The new TMTG project stands for The Midas Touch Gold and uses blockchain technology to create an environment for exchanging fiat to digital currency and vice versa or other tangible goods. The project addresses some of the toughest challenges the world of cryptocurrency has ever seen, also giving a platform that can bring real-world applications to the everyday life of many.
Before, transactions are available offline in p2p based transactions that are heavy and carry severe risks like gold quality. Buying gold through a digital token shortens the risks and gives convenience as well as safety.
START ICO ! 2018- 07-10 00:00 am (GMT)
ICO Web Page Link >>> https://t.co/aDTMJvLiVo
Check TMTG ETH adress 1ETH = 2000TMTG pic.twitter.com/gu31XKy1fr
— Official Digital Gold Exchange -TMTG (@tmtgdge) July 9, 2018
Offline And Online Gold Exchange
The DGE or Digital Gold Exchange is an offline/online electronic gold exchange, giving people the ability to trade cryptocurrency for tangible goods or fiat currency. Users on the platform will be able to trade directly with each other on a simple platform.
Anyone with a large enough holding of cryptocurrency will also be able to distribute their assets securely with less of a tax impact. The new project will focus primarily on gold because the value is recognized around the world.
eoTMTG tokens, also built on the ERC20 standard coins, are not tied to gold but will serve as a way to buy other cryptocurrencies on the DGE platform. The new MDG token represents true life gold that can be bought with TMTG coins on the Digital Gold Exchange platform. The MDG tokens’ value relates to gold’s base value when the user makes the purchase, with its value pegged to 1 gram of real life gold.
Since precious metal like gold are real commodities, the DGE ecosystem has the ability to grow at an incredible rate.
A User-Friendly System
The platform DGE is built on also allows users to quickly check prices on the market as well as conduct coin-to-cash conversions to USD, HKD, and KRW currencies.
As they’re sold, TMTG coins on the Digital Gold Exchange are retired by the people selling them and they will get MDG coins newly issued. The total number of cash being held will be responsible for the total amount of MDG gold to be exchanged.
Digital Gold Exchange’s system will also expand far past that of gold, to other valuable metals and gems like white gold and diamonds.
Users must know their customer certification in order to purchase MDG with TMTG.
The Korea Gold Exchange, used to officially supply real life gold for the supply of digital gold on the DGE platform is essential to the operations. The system will also be used available to other gold suppliers who make deposits on a certain number of TMTG tokens in the Digital Gold Vault.
DGE uses the CC exchange protocol, one that is built on the Decentralized Exchange or DEX – a platform to improve security as well as the transparency of the exchange for building crypto and fiat purses.
People who use the exchange will be able to use a modified mnemonic signature designed on their application to easily prove who owns the DG when transferring it to real gold.
Along there is Circuit Breaker system that shuts down coin exchanges where there is a big amount of transactions happening, to further protect the stability of the market and its coin owners.
The rate of conversion depends on the official gold exchange market prices as well as digital currency exchanges.
Along with to this, the Korea Gold Exchage, DGE has entered into a new contract partnership with Happy Money Co. Ltd to get gift vouchers, S Carat for Vau diamonds users can buy.
There is already an ICO that has stared and continues on through the 25th of July. During the ICO, there is a total of 2 billion TMTG coins to be sold, with a total amount of 10 billion issued altogether. Coins can be bought using Ether. The initial coin offering is said to have a hard cap of 40,000 ETH and a soft cap of 10,000.
The TMTG project will gives consumers to buy gold using virtual currency as well as use virtual currency for every day use. And it’s because of this that the project stands to grow the number of users as well cryptocurrency holdings to give everyone better benefits.