For those of you who are new to Kinesis, KAU means (physical gold backed digital currency) and KAG on the other hand means (physical silver backed digital currency).
Kinesis coins in the KAU and KAG currency systems are minted into existence as a representation of physical precious metals which backs the cryptocurrency 1:1, ie 1g gold to 1 KAU and 10g Silver to 1 KAG. The existence of the physical precious metal results in the availability of the Kinesis coins themselves.
The mechanism provided for the minting process, or creation of these Kinesis coins, is in the form of a primary market referred to as the Kinesis Currency Exchange (KCX). This is where KAU and KAG coins are first created on the Kinesis Blockchain. This creation process through KCX is called minting, and it is performed through a purchase by a minter of a number of the coins within this primary exchange, in alignment with the equivalent amount of available backing precious metal.
On the purchase of a block of Kinesis, the kinesis coins will immediately be transferred into the minter’s Kinesis wallet and the equivalent amount of physical bullion will be allocated within the dedicated public exchange Allocated Bullion Exchange (ABX), as securely stored backing metal housed in secure and audited vaults.
The minter is then free to proceed with any transactions using these recently minted Kinesis coins through use of their Kinesis wallet and the Kinesis suite of applications available.
Want to know more about Kinesis?
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