One of the things that make fiat currency so real is that they could be backed by hard precious metals and Magma intends that cryptocurrency is backed by real Gold to make it more real. After all, one of the fears of finance experts is thinking that cryptocurrency might just exist in a bubble, backing it up with real gold is a means to take cryptocurrency out of this perceived bubble.
What Is MagmaCoin?
The Magma platform is built by a team of four individuals each of whom plays their role in executing and managing the business projects in order to achieve their goals. The team has Mark Bailey as the CEO, Mark Bailey is suited in this position not just by his imaginative ideas but also by his knowledge on cryptocurrency and blockchain, he is a product designer, a consultant at Credit Suisse in Germany and lectures about blockchain technology and entrepreneurship. Charlotte Holt is the ICO of the team, she is an advisor on various aspects of cryptocurrency like ICO, Digital assets, blockchain to include them in the financial system. Charlotte Holt is a mathematician and a quantitative CIO. Winnie Clark is the CTO/advisor, her qualifications include a license as a blockchain attorney in the state of California, USA and has about three years experience with blockchain. Keith Holland is the team advisor and is qualified for this position because he has mastered Ethereum and full stack development and he is a blockchain and smart contracts developer at fintech experience.
How MagmaCoin Real Gold Backed Cryptocurrency Works
Magma is co-funded by the largest multi-billion dollar company in Dubai. Magma is an Ethereum based cryptocurrency and is positive about how Ethereum is revolutionizing the future of finance. Magma investors are supposed to register on the platform (website) and purchase the MGM tokens through which they can order their customized gold coins which can be shipped to them directly or collected personally at their partnering custodial vaults. Since these customized gold coins are real they have a trustworthy value in the real world and as a result, cryptocurrency-doubters can feel secure dealing with MGM and owning MGM coins.
On the Magma platform, a third party auditing is carried out to carry out quarterly audits in order to fully keep in prospects the finances on the platform. Since the platform is decentralized platform it allows investors fully control transactions and contracts and their digital identity is kept secure by the Ethereum blockchain technology.
MagmaCoin MGM ICO Details
Participating on Magma ICO is possible through their website, this ICO is scheduled to go through three stages; stage one sells MGM token at 35 cents and should run through 16th March to 31st March and has a bonus of 5% for any investment above 5 Ethereum. The second stage has a price of 45 cents per MGM token and is scheduled to run from 1st of April to 15th April and has a 10% bonus for investors at this stage. The third stage sells one MGM token at 60 cents from 16th April to the 1st of March. All of these are to take place in the year 2018. After the ICO, MGM tokens will be available on some listed exchanges.
Magma is basically a cryptocurrency that is moving beyond digital to a physical worth of precious metals.