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

[adamvp]

Many other ethereum projects moved to binance smart chain to avoid ethereum's high fees, could it be possible for gold to move to it as well? I think it will be good workaround until ethereum manages to scale itself.

Binance chain isn't truly decentralized network..

I am looking for  gold backed/pegged stablecoins: https://bitcointalk.org/index.php?topic=5315951.msg56308770#msg56308770
I'd like to ask few question:
Price of your token seems to be much higher than spot gold price, why?
Thanks in advance for your replies!

The price of the GOLD token is equal to the price of 1 gram of gold. Short-term around 1% price movements are possible with a strong movement in the gold futures price on the futures exchanges.

When I wrote my previous post difference was much higher.

Edit: I found out what was going on - it was uniswap price: https://info.uniswap.org/token/0x0d16450d347c12c086d6c94c76c5aaac35ea07e0
almost 9 usd more expensive than real price

[libert19]

^ gold have little liquidity on uniswap, so even small buy/sell would make big movements in price.

[wwzsocki]

Binance chain isn't truly decentralized network..

Of course, is not perfect but works.

It hurts me to write this but slowly decentralization becomes a slogan, maybe not empty but we sacrifice it in the name of usability and low fees for example.

To be honest there is only few truly decentralized projects out there but which one are those? Please tell me because I don't know anymore?

Of course we all would love to have a fully decentralized ecosystem that works good, has low fees and maybe finally we will get there with ETH 2.0, Polkadot, or maybe it will be a totally new project which even not exist now, who knows? We need to wait patiently.

The tech evolves and already we have almost 9000 cryptocurrencies out there, still we all are missing something.

[Super Bitard]

^ gold have little liquidity on uniswap, so even small buy/sell would make big movements in price.

Very low liquidity.

[blue Snow]

I had a problem when accessing the website, error 502 Bad Gateway



Maybe the developer must fix it asap

[GOLD_official]

I had a problem when accessing the website, error 502 Bad Gateway



Maybe the developer must fix it asap

Dear blue Snow,

We know that issue. The team will fix it as soon as possible.



UPDATE - All the issues were fixed. You can use our service. Thank you for your patience.

Regards,
Support Team @ Digital Gold
https://gold.storage

[adamvp]

I had a problem when accessing the website, error 502 Bad Gateway



Maybe the developer must fix it asap

Dear blue Snow,

We know that issue. The team will fix it as soon as possible.



UPDATE - All the issues were fixed. You can use our service. Thank you for your patience.

Regards,
Support Team @ Digital Gold
https://gold.storage

What do you think about launching Binance Smart Chain version of the token?
There is such solution like Binance Bridge and tokens could be easily swapped there (but I am afraid you need to talk with binance to be included);
anyway it could be good way to bring more investors to your project;
I would like to buy it  there, also.

[Leviathan.007]

What do you think about launching Binance Smart Chain version of the token?

Maybe adding adding the token into another blockchain is a good idea because the fees are very high on Ethereum blockchain due to the network situation. Binance chain or Tron chain can be good idea and can be a great step forward for the project. However, technically I'm not sure if it's even possible for the company to do such thing

[GOLD_official]

What do you think about launching Binance Smart Chain version of the token?

Maybe adding adding the token into another blockchain is a good idea because the fees are very high on Ethereum blockchain due to the network situation. Binance chain or Tron chain can be good idea and can be a great step forward for the project. However, technically I'm not sure if it's even possible for the company to do such thing

Dear Leviathan.007,

Technically anything can be done, but we should think about expediency. The Digital Gold company did not make any ICOs, did not attract investors to the project. It was completely created on our own funds. In theory, the project can work next 100 years. We have nowhere to rush. The gold and GOLD stablecoin will always rise against USDT. Therefore, we are waiting for the Ethereum 2.0 launch, where the fees should be much lower. If this does not happen, then we will adjust the project development.

Regards,
Support Team @ Digital Gold
https://gold.storage

[wwzsocki]

...We have nowhere to rush. The gold and GOLD stablecoin will always rise against USDT. Therefore, we are waiting for the Ethereum 2.0 launch, where the fees should be much lower. If this does not happen, then we will adjust the project development...

Fully agree with the Digital Gold team on this matter, we all know that the situation is bad with fees on BTC and ETH but we are very close to ETH 2.0.

