Silverlink ICO (LNKS Token): Silver-Backed Cryptocurrency Coin?
Silverlink, found online at Silverlink.io, is a silver-backed token on the Ethereum network. Find out everything you need to know about Silverlink today in our review.
What Is Silverlink?
Silverlink is a digital token listed under the symbol LNKS. The token is a fully 1:1 silver-backed token tradeable on the Ethereum network. Each token is equal to 1 gram of 0.999 fine certified silver.
The goal of Silverlink is to allow anyone to acquire “digital silver” as easily as they would purchase any digital token.
Silverlink is in development by the team at Link Platform. In the Silverlink whitepaper, Link Platform describes itself as “a growing network connecting traditional markets and businesses with cutting-edge technology and new generation tokens, smart contracts and the large spectrum of tools the Ethereum platform can offer.”
What Problems Does Silverlink Seek To Solve?
Why do we need a digital currency backed by silver? What problems does Silverlink seek to solve? The Silverlink whitepaper mentions two problems:
- Cryptocurrencies are associated with extreme downward volatility
- Investors cannot currently make low-risk investments while purchasing ERC20 tokens
Silverlink aims to solve these problems by introducing a cryptocurrency backed by physical silver bullion.
How Do Silverlink Tokens Work?
The core feature of Silverlink is the LNKS Silver Token. It’s an ERC20 token on the Ethereum blockchain.
Link aims to offer several benefits by integrating physical silver into trading. Investors can access a low-risk investment on the Ethereum blockchain, for example. That investment would theoretically not have the downward volatility associated with other cryptocurrencies because it’s backed by physical silver.
— The Silverlink Network (@linkplatform) April 17, 2018
Here’s the basic process Silverlink will use to mint its LNKS tokens:
- Acquire physical silver bullion
- Register proof of ownership
- Mint the LNKS token
- Allow users to buy, sell, hold, or trade the LNKS token
When a buy order is triggered on the Silverlink website, Link will acquire 0.999 fine certified silver. The silver is acquired from the lowest spot price available in markets with major silver producers, including Australia, China, Peru, Russia, Mexico, and Chile.
The proof of ownership registration, meanwhile, involves tracking the SKU of the silver bar or its serial number, posting digital signatures representing chain of custody, getting a third party auditor certificate, and paying storage fees before getting a vault receipt.
Finally, after these two steps, Link will mint – or create – its LNKS Silver Token via a Minter Smart Contract, which automatically issues Ethereum ERC20 tokens.
Each LNKS Silver Token ultimately represents 1g of silver. The token is divisible to 0.01g.
Once the ERC20 token is minted, it’s fully available to be bought, sold, traded, or held within the Ethereum network. You can hold your token in any ERC20 wallet, for example, or trade it for other cryptocurrencies at market rates.
Silverlink will charge a fixed fee on every LNKS buy order approved. This fee will go entirely to LNK holders. LNK tokens are tokens offered by the Link Platform, while LNKS tokens are specifically silver-backed tokens.
Who’s Behind Silverlink?
Silverlink is in development by the Link Platform team, found online at Cryptolink.network.
The company announced Silverlink on April 17, 2018, although their LNK staking program was originally launched in August 2017.
The Link Platform is a development company seeking to promote, offer, and integrate Ethereum solutions to individuals and businesses. Right now, Silverlink is the flagship product created by the company.
Key members of the Link Platform team include Daniel Mendoza (CEO), an entrepreneur with 6+ years of blockchain and cryptocurrency experience, and Alexander Dawson (CTO), a software architect with 6+ years of experience managing work teams.
The Link Platform is headquartered in Guadalajara, Mexico.
Silverlink is a silver-backed token issued on the Ethereum network. The goal is to make buying, selling, trading, and holding silver as easy as purchasing any ERC20 token.
Each Silverlink token (LNKS) is backed by 1g of 0.999 fine certified silver. Tokens are divisible down to 0.01g. Your tokens can be held in any normal ERC20 wallet. Or, they can be traded just like any ERC20 token. Every time silver is purchased, ownership of that silver is registered, traced, and posted to the blockchain. Then, a smart contract automatically issues a new LNKS token. The end result is an asset-backed cryptocurrency with (theoretically) lower downward volatility than other cryptocurrencies.
To learn more about Silverlink and the LNKS token, visit online today at Silverlink.io.