Airgead Coin claims to be the first cryptocurrency backed by a basket of precious metals. Find out everything you need to know about the project today in our review.
What is the Airgead Coin?
Airgead Coin, found online at AirgeadCoin.com, is a precious metal-backed cryptocurrency that merges silver, gold, platinum, and palladium precious metals under one cryptocurrency.
The official website describes it as, “A way to purchase and sell real money for the first time.” The site also claims to be “the first open precious metal backed cryptocurrency that merges all silver, gold, platinum and palladium coins/bars under one cryptocoin.”
What exactly does that mean? Let’s take a closer look at how Airgead Coin works.
How Does Airgead Coin Work?
Airgead Coin is one of several cryptocurrencies that claim to be backed by real assets – like precious metals.
However, Airgead Coin sees itself as different from other similar cryptocurrencies. The difference is that with Airgead Coin, encrypted information can be stored within the code itself and read with a special type of wallet. “This will allow each single cryptocoin to store any information of value and allow any asset to be merged into a single cryptocoin,” explains the official website.
Obviously, this is a little confusing and poorly explained. The website doesn’t exactly make things clearer:
“The information stored in each single CryptoCoin will provide ownership over any class of asset that is merged with it, once this happens it’s [sic] true value can be determined for the first time by freedom from control and costs. By doing this we open the world to a number of possibilities, one in which there was control and costs over everything will now becomes replaced by the freedom over all assets.”
What does any of this mean? I’m not totally sure. However, somehow, this mechanism will allow Airgead Coin to store the value of “all precious metal coins/bars.” The information stored within each Airgead Coin will allow the coin to represent ownership of all precious metal coins and bars that have merged with it.
“By allowing all precious metals to merge within one CryptoCoin can we break free of all the costs and controls that have afflicted precious metal coins/bars for so long and open them up to a new world.”
Initially, only silver and gold coins and bars will merge with Airgead Coin. The company will purchase the precious metals, then store them in “reputable private storage sites throughout the world.”
The company plans to use 1 gram, 1/10 oz, 1/4 oz, 1/2 oz, and 1 oz gold bars and coins, for example, as well as 1/2 oz, 1 oz, 10 oz, and 1 kg silver bars and coins.
The gold and silver-backed Airgead Coin will be sold exclusively through the website’s native exchange. Through this system, the company aims to offer easy decentralized ownership of precious metals around the world. You’ll be able to store Airgead Coins in your Airgead Wallet.
In the future, the company plans to merge platinum and palladium coins and bars with Airgead Coin coins. They will later expand “to all generic coins/bars” and then moving to semi numismatic coins and true numismatic coins/bars. Every coin or bar that was ever produced can be merged with an Airgead Coin.
How Do You Check the Precious Metal Value Behind Each Coin?
So you bought a blockchain-based token that claims to be linked to the value of real silver and gold. How do you verify that value? How can you claim or recapture that value? There are two verification components behind Airgead Coin, including:
The first part of the Airgead Coin security process connects each coin to its owner via private keys and blockchain technology. Key components of this process include:
- Airgead Coin will use decentralized technology to give owners direct control of the precious metals using their private key; the owners can transfer the assets whenever desired to anyone within the exchange or privately
- The Airgead Coin blockchain is a public ledger that provides a record of all transactions, letting you check transaction history at any time
- Airgead Coin has no minting process; the company controls all Airgead Coins issued; all coins are fully controlled and encrypted
- The second part of the Airgead Coin security process tells you, others, and the Airgead exchange what type of precious metal is behind each coin. Key components of this process include:
- You can display the precious metals behind your Airgead Coin without revealing your key (remember, the key provides ownership over the Airgead Coin)
- Unlike other asset-backed cryptocurrencies where a single coin is backed by a single metal, Airgead Coin is open to all precious metals under one name and one coin
- Each coin’s information will feature the price and other details of each precious metal attached to the coin
Who actually owns the precious metals behind your coin? Airgead’s team claims that “the full rights and ownership over the precious metals” are held by the person who holds that particular Airgead Coin.
Can you claim those precious metals at any point? The company claims you can: “We provide an open system where at all times the Airgead Coin holder can redeem their Airgead Coin for the physical precious metals that it is merged with.”
To be clear, Airgead does not store ownership records for each precious metal: each Airgead Coin acts as the ownership record. If you lose access to your Airgead Coin, then you’ll lose access to your ownership of the precious metals.
The Airgead Coin ICO
The team is selling a total of 100 million Airgead Tokens (AED) during the pre-ICO and ICO combined. Tokens are rising in value from the beginning of the ICO to the end, going from 1 EUR in the first week to 1.40 EUR in the last week.
A date for the ICO has not yet been announced. However, the exchange is scheduled to launch after the ICO is complete.
Who’s Behind Airgead Coin?
We assume Airgead Coin is made by an Ireland-based team. The word “Airgead” means “money” in Gaelic. The company has also priced its ICO in Euros. However, the website and whitepaper do not disclose team information for the company.
The company does disclose its business number: 618785. That business number takes us to this Irish business registration page for Airgead Coin Ltd, a Dublin-based company founded in January 2018.
That page lists Lee O’Brien and Mark Murphy as the two listed members of the company. The company is categorized as a “wholesaler of metals and metal ores.”
Airgead Coin ICO Conclusion
Airgead Coin is an Ireland-developed cryptocurrency that aims to combine multiple precious metal bars and coins under one digital token called AED. Initially, Airgead Coin will merge gold and silver behind the value of each coin. In the future, the company plans to add palladium and other precious metals.
To learn more about Airgead Coin and its upcoming ICO, visit online today at AirgeadCoin.com.