What Is OhmsGold?
OhmsGold (OG) is a digital currency representing Gold. It is based on the use, exploration and refinery of Gold. Essentially, the OG coin is backed by natural, unrefined Gold. Currently the value of one OG corresponds to one gram of refined gold.
As of now, the gold market is heavily reliant on the value of popular currencies, particularly the US Dollar. Therefore, a weaker dollar makes gold relatively affordable to foreign buyers, while highly valued dollar substantially pushes the price of gold out of foreigners’ reach.
Additionally, interest rates also have a significant influence on the value of gold. Typically, gold is not subjected to dividends and interests, and therefore the price of gold is restrained when the situational interest rates are either high or gradually increasing. Contrariwise, if the prevailing rates are considerably low, gold is likely to benefit thanks to a reduced opportunity cost of acquiring the precious metal. However, this trend is subject to change, as higher interest rates may propel the acquisition of gold and vice versa.
Using blockchain technology the OG platform will create an ecosystem where the ratio of actual gold to the value of the OG token will 1:1. This interoperability will increase the interest rates of gold as well as eliminate the possibility of value deflation. The supply of OG tokens in circulation will correspond to the actual amount of available refined gold.
The OG Cryptocurrency Of Gold Coin Concept
The idea of the OG Platform will follow the following steps to realize its objectives:
- Reconnaissance – before anything, the project will conduct a survey to ascertain the viability of the gold to be mined and refined.
- Refinery – here, the raw gold will be polished to produce ohmsgold.
- Circulation of OG – based on the amount of ohmsgold refined, OG tokens will be supplied.
- Inflation and Interest application –after every round of sales on the blockchain and subsequent dividend distribution, the value of OG will increase.
OhmsGold OGT Token ICO Details
As a means of raising the capital required to run this entire project, OhmsGold will issue an ERC20 token known as the OhmsGold Token, OGT. Early contributors to the project will receive discounts during the token sale event.
The presale event for OhmsGold utility token (OGT) started on 12th March, 2018. During this first phase, a total of 6,000,000 OGT were in supply. The second phase will kick off on 6th May, 2018, offering a total of 4,200,000 OGT. The third and final step will commence on the 4th August, 2018, with a total of 2,500,000 OGT in circulation. The process will end on 31st December, 2018, marking the climax of a nine-month process. A total of 12,7000,00 OGT will have circulated.
The price of OGT throughout the sale will be 1 OG for 86 OGT. The eligible digital currencies are Bitcoin and Ethereum. The proceeds of the presale event will be channeled to the acquisition of natural gold, which will undergo refinery to produce more OG. After the successful completion of the pre-ICO, OG will initiate the sharing of profits in the form of dividends.