Use real gold to pay for transactions

Discussion in 'ICO, ITS & Bounty' started by Kryptarion, Apr 11, 2020.

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  1. Kryptarion

    Kryptarion Member Baru

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    Online form of commerce (e-commerce) is witnessing a massive evolution in recent decades. And it has played a significant role in the way people are doing businesses across the globe.

    One of the major advantages of internet is 4th hat the technology has provided an improved and easy way if communication. Interestingly, in recent years, people have leveraged the internet on daily basis to communicate data across the world with an ease of accessibility that was not possible in the past. Data communication extend beyond only the display of words — any form of trade, whether of products or services, involves a high level of transfer of information.

    The revolution of Internet has made it very possible to transfer the information required to perform trade in any market at an incredible speed while providing an ease of accessibility. One major impact this has had is the development of e-commerce. While conventional stores rely on providing information of their inventory or services primarily to the area that surrounds them, e-commerce allow people to do business across the entire world .

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    There is no doubt that the internet has eased modern business. However, it faces one major limitation — in its current state, internet can only facilitate data transfer, and communication is only one part of trade. The other part of trade is the actual transfer of value, which is done through some form of value storage — the current standard used across the world are native fiat currencies( such as USD, GBP, NGN etc). The internet does not host an internal mechanism to transfer value and it is necessary for any e-commerce channel to rely on external value transfer networks via payment channels primarily owned by card networks, such as Visa or Mastercard.

    Problems with use of external payment channels

    The use of external payment gateways comes to process transactions comes with few inefficiencies to. Most payment gateways charge a high network fee as they need to maintain their payment provision, payments are largely delayed because processing requires many middlemen, and a few companies have a heavy dominance on the completion of transactions. Blockchain technology offers the opportunity to eliminate these key inefficiencies, and a new currency aims to facilitate e-commerce transactions across the world.

    Blockchain-Based financial infrastructure

    Blockchain technology is a phenomenal innovation of modern era. The technology provides the ability to act as a layer atop the present functionality of the internet. It enables the twining of information provision and value transfer and as a result of this, the primary problem of reliance on third party transaction fulfillment is eliminated.

    Use gold to pay for business transactions

    A novel project Gold stablecoin is a digital gold anchored on the blockchain. The project aims to fill the gap in e-commerce by providing an asset-backed currency on the blockchain. Global e-commerce users will be able to utilize this currency to perform transactions with great pace and lowered transaction costs; as a result merchants will be able to access the capital for renewed inventory faster and consumers will have easy access to cheap products (as transaction fulfillment will be cheaper).

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    A blockchain based infrastructure for e-commerce provides additional benefits. This currency will serve as a stablecoin which can shield cryptocurrency users from the volatility of digital currencies. It can facilitate global transactional fulfillment as it does not face problems stemming from political issues that can devalue fiat currencies. And unlike most cryptocurrencies, Digital Gold is backed by real gold and sustains a stable value based off the asset. As a result, reliable pricing are often sustained because the floating value of Golden Currency are going to be stable.

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    Last edited: Apr 14, 2020
  2. SophieArnold42

    SophieArnold42 Fresh dari Oven

    In my opinion, this is a very interesting and unusual way to solve the problem with use of external payment channels. As I understand it, you propose to replace online currency with gold? And that is, gold exchanges will be faster than currency because they will be cheaper and easier to access? Although I have had problems with gold jewelry in the past. I tried to sell a golden watch through a gold dealer many years ago, but he said that my watch worth very little and that he was ready to buy it up for a very small price. I didn't have much choice, but I had to agree to his deal as it turned out I was scammed and the man just left the city. Now I already know that you need to look for only high-quality services like a gold dealer in Cupertino that deal with Pacific Precious Metals. Because they can provide good conditions and fair prices.
     
    Last edited: Aug 17, 2020
  3. Darbydorar

    Darbydorar Fresh dari Oven

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