What Is SmartGold?
They are aiming to help blockchain become more of a central part of the traditional financial economy by incorporating real-life gold into the mix.
How SmartGold Blockchain-Based Real Gold Mining Assets Work
Their idea is that the traditional risks that are associated with the production and exploration of gold are subsequently exchanged with the risk of the volatility of the tokens. This is because you have both protection from inflation and valuable liquid assets combined together.
The tokens that are released will be kept secure by a smart contract that has a discount from the market price and there will be a fixed unit implemented in terms of mass. Gold is the commodity part of the contract, which is used for a measure of value across the globe.
What they are aiming to do with this project is to have 1 million SGT tokens released in order to raise funds for the building of a gold plant, as well as focusing on the gold extraction that is abound in Tanzania.
The people who own the tokens will therefore become part owners of the main contract that covers the gold supply. Each token will be equivalent to 1 gram of gold that exists in the main contract, with the entire supply of physical gold in supply in the contract being set at one ton.
SmartGold SGT ICO Details
This contract will need the signature of the local partner company for the mining of the gold for the period in which it begins. It is believed that the timeline for the delivery of this gold has been set at sometime between December 2018 and March 2020.
They are aiming to raise about $14.2 million as a result of their token sale, which will finance the supply of a single ton of gold for the main contract.
With the launch of the token sale, 80% of the total SGT tokens that have been created will be issued, with price being set at one SGT token equaling between $16 and $20 depending on the discounts that are applied at a certain moment in time during the sale.
The start of the exploration work is set to begin in March of 2018, with the mill for the metal production facility set to launch in December of 2018.
The pre-ICO sale was held between the 10th of December and the 30th of December, with the ICO itself having taken place from the 25th of January up until the 25th of February.