AnthemGold: Blockchain Gold-Backed Cryptocurrency Stablecoin?
What Is AnthemGold?
Developed by the Anthem Vault Inc., AnthemGold is a blockchain-based cryptocurrency backed by physical gold that is fully insured and securely stored with a non-bank operator.
With AnthemGold, gold owners will find it easy to use gold as a currency, as they will be able to electronically exchange, track, or purchase gold on the Blockchain.
The main aim of AnthemGold is to solve the inefficiencies of current stablecoins such as over reliance on US Federal Reserve and FDIC, the physical delivery challenges, and delays in bank wire transfers due to being held up FedWire.
Using the AnthemGold website, gold buyers can place their gold orders and Amagi Metals will facilitate the entire purchase process as well as the record keeping. In addition, Hercules Supply Chain Blockchain Protocol secures the buying and the selling of Gold using the AnthemGold cryptocurrency.
How AnthemGold Works
Once an order is placed, inventory is delivered to the Amagi Shipping office, and the Amagi officials sign for receipt of the gold.
Recorded visual verification also takes place whereby the delivery box is carefully opened and the gold in the box is handled with protective gear to prevent any damage or residue on the gold. The gold is then weighed, measured, and sonically tested and pictures are taken of the gold bars from all angles to document all the sides of the bar.
The gold’s serial number, manufacturers, gross weight, and assay information is recorded and saved using the InterPlanetary File System to confirm them against the original order. After this process is complete, the delivery box, gold and any other content part of the shipment is photographed and the tracking information regarding the shipment is sent to buyer.
Safekeeping Of The Physical Gold
The gold is taken to the vault area that is sealed off and the access to the vault restricted. AnthemGold, the buyer, and seller receive a notification on the status of the gold.
Buyers have the option of receiving their gold at the shipment drop off or collecting it from representatives at the Amagi Shipping offices. Since the AnthemGold is backed by gold, as soon as a gold bar is verified by the platform, the buyer will receive 1000 AnthemGold (AGLD) for each kilogram of gold.
Backed By Real Gold
The AnthemGold cryptocurrency is backed by real actual gold that is insured, compliant with all the regulations, and securely stored in a vault. The gold is then recorded on the immutable and decentralized blockchain technology to ensure that the gold’s history and details can be tracked. Furthermore, owners of the AnthemGold can trade it for Bitcoin, Ethereum, or Physically Delivered Gold Bars.
Compared to other stablecoins, AnthemGold implements additional transparency measures such as frequent audits of the AGLD token code by Hosho Smart Contract Security. Apart from the audits, all the transactions using the tokens can be monitored on Etherscan.
Secure Physical Storage Of The Gold
All the gold backing the AnthemGold cryptocurrency is stored in the UL Class 3 Vault that features motion sensors, intrusion sirens and 24/7 live cameras. The vault is located in a gated compound with 24/7 security guard and 5 layers of entry access control including biometric identifiers such as fingerprints to prevent any unauthorized access.