Gold-as-a-currency: Kinesis launches blockchain-backed monetary system in Ind...
In partnership with the Indonesian government, Kinesis is using blockchain technology to deliver gold-based financial services to the population. Kinesis, a gold-backed monetary system based in the Cayman Islands, has launched a Sharia-compliant version of its product in Indonesia, setting the stage for wider acceptance of its blockchain solution in the world’s largest Muslim-population country.The product, PosGO Syariah, is described as the first mobile ecosystem business in Indonesia to be compliant with Islamic law. Delivered as an application and powered by blockchain technology, PosGO....
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The history of monetary system is built on gold. This valuable element has been playing a very important role in the economy since the beginning of time. The first documented usage of gold coins as currency dates back to 600 BC. Gold continued to be the basis of monetary systems until the Bretton Woods System paved way for nominally convertible currencies. Today, none of the world’s currency systems are backed by gold. However, gold by itself continues to hold a fair amount of value. In today’s digital world, we have something which is better than the yellow metal in many ways and it is....
A new face has been introduced to the digital currency world: gold. Minacoin, a new crypto-currency that will fully launched by June, does everything Bitcoin is supposed to do i.e. peer-to-peer monetary transfers over a de-centralized network. Except Minacoin is going into unchartered digital waters by backing the currency with gold. Minacoin founders Melvin Ng and David Gallo have backed up their upcoming crypto-currency with two 400 oz. of gold valued at US$1,050,000. Minacoins are also limited to 21 million in total and are pre-mined, placing the value of one minacoin at US$0.05.....
Gold-backed tokens are getting increasingly popular as a more accessible alternative to investing in physical gold. What is a gold-backed cryptocurrency?A gold-backed cryptocurrency is a type of digital currency that is backed by physical gold. The currency’s value is based on the current market price of gold and can be used for transactions just like any other type of cryptocurrency.Some cryptocurrencies are backed by gold in order to tie the derivative asset (crypto) to a tangible asset (gold), thereby preventing excessive fluctuations in price. Thus, gold-backed cryptocurrency is often....
The "Gold Standard" was so far applicable only to fiat currencies. It means, that the currency in circulation in a country is backed by its equivalent worth in gold. Gold was chosen as a standard because it is universally accepted as a standard, and it still continues to be so. Recent days have seen the world gradually deviating from fiat currency to digital currency. Bitcoin and other altcoins are on the rise. Bitcoin is not backed by gold, and its value is decided by demand, supply and the number of transactions happening over the network. Thus making it more volatile compared to the....
On August 4, the precious metals firm Kitco Gold announced the launch of a gold-backed stablecoin which will leverage an audit process via Cohen & Company with monthly attestation reports. Kitco has partnered with Tradewind Markets, First Digital Trust, and Stably, an asset tokenization provider. The gold-backed ERC20 tokens called “kitco gold (KGLD)” “represent one true, troy ounce of fine gold,” according to Kitco. Kitco Launches KGLD Token Backed by a Troy Ounce of .999 Gold In the seventies, Bart Kitner started trading gold with funds he got from a loan and....