People tend to forget or even sometimes don't know that Digital Gold project was fully financed by the team.

At that time when GOLD token was created ETH seemed to be the best choice to build on when it comes to blockchains, I think nobody never expected that we will see such high fees on ETH?

We can only hope that Vitalik and his team will deliver all promises and it will happen very soon, if not, then there is always a possibility to change the blockchain.

In my opinion this is very wise decision to wait because nobody knows if tomorrow we will not hear an announcement that totally new blockchain is created that will resolve all problems we have with the existing once.

[libert19]

~

..nobody knows if tomorrow we will not hear an announcement that totally new blockchain is created that will resolve all problems we have with the existing once.

This will stay true for eternity, nothing is going to be perfect. you solve one problem and there will be another right around the corner.

Eos, stellar, tron, steem all these were claimed as ethereum killer, and the only thing there are good at is free/low fee transfers however they have their own share of problems.

Even bsc, I know I also suggested it but it's one of most centralized blockchains out there.

[wwzsocki]

Eos, stellar, tron, steem all these were claimed as ethereum killer...

This ETH killer mentality, we can continue with this counting, then we had Cosmos, BSC, Polkadot and Kusama, still everybody uses ETH  
Not many know that even Polkadot was started on ETH and only in Polkadot, Kusama and new blockchains build on Substrate I see as the biggest ETH competitors, why?

Because "Polkadot is a heterogeneous multi-chain interchange and translation architecture which enables customised side-chains to connect with public blockchains. The protocol was created by the Ethereum co-founder Gavin Wood." So he knows for sure what is missing in ETH  .

Additionally, "there are many different use cases for Polkadot parachains, including transaction chains, oracle chains, identity chains, file storage chains, data curation chains, IoT chains, finance chains, and privacy chains. Over 25 projects are building on Polkadot, including Chainlink and Ocean Protocol."

But still as for now Polkadot and Cosmos will not replace Ethereum with currently only 10% of ETH's market capitalization, the project has a correspondingly high potential of course.
Still behind ETH we have the biggest developers community, I think that Vitalik haven't still said his last word here. ETH 2.0 is the answer.


Source used: https://www.google.com/search?q=polkadot+eth+chain&oq=polkadot+eth+chain&aqs=chrome..69i57.5539j0j1&sourceid=chrome&ie=UTF-8

[tbct_mt2]

But still as for now Polkadot and Cosmos will not replace Ethereum with currently only 10% of ETH's market capitalization, the project has a correspondingly high potential of course.
Still behind ETH we have the biggest developers community, I think that Vitalik haven't still said his last word here. ETH 2.0 is the answer.

Source used: https://www.google.com/search?q=polkadot+eth+chain&oq=polkadot+eth+chain&aqs=chrome..69i57.5539j0j1&sourceid=chrome&ie=UTF-8

It is not easy to take over bitcoin. Ethereum, Ripple or fork as Bitcoin Cash fail with this mission.

I also believe it is not easy to take over Ethereum. It can be called as impossible and in this year definitely impossible.

Story from Bitcoin Cash, it was forked with same changes in block scalability and used force people think it is better than bitcoin in 2017. In some weeks, people believed in the take over of Bitcoin Cash and let their bitcoins were stolen by Ver team.

When bitcoin transaction fee was high, people believed Ethereum will take over Bitcoin but then the Cryptokitties and ICOs, Dapps triggered the serious network congestion and woke them up. 4 years later, Ethereum still can not take over bitcoin even it has very big communities.

[libert19]

~

..people believed in the take over of Bitcoin Cash and let their bitcoins were stolen by Ver team.

How was it stolen? Wasn't it airdrop? If they bought BCH then it was their choice.

[libert19]

are there no longer 'daily fee' transactions? I had last one 4 days ago and next to it, 14 days ago.

[GOLD_official]

are there no longer 'daily fee' transactions? I had last one 4 days ago and next to it, 14 days ago.

Dear libert19,

Yes. We changed the way of taking fees. Now it will be one transaction in 10 days.

Regards,
Support Team @ Digital Gold
https://gold.storage

[libert19]

are there no longer 'daily fee' transactions? I had last one 4 days ago and next to it, 14 days ago.

Dear libert19,

Yes. We changed the way of taking fees. Now it will be one transaction in 10 days.

Regards,
Support Team @ Digital Gold
https://gold.storage

One more question, aren't smart contracts immutable, how duration was changed?

