera, we will post a link on the website so everyone can control the gold," Natale Ferrara, the startup's founder, told CoinDesk in an email via a spokesperson. - Coindesk
Airgead:
Airgead Coin aims to be the trend-setter in this area and is based on digitizing real-world assets in order to provide a stable currency to hedge against inflation. This is due to the fact that precious metals protect the wealth and value of central bank currencies, offer a fair value of trade worldwide and a stable saving opportunity for investors. 
Airgeadcoin stores precious metal coins and bars in secure storage facilities with no storage fees or management fees for holding the metals. They will offer users ease of access to their assets through the digital precious metals wallet. This allows for the safe storage and management of their precious metal coins. As a part of the Airgead Coin ecosystem, a precious metal exchange will allow the value of all coins and bars to be valued in real time. 
All of this transaction will be conducted through a blockchain, thus harnessing the power of decentralization to remove power from governments. This effectively lets users of AirgeadCoinbe their own personal bank. 
The wallets, in question, have classifications for 4 coins depending on which metal they are backed byThe platform aims to offer gold and silver at launch and add platinum and palladium as the prices for the former two are established. – AMB Crypto
Whether it is through legislation at the state and Federal levels to remove taxation on gold and silver to change it back to money from its current label as a commodity, to the creation of gold depositories where people can store their deposits in gold rather than in a fiat currency at a bank, the world is quickly moving towards a return to the gold standard in some form.  And resource backed cryptocurrencies certainly appear to have a chip to play in this game going forward into the future.

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