[ANN] GOLD - First 100% Liquid Stablecoin Backed by Gold

[NeuroticFish]

I've also done a small exchange (GOLD->BTC) and I was surprised by the big network fee they have been paying. Quite a waste imho. I think that something may not be well calculated/fine-tuned in the GOLD marketplace.

I am sure that we will see a significant spike in GOLD token usage when the real gold begins to rally again.

I was just thinking about this GOLD project and something interesting has occurred to me: real gold doesn't even have to begin to rally. Not yet. After everybody will recognizes this as a fair project, as soon as Bitcoin next FOMO bubble will begin to pop, this will be a wonderful backup for a store of value.

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[webtricks]

Although this may be answered previously but I would like to know how GOLD token maintains its value similar to gold price. For example, on Bitforex the current price of GOLD/BTC pair is around 0.005 which is roughly equals to current USD value of 1g of gold i.e. $50.40. Why doesn't this price deviate significantly from gold price? Which factor is maintaining correlation between GOLD/BTC on Bitforex and gold/usd in physical market?

[hulla]

Although this may be answered previously but I would like to know how GOLD token maintains its value similar to gold price. For example, on Bitforex the current price of GOLD/BTC pair is around 0.005 which is roughly equals to current USD value of 1g of gold i.e. $50.40. Why doesn't this price deviate significantly from gold price? Which factor is maintaining correlation between GOLD/BTC on Bitforex and gold/usd in physical market?

Yes, the factors are to maintain the price of GOLD/USD which is thevreason why the project team provided liquidity in each exchange where the token is listed through the act of buying and selling of GOLD tokens base on the price of physical one gram of gold.

[hosseinimr93]

I've also done a small exchange (GOLD->BTC) and I was surprised by the big network fee they have been paying. Quite a waste imho. I think that something may not be well calculated/fine-tuned in the GOLD marketplace.

The fee they pay for Ethereum transactions is also much high.
I also made an exchange today. I converted my gold tokens to Ethereum. Everything was fine and went smoothly.
The gas they spent for sending me Ethereum was 20 Gwei while there was no need to pay that much.
For sending gold tokens the gas I spent was only 1.6 Gwei. My transaction was confirmed in less than 10 seconds.

[wwzsocki]

...For sending gold tokens the gas I spent was only 1.6 Gwei. My transaction was confirmed in less than 10 seconds.

Can you tell me which wallet you have used or some other insights?

I am also experienced in ETH transactions and wasn't able to send 6,50 GOLD tokens to the Digital Gold Marketplace for less than 120000 Gwei.
I tried 2 times and had to finally send it with such a high amount because I got the message "not enough gas" which was true because gas was fully used.

Here you can see the first failed transaction: 0x3601c7ebb56559e762b01f0a32abbf4923a093074aa52f377a76003322ec6791

After this one, I mistakenly have sent 0 GOLD with this same gas amount and it succeeds: 0x69c6c8a3ffa684c589684fd0b2d9b4b08cc997df89d1ce80123433f299f77767

And here I have sent 6,5 GOLD with much higher amount of gas and was finally successful: 0x364e69246be17b08bf085f3f8c3aa3af04e30be3710b73b3e7a99dcd4799783c

I have to say that this isn't the first time it happens to me because I have always the low amount of gas in my wallet settings and always the first transaction is rejected because of too low gas despite it should be high enough with ease. This is why I am curious how you are exactly doing this?

I am using Metamask with adjusted settings.

[hulla]

...For sending gold tokens the gas I spent was only 1.6 Gwei. My transaction was confirmed in less than 10 seconds.

Can you tell me which wallet you have used or some other insights?

I am also experienced in ETH transactions and wasn't able to send 6,50 GOLD to the Market for less than 120000 Gwei.
I tried 2 times and had to finally send with such a high amount because I got the message "not enough gas" which is true because was fully used.

Here you can see the first failed transaction: 0x3601c7ebb56559e762b01f0a32abbf4923a093074aa52f377a76003322ec6791

After this one, I mistakenly have sent 0 GOLD with this same gas amount and it succeeds: 0x69c6c8a3ffa684c589684fd0b2d9b4b08cc997df89d1ce80123433f299f77767

And here I have sent 6,5 GOLD with much higher amount of gas and was finally successful: 0x364e69246be17b08bf085f3f8c3aa3af04e30be3710b73b3e7a99dcd4799783c

I have to say that this isn't the first time it happens to me because I have always the low amount of gas in my wallet settings and always the first transaction is rejected because of too low gas despite it should be high enough with ease. This is why I am curious how you are exactly doing this?

I am using Metamask with adjusted settings.

Now i understand what you guys are talking about concern the high fees and i want you to know that the problem could be from Metamask ending cause i experienced the samething when sending others token either but I'm using myether now accessing my wallet through web extension (Metamask)..
I will advise you to try it out.
Note : i sent 5.869Gold token with $0.05

[hosseinimr93]

...For sending gold tokens the gas I spent was only 1.6 Gwei. My transaction was confirmed in less than 10 seconds.

Can you tell me which wallet you have used or some other insights?

