A new cryptocurrency backed by gold and mines with a disruptive idea behind

Cryptocurrencies, and in particular Bitcoins, have triggered attention in all walks of life very recently. With the support of blockchain technology, which is said to have ‘disruption’ on various sectors, cryptotoken is expected to replace people’s perception on what traditional currency is.
While cryptocurrency becomes increasingly popular, investors, however, are more concerned not only with the potential return, but also the stability of tokens. Gold has been regarded as one of the safe and valuable choices to back any currency, including crypto, even in tough economic times.
Even though several forerunners had started creating gold-related blockchain projects, they mainly focus on linking certain amount of physical gold to support the value of their cryptocurrencies. What they missed out in the gold industry is the ‘gold mines’, the origin of physical gold. The Quantum Gold initiative now aims at creating an infinite growing ecosystem which self derives gold. The team, formed by a group of entrepreneurs and pioneers of blockchain, IT, mining and finance sectors, focuses on the importance of backing a cryptocurrency by integrating the investable value of gold and gold mines.
‘Quantum Gold is the first to deploy the blockchain technology for the gold mines industry.’ The Chief Executive Officer of Quantum Gold, Steve Pang, having held executive posts in different multinational corporations in past two decades, said. ‘ Cost for operating gold mines keeps rising due to more stringent control on safety and environment protection. Quantum Gold provides an alternative and innovative financing approach to the industry which reduces repayment burden to mine owners in early years, and also provides blockchain technology to improve efficiency in mine production and logistic operations.’

Investment decisions are consolidated by the blockchain technology, that investments on specific gold mines will be evaluated and deliberated by Ethereum-empowered decentralized autonomous organization process, which is being developed by the Quantum Gold Foundation.
When Quantum Gold Foundation advocates the strong relationship between cryptocurrency and gold mines, in parallel, a number of gold mines are now appreciating the idea and going to sign memorandum of understanding (MOU) with the team. The first will be a mine located in Chifeng, Inner Mongolia Autonomous Region, which is forecasted to produce over 7,000kg gold in around 18 years. The foundation now targets to sign up with at least 3 gold mines before launching its first public token sales process.
‘We have confidence to bring big impact to gold industry by bridging with new blockchain technology and traditional mining, which is now costly and not environment friendly. At the end of the day, we want people see our not-yet-mined gold underground no different from surfaced one as its financial value is already realized by tokenization. We always then have the choice as to how and when to surface underground gold with the notion of environmental protection in mind.’ Steve said.