There’s a new cryptocurrency created by Goldmint, a subsidiary of Goldman Sachs, and it is bringing stability back to the cryptocurrency industry. Cryptocurrencies are known for the volatility, meaning they're completely unstable, Sachs is looking to change things with Stablecoin, make a coin with a stable exchange rate. The purpose is to have the coin be used for everyday needs.
This is important in a lot of countries who don't have a stable form of currency. Not everyone is as lucky as United States and most of Europe, known for their stable currencies. Hence the name Stablecoin, a cryptocurrency token designed to be used globally why countries you can't rely on their own banking system.
Stablecoin is one of the only cryptocurrencies that can be backed by other currencies such as gold, silver, platinum or the dollar, for example. Goldmint’s coin doesn’t rely on any centralized banking system or institution run by the government. Stablecoin is a genuine cryptocurrency, except designed to be stable enough for everyday public use by regular people.
Too many people are skeptical of cryptocurrency because the volatile nature of it, not understanding the ups, downs and spikes is normal within the system. A reason people don't know what they don't know, cryptocurrency prices fluctuate just the same as stocks and it's normal. Most people are just too afraid to take the risks, which is why Goldman Sachs created Stablecoin.
Nearly every other cryptocurrency fluctuates which is alarming to most people. But with the Stablecoin the fluctuation will no longer be, people will have a store of digital value that they can rely on. One that can't be corrupted by local governments, or shady financial institutions, looking to steal from already impoverished people.
One beauty of Stablecoin is that a can be linked to any fiat currency there is, meaning it has an exchange rate of 1 to 1, regardless of where it's being used. However, Stablecoin cannot rely solely on fiat currency, which is why Goldman & Sachs has created their own unique exchange.
With this new system, other innovative technologies will be operating within it. Goldmint for example, is also create an automatic trading bot, able to correctly estimate the value of jewelry, made from precious metals like gold and silver. It can then operate to correctly distribute the proper amount currency back to the customer.
The development is being made in Russia, who’ve been able to take and implement the system in only a few short months. Something to take note of as Southeast Asian countries have been attempting this for years, with only Singapore being successful.
Also, a new blockchain was created by Goldman & Sachs, used to store data on precious metals appraised by the automatic bot machines. This is just one new technology being developed by the company in accordance with the needs and demands of people around the world, looking for secure trading platform.
Of course, they will also have their own tokens known as MNT, which operate on the Ethereum blockchain. the pre-sale token known as MNTP, will have a supply of 10000. later it will be transferred to the Goldman Sachs blockchain and stored there.
Goldmint is searching for ways to further expand and improve the way that precious metals are traded, fiat currency as well, and how pawn shops operate. They also want to make trading, cryptocurrency and blockchain suitable for mainstream use.
Other operations will include mining and of course investing in gold coin as well as the company itself. If they are successful, it will be a new beginning for cryptocurrency and the rest of the world, as Goldmint could become part of the bridge that closes the gap between underground crypto-trading and the general public.
What more could they do to improve their system? Leave your thoughts in the comments section below.