I am also experienced in ETH transactions and wasn't able to send 6,50 GOLD to the Market for less than 120000 Gwei.
I tried 2 times and had to finally send with such a high amount because I got the message "not enough gas" which is true because was fully used.

Seems that you don't know exactly how transaction fee is calculated.

Gwei is the unit of smallest amount of Ethereum. 1 Gwei = 10^-9 Ethereum.

The transaction fee is calculated as follows:

Fee = Gas price * Amount of used gas

That 120000 which you are talking about is not gas price. That's amount of gas (or gas limit)

The gas price can be even 0.1 Gwei
Higher the gas price is, faster your transaction is confirmed.

The gas amount has nothing with transaction speed.
When you send Ethereum, you need to spend 21,000 gas. When you send tokens, higher amount of gas is needed.
Even if you use an amount of gas more than needed, you won't lose anything. The unspent gas will be sent back to your wallet. So I recommend you to use big amounts for gas limit and don't worry about the fee. The extra amount will return to your wallet.

For example, as etherscan shows, only 101,687 gas out of 120,033 gas has been used and the remaining gas has been sent back to your wallet.
In this transaction, gas price (which determines the transaction speed and fee) is 8 Gwei.

Never worry about gas limit. Because the unspent gas will return to your wallet.

For gas price use the link below
https://ethgasstation.info/

Note that the transaction speed and fee you spend only depends on gas price and has nothing to do with gas limit. That 120000 is gas limit and no matter even if it is higher. It won't cause the transaction fee to be higher.

[SpydrZero]

Its backed by Gold but how do I cash this out for Gold? Can I send my tokens in for grams or ounces of Gold? Who stores the Gold? What country is allowing this and what protections are provided?

[hosseinimr93]

Its backed by Gold but how do I cash this out for Gold? Can I send my tokens in for grams or ounces of Gold?

You can change gold tokens to ETH and BTC and vice versa using their marketplace. (Visit the link below)
https://gold.storage/en/market

It's very easy to use. Everything is done automatically.
You can also trade gold tokens in Catex, Coinsbit, Cryptex, Livecoin, and Bitforex exchanges.

Who stores the Gold? What country is allowing this and what protections are provided?

Physical golds are stored in BullionStar's vaults. You can verify this using the link below.
https://www.bullionstar.com/myaccount/audit

(Their account number is 17081)

[hulla]

Its backed by Gold but how do I cash this out for Gold? Can I send my tokens in for grams or ounces of Gold?

You can change gold tokens to ETH and BTC and vice versa using their marketplace. (Visit the link below)
https://gold.storage/en/market

It's very easy to use. Everything is done automatically.
You can also trade gold tokens in Catex, Coinsbit, Cryptex, Livecoin, and Bitforex exchanges.

In addition to, the token was only tradeable on the mentioned exchange site and the project personal marketplace at the moment but there's big chance for the token to be use to claim physical gold in the future.

Who stores the Gold? What country is allowing this and what protections are provided?

Physical golds are stored in BullionStar's vaults. You can verify this using the link below.
https://www.bullionstar.com/myaccount/audit

(Their account number is 17081)

Aside the verification of bullionstar vault  where the project gold are saved, the project smart contract was also audited by reputable Swiss based blockchain security company ChainSecurity.

[havoc928]

Another very fast and successful transaction in the Digital Gold Marketplace, it took literally 5 minutes and only because transactions on Ethereum blockchain are taking so long.

The time should be also improved when Ethereum will be finally POS mined and scalability problems resolved.

Then GOLD token transactions could be even nearly instant, how cool is that?



This is such a super-easy way to buy, sell and exchange GOLD token that it should attract many people to invest in tokenized gold.

I am sure that we will see a significant spike in GOLD token usage when the real gold begins to rally again.

I have only known this project for the past few days and if this is a real gold project then I definitely will not ignore it because I am a gold investor. I think if the transaction speed can be improved much more then surely many people will feel better because the waiting time to buy and sell is very long. In my opinion, it is advisable to support some other coins such as XRP or LTC to accelerate transactions.

[Soonandwaite]

so far i have only one Krugerrand coin. i bought the 2012. but i think i will invest in crypto gold ( digital gold ) this year.
then i have all three: BTC,Gold and Crypto gold  and i hope that the gold price will double in the next 5 years. that would be great !

[hosseinimr93]

I think if the transaction speed can be improved much more then surely many people will feel better because the waiting time to buy and sell is very long.

Transactions are as fast as possible.
Once your gold tokens deposit receives 12 confirmations, they send you ETH or BTC immediately without any delay. They pay high fees, so the transaction is included in the next block.
All websites and exchanges that accept Ethereum or its tokens, wait for at least 12 confirmations and it's normal. Getting 12 confirmations usually takes about 2 minutes if you pay enough fee.

[hulla]

Another very fast and successful transaction in the Digital Gold Marketplace, it took literally 5 minutes and only because transactions on Ethereum blockchain are taking so long.

The time should be also improved when Ethereum will be finally POS mined and scalability problems resolved.

Then GOLD token transactions could be even nearly instant, how cool is that?



