EGOLD is a stable cryptocurrency, backed by gold. Our own blockchain with PoS consensus algorithm. ATM for buying/selling and storing physical gold. EGold is a blockchain-based platform that uses GOLD digital assets, which are 100% backed by delivery futures or physical gold. This means that one GOLD costs the same as one ounce of gold on the Chicago Mercantile Exchange.
EGold stores physical gold in US Federal Reserve System banks and in Singapore SGPMX custodians, and with the intention that its gold reserves should constantly support or exceed the number of GOLD assets it has in circulation.
EGOLD developers have a long history of working with gold and cryptocurrency. They also possess the marketing, programming, logical, technical, and operational skills needed to accomplish this project.
By now miners have extracted more than 60,000 tons of gold from the earth, half of which finds its way into the pockets and accounts of “ordinary” people. Our idea is nothing short of revolutionary: we plan to convert this gold into blockchain-encrypted tokens to help owners protect their valuables, to help customers move their gold rapidly and easily from one part of the world to another, and to help companies and individuals hedge their gold against market volatility.
We plan to move in three stages:
1. To gain access to 1% of global gold circulation (over 300 tons) by launching Custody Bot automated storage facilities in pawnshops around the world.
2. To gain access to another 5% of gold circulation by introducing Custody Bot to shopping centers.
3. To gradually gain access to a final 10% of gold reserves, worth more than $100 billion, and to develop a special version of Custody Bot for popular installation.
In this way, we predict that in five to seven years, gold will be stored in, traded, and invested by automated vending machines, and that our GOLD cryptoasset will become the trading unit for these operations.