Golden currency is set to be the first global currency that is electronic and paper-based and backed by 100% gold. This functional private currency will be based on an efficient and convenient infrastructure and will use the modern technology of blockchain.
Benefits Of The Golden Currency
The new currency is set to provide the following advantages:
- It will exist in both paper and non-paper form
- It is decentralized as it is independent of any governments or any nation, it is also not affected by any economic or political situation of any country.
- It is 100% backed by gold, and its management and storage are carried independently of the issuer. The owners of the currency can exchange the currency for gold
- The use of blockchain technology ensures the reliability and independent storage of gold and allows for the conversion of the currency and payments
- The platform is a link between fiat and cryptocurrencies and allows for cheap and fast conversion of the golden currency into fiat currencies
- The money infrastructure that will be used such as ATMs, bank cards, online banking, POS-terminals, and mobile applications are already familiar to the user.
Golden Currency Paper & Electronic Gold-Backed Token Project
The golden currency project will consist of:
- The Golden currency which is the fully functional private currency issuance which is 100% backed by gold
- Golden currency infrastructure- This will involve the development and establishment of an infrastructure that will allow for the operation of the new currency.
The main elements of the infrastructure include:
- Golden bank made up of global banking network that has banking infrastructure
- Golden exchange that enables the exchange of crypto-fiat currencies that is integrated with the banking network
- Gold Depository
Golden currency intends to use blockchain technology in all the key elements of the system including in the following areas:
- The technology will manage and control the gold reserves so that it can ensure transparency, reliability, and the systems publicity
- It will be used in the banking network for transfers, cross-border payments, and currency conversions to ensure reliability, speed, universality, and integration with the currency exchange.
- It will help in the currency exchange to ensure the speed and reliability of fiat and crypto exchange transactions
- The blockchain technology will ensure decentralization, control, and be the link between the cryptocurrency and fiat currency. Further, it will ensure the exchange and banking transactions are achieved with minimum costs and fast.
Principles Of Golden Currency
The minimum principles of the golden system include:
The developers will use whatever mechanism possible to ensure the independence of the golden system.
Transparency will ensure there is trust in the system and it will offer a competitive advantage for the system. However, the transparency will not be at the expense of anonymity.
The system will have maximum anonymity for the golden currency users. The paper cash golden is the best anonymous tool for the users.
This is the main fundamental principle of the golden currency project. The currency is legal and so is its infrastructure. Golden plans to become one of the world currencies such as the euro or dollar. The developers will ensure the infrastructure complies with all the existing laws.
The other principles of the system including transparency, legality, decentralization, and modernity will contribute to the reliability of the system.
The system will be developed using the most modern systems, and the possibility of updating the system will be taken into account.