ZenGold is a cryptocurrency that claims to be backed by the real price of gold. Find out how ZenGold works today in our review.
What is ZenGold?
ZenGold is a new cryptocurrency built on top of the Metaverse Blockchain. ZenGold was announced in May 2017. The company officially launched their cryptocurrency on May 26 with their ICO. During that ICO, ZenGold accepted ETH and BTC in exchange for the ZenGold tokens. the company announced that a total of 100 million tokens would be created over the lifespan of the currency, with 63 million of those tokens coming to market.
Each token represents one gram of physical gold.
The ICO began at $30 (or the equivalent in ETH or BTC) per token. It lasted until June 9, 2017 and achieved 100% funding.
To be clear, ZenGold (the cryptocurrency) is not found at ZenGold.com. ZenGold.com is a UK-based gold and silver exchange that’s been active since 2007. The ZenGold cryptocurrency is found online at ZenGold.org.
The goal of ZenGold is to reduce volatility in the cryptocurrency world. ZenGold ties the price of its token to something tangible – a gram of gold. By extension, ZenGold allows holders to effectively use gold as a payment platform – they just use tokens as a representation of that gold. Users can pay with gold while benefiting from the transactional benefits of blockchain technology.
The core benefit of ZenGold is that you can use “gold” to pay for stuff in the real world. Instead of handing someone a gram of gold, you can give them a ZenGold token that represents the same thing. Obviously, fiat currencies were originally based on the same concept: many world currencies were originally backed by the price of gold.
Here are some of the advertised features of ZenGold:
Decentralized and Eternal Data Storage:
ZenGold will let you transfer gold-backed value “beyond the limitations related to divisibility, efficiency, transparency and distance.” The potential uses are unlimited due to ZenGold’s use of blockchain technology and its auditing mechanism (which ensures tokens are backed by real gold).
Digital Identity System:
The Metaverse blockchain allows for the identification of every person, organization, and asset on the blockchain. This ensures absolute ownership while creating a public, transparent credit system for everyone.
The ZenGold ICO
The ZenGold ICO took place between May 26 and June 9. Here are some of the key facts about that ICO:
A total of 100,000,000 ZenGold Coins (ZGC) will be created as ZenGold’s total token supply
63,000,000 ZGC tokens were distributed through the ICO
The ICO took place before the project completion, allowing investors to become early owners of ZGC tokens before the public launch (similar to how most ICOs work)
ZenGold accepted BTC, ETH, and ETP during the ICO
Funds collected during the ICO are held under the custody of multi-signature wallets, subject to public auditability; keys to those wallets are controlled by five trusted individuals (two from the Metaverse foundation, two from the project development team, and one from the Zhejiang Province International Financial Enterprise Association); all five signatures are required to execute payments from the wallet
The ICO was available across three platforms, including ZenGold.org, ICO365.com, and BTC9.com
ZenGold Versus ZenGold Coin
Please note that there is a difference between ZenGold (ZNG) tokens and ZenGold Coins (ZGC). ZenGold is a digital currency that represents one gram of gold. That currency can be divided into 0.0001 gram. Each transaction on the ZenGold network comes with a 0.1% transaction fee paid by users of that network.
ZenGold Coins (ZGC), on the other hand, are shares in ZenGold. They represent the right for a ZGC holder to receive a share from the generated profit of the ZenGold network. The network generates profits by users buying and selling ZGC and paying a transaction fee.
During the ICO, ZenGold released ZenGold Coins – shares in the company. They did not release their gold-backed cryptocurrency.
Future Uses for ZenGold
ZenGold plans to make their currency a global payment platform. Here are some of the proposed uses for ZenGold, according to the company’s whitepaper:
ZNG token holders can transfer the token to the smart contract address and gain access to their required credit. Holders can access credit without relying on conventional financial institutions.
ZNG token payments can be processed in a stable, fast, and unlimited way. ZNG works differently than other cryptocurrencies because it’s a solid storage of value backed by real, auditable gold reserves.
Who’s Behind ZenGold?
ZenGold is led by CEO Jen Lee, who is currently the Vice President of Viewfin. Prior to joining ViewFin, Lee worked at Pingan, where she was involved with establishing a nationwide core insurance system.
Other key members of the team include Eric Gu, Michael Jiang, Chen Hao, and Chengdi Wu (these four, along with Jen Lee, are also the five signatories required to unlock the project’s funds).
You can contact the company by email at [email protected] The project is headquartered in Zhejiang, China and is led by some of the prominent experts in Chinese blockchain technology. Eric Gu, for example, was the main Chinese translator of “Blockchain: Blueprint for a New Economy”, the first blockchain book to be translated into Chinese. He’s also a lifetime member of the Bitcoin Foundation, and is a well-known thought leader on blockchain technology in China.
ZenGold is a project built on the Metaverse Blockchain. The project uses a key concept from the world of fiat currencies: basing the value of a currency on something tangible – like gold. In the case of ZenGold, each token is tied to one gram of gold.
ZenGold held its successful ICO this past May/June. The company will use funds raised during the ICO to continue developing the project.
Stay tuned for more information about ZenGold as the company works to transform its gold-backed cryptocurrency into a worldwide payment platform and credit system!