This is such a super-easy way to buy, sell and exchange GOLD token that it should attract many people to invest in tokenized gold.

I am sure that we will see a significant spike in GOLD token usage when the real gold begins to rally again.

I have only known this project for the past few days and if this is a real gold project then I definitely will not ignore it because I am a gold investor. I think if the transaction speed can be improved much more then surely many people will feel better because the waiting time to buy and sell is very long.

On the project market place the transaction time span is enough cause it almost an instant payment and what matter most is your own transaction confirmation time.

In my opinion, it is advisable to support some other coins such as XRP or LTC to accelerate transactions.

Inclusion of more coin is a good idea but i dont think adding a centralized coin (XRP) is good opinion which it price can be manipulate at anytime.

[wwzsocki]

I think if the transaction speed can be improved much more then surely many people will feel better because the waiting time to buy and sell is very long.

Transactions are as fast as possible.
Once your gold tokens deposit receives 12 confirmations, they send you ETH or BTC immediately without any delay. They pay high fees, so the transaction is included in the next block...

Too long??? It took literally 3 minutes in total!!! Just look at the screen.

It is a really convenient and very easy way to buy, sell or exchange the GOLD token for ETH or BTC.

If you are a real gold investor you should like the Digital Gold project very much and I encourage you to dive into the subject because tokenized gold is the future of gold investments.

Such companies as Tether know exactly what they are doing and what are the crypto market needs, that is why the next product they are now launching is an exact copy of the GOLD token and they aiming at the tokenized gold niche with it .

[webtricks]

Its backed by Gold but how do I cash this out for Gold? Can I send my tokens in for grams or ounces of Gold? Who stores the Gold? What country is allowing this and what protections are provided?

I think you have already got the answers to most of your queries. However, I will address one since I think it hasn't been addressed properly.

Q. Its backed by Gold but how do I cash this out for Gold? Can I send my tokens in for grams or ounces of Gold?
A. You cannot and that's very much reasonable. You see that every GOLD Storage token is backed by equivalent amount of gold in the valet. Currently there is 9,196g of Gold which could be verified on site. So there should be equal amount of GOLD tokens, right? And yes, there are exact 9195.327 tokens currently in circulation which could be verified from here: https://etherscan.io/token/0x0d16450d347c12c086d6c94c76c5aaac35ea07e0 , Now if you convert the token for Gold, it will reduce the supply of gold from valet but the supply of tokens will remain same. This will reduce the value of tokens since there will be more tokens in circulation than the supply of gold in valet. Sooner or later, if everyone starts converting token to gold, gold will dry from the valet. Hence, it is not viable to convert the gold token to physical gold.

Also, you should know that it isn't the shiny physical metal that creates the value of Gold. But the idea that such metal is scarce and precious actually creates the sense of value in the mind of the people. This is the reason why Gold is so much valuable. Gold Token on the other hand is equivalent to the value of gold since equal amount of gold is kept in the valet. Thus, you shouldn't see the Gold Token as token but the gold itself. It is as valuable as physical gold. Holding Gold Token is 100% same as holding physical gold. It has exact same price and high liquidity.

[tbct_mt2]

Exchange GOLD token to Ethereum (ETH) is faster than moving Ethereum coins from one exchange to another. I am very impressed with the speed of token exchange. Moving coins with Ethereum is fast but moving it between exchanges take a longer waiting time.

GOLD developers have chosen and set up very good fees to ensure very fastly exchange speeds for their customers on GOLD marketplace.

[Soonandwaite]

Exchange GOLD token to Ethereum (ETH) is faster than moving Ethereum coins from one exchange to another. I am very impressed with the speed of token exchange. Moving coins with Ethereum is fast but moving it between exchanges take a longer waiting time.

GOLD developers have chosen and set up very good fees to ensure very fastly exchange speeds for their customers on GOLD marketplace.

hey.cool . thanks for this statement . i also think that crypto gold will be worthwhile in the future. more and more people are buying crypto gold. some friends have already bought gold tokens. i think this is a value for the future

[TopTort777]

Hey wwzsocki,

After all the exchanges, do you have a withdrawal of 0.001 gold next day from your erc20 address. This is such a trifle, but I do simply don't understand why and what for it was taken. On one hand it looks like a commission for sending btc or eth to a customer.  Or something about rate fluctuations.

[indo1]

Exchange GOLD token to Ethereum (ETH) is faster than moving Ethereum coins from one exchange to another. I am very impressed with the speed of token exchange. Moving coins with Ethereum is fast but moving it between exchanges take a longer waiting time.

GOLD developers have chosen and set up very good fees to ensure very fastly exchange speeds for their customers on GOLD marketplace.

hey.cool . thanks for this statement . i also think that crypto gold will be worthwhile in the future. more and more people are buying crypto gold. some friends have already bought gold tokens. i think this is a value for the future

everyone thinks that in the future the price of gold will go up, yes, including myself because that is not a few of the people investing their money in gold, but today many people choose to invest in real gold, I don't know what their reasons for save real gold, and some people choose a simple way with the help of crypto they trust this project and risk their money ... that's why this project has to develop widely so that more people choose gold in the form of crypto