There has been a significant amount of growth lately in the number of initial coin offerings launching based on the value of real world assets. A new initial coin offering based out of Russia is aiming to create a new platform that leverages the value of real gold to create a highly stable cryptocurrency.
GoldMineCoin is aiming to create a cryptocurrency secured by gold deposits in the Magadan region of Russia. In this article, we’ll take a look at the GoldMineCoin platform and find out what the GoldMineCoin ICO offers to help you determine whether it’s worth investing in or not.
What Is Gold Mine Coin?
GoldMineCoin is an upcoming ICO that is focused on releasing digitized assets in the from the crypto tokens that are backed by real gold. The organization behind the GoldMineCoin project is a Russian based gold mining business that has been operating since 2010, and holds 13 tonnes of gold.
GoldMineCoin also owns 3,410 hectares, or 8400 acres, and the relevant machinery needed to mine additional gold deposits. The company behind the GoldMineCoin platform is “Golden Horizon”, which will publish frequent updates that include production data, accounting balances, and a regular profit and loss statement.
The GoldMineCoin platform does appear to be an appealing investment- but as the GoldMineCoin ICO is based primarily in Russian, the translation of the GoldMineCoin ICO site is somewhat lacking. Additionally, it’s essentially impossible to determine whether the claims made by GoldMineCoin regarding their current assets are verifiable or not.
Form the data available on the GoldMineCoin website, Golden Horizons- the operating company behind the ICO- will transfer 30% of their total profits to the GoldMineCoin company, which will then be used to “buyback” tokens from investors at the market rate when they choose to sell. From this statement, it’s reasonable to infer that GoldMineCoin is the equivalent of a lending ICO in which investors generate capital by speculating on the future value of GoldMineCoins.
The Gold Mine Coin ICO
The GoldMineCoin pre-sale is currently underway, and will release 125,000 GMC coins- a total of 5% of the total number of GMC. The pre-sale will release a further 20%, with 50% sold in the GoldMineCoin ICO itself.
5% of the total GMC will be transferred to the bounty program, while 10% will be reserved for the project team and a final 5% for company escrow.
Gold Mine Coin Conclusion
GoldMineCoin may very well be a positive investment opportunity, but as the team behind GoldMineCoin have chosen to machine-translate their ICO and white paper into English, it’s virtually impossible to perform due diligence without possessing knowledge of the Russian language. If you’re a Russian-speaking investor, however, the GoldMineCoin ICO may be the investment you’re looking for.