[aTriz]

Hi. I have participated in GOLD Signature campaign and got paid. I really want to be a HODLER.
but why my GOLD tokens are automatically slowly being taken away?

see the wallet below and all the token Transactions in Screenshot. everyday I am loosing a small amount of GOLD tokens. I have no idea how is this happening and how is responsible for this. I am pretty sure my wallet is not hacked. it is pretty much being done through a smart contract.

https://etherscan.io/address/0xed0d7294a767D0EbfF0cC46f365193f2C80D2D49#tokentxns

what is this? can I get an answer? who is stealing my tokens? will I loose all my GOLD tokens slowly like that?

so far 0.039 GOLD tokens taken away from my wallet by this shady smart contract.

[GOLD_official]

Hi. I have participated in GOLD Signature campaign and got paid. I really want to be a HODLER.
but why my GOLD tokens are automatically slowly being taken away?

see the wallet below and all the token Transactions in Screenshot. everyday I am loosing a small amount of GOLD tokens. I have no idea how is this happening and how is responsible for this. I am pretty sure my wallet is not hacked. it is pretty much being done through a smart contract.

https://etherscan.io/address/0xed0d7294a767D0EbfF0cC46f365193f2C80D2D49#tokentxns

what is this? can I get an answer? who is stealing my tokens? will I loose all my GOLD tokens slowly like that?

so far 0.039 GOLD tokens taken away from my wallet by this shady smart contract.

Dear aTriz,

The 0.99% annual fee is charged for the storage of the gold. The same fees are charged for different ETFs and paper gold on the stock exchanges. If a small number of GOLD tokens are stored on the wallet, the storage fee could be higher, because of the minimum size of the fee - 0.001 GOLD. Now, this fee will be taken every 10 days and the problem for almost all wallets with a small GOLD balance has been solved.

are there no longer 'daily fee' transactions? I had last one 4 days ago and next to it, 14 days ago.

Dear libert19,

Yes. We changed the way of taking fees. Now it will be one transaction in 10 days.

Regards,
Support Team @ Digital Gold
https://gold.storage

One more question, aren't smart contracts immutable, how duration was changed?

Dear libert19,

When the contract was created we added the possibility to change the commission withdrawal interval. It was made in advance. 2 years ago nobody can even imagine what the ERC-20 network fees will be so high.

Regards,
Support Team @ Digital Gold
https://gold.storage

[tbct_mt2]

The 0.99% annual fee is charged for the storage of the gold. The same fees are charged for different ETFs and paper gold on the stock exchanges. If a small number of GOLD tokens are stored on the wallet, the storage fee could be higher, because of the minimum size of the fee - 0.001 GOLD. Now, this fee will be taken every 10 days and the problem for almost all wallets with a small GOLD balance has been solved.

I look around the website today and found that the figure in features page is not accurate. The team can check and correct the typo if it is truly a typo. Other pages show the annual storage fee is about 1% (0.99%) as you pointed out but in the features page, it is given at 9.95%.

https://gold.storage/en/solutions

A DIGITAL ASSET FOR CONVENIENT STORAGE AND SECURE TRANSACTIONS THAT YOU CAN RELY ON.


GOLD token is an ERC-20 standard Ethereum token with a smart contract, which charges 1% annual fee for storage of GOLD tokens. The tokens can be transferred to any Ethereum address and be used for everyday transactions.

All GOLD transactions are free of charge. GOLD can be easily bought and sold through our official website and cryptocurrency exchanges.

https://gold.storage/en/features

GOLD token is a cost-effective way to take advantage of all benefits listed above!
9.95% Annual Storage Fee
0% Transfer Fee

Fee schedule
https://gold.storage/en/fee

GOLD is a new type of stablecoin designed for crypto market professionals and precious metals investors looking for privacy.

Unlike cryptocurrencies pegged to US Dollar, Euro or other FIAT-currencies, your GOLD tokens cannot be expropriated or frozen while physical gold is held in a secure vault in a jurisdiction with strong property rights.. No hidden fees, free transactions between users and the lowest annual storage fee of 0.99% (0.0027% per day). Yearly storage fee is automatically charged from token holder's wallet by GOLD secure and audited smart-contract, based on Ethereum network, on daily basis.

The price of purchase or sale of GOLD token at our website may differ from market price of gold depending on market conditions.