GoldMint develops gold tokens and new blockchain program
Written By: Katherine Demetre
August 10, 2017
Recently, GoldMint launched a new project which provides gold ownership solutions for cryptocurrency investors, along with a new blockchain program.
According to the company, owning gold requires expensive security, safekeeping, and insurance, in addition to being illiquid, but Goldmint’s gold tokens assumes to have provided the solution. The company claims that their gold tokens are stable, transparent and a non-volatile means to hedge crypto portfolios from wild market swings.
GoldMint also released MNT, a utility token used for operations and implementation of smart contracts.
For facilitating the blockchain, token owners would be able to receive a percentage of the commissions taken from processing GOLD transactions. In addition to these tokens, GoldMint incorporated its own custom AP into its project along with a Graphene based blockchain which is a connected robot programmed for inspection, temporary and long-term storage, and transfer of physical gold, jewelry, coins, or gold bullion. This unit should be installed in small banks, non-credit financial institutions as well as used by private individuals.
The company stated that it conducts analysis using a spectrometer and weighing system which then stores information about weight, quality, and value on the blockchain.