I've heard about Gold-backed tokens like Paxos Gold and Digix which aim to bring the benefits of Gold to the Blockchain. To my knowledge, there isn't a Silver-backed token that would serve the same purpose as its gold counterparts. I sometimes wonder why this is the case, since Silver is the second-most-popular precious metal in the world. Having a silver-backed token by a reputable entity/company will bring investors' confidence into Blockchain technology. We need more tokenization of real world assets if we want crypto/Blockchain adoption to rise all the way to the moon.
If you happen to know of any silver-backed tokens on the Blockchain, please let me know. In my opinion, it's much safer to invest in a token than storing physical bullion at home. As long as the company/entity complies with government regulations, there should be nothing to worry about. Any recommendations, or suggestions will be greatly appreciated. Thanks in advance.
I don't know any silver-backed token on the blockchain.
Gold-backed token has another one, the one I am wearing with signature and avatar.
ANN thread:
https://bitcointalk.org/index.php?topic=5161544Website:
https://gold.storage/Marketplace:
https://gold.storage/en/market (you can buy GOLD token with BTC or ETH or convert GOLD tokens to BTC or ETH).
GOLD token is recently added to Uniswap:
https://info.uniswap.org/token/0x0d16450d347c12c086d6c94c76c5aaac35ea07e0Their gold tokens are backed by real physical gold that are stored in Vault of Bullion Stars. Check their Audit contract:
https://gold.storage/en/auditsI raised the idea for other precious metal as silver to the gold team, and they said it is possible but for their project, the problem is the company they make a contract to store their physical gold in vault does not provide a service for silver.
In theory, we can create several separate stablecoins like silver, platinum, aluminum, zinc, copper, etc. All of these coins can be managed by Digital Gold.
However, it will be a different business model. Now we tokenizing the most famous metal asset. We understand that the gold price will continue to grow against the US dollar.
But we do not if silver or aluminum continues to rise against the US dollar. Maybe they will rise but as we are professionals we do not know for sure. It will be more difficult to convince an ordinary investor that tokenized aluminum is more interesting than a tokenized US dollar or gold.
Moreover, we have another problem. The GOLD token is 100% backed by physical gold held in Singapore in the special vault. But we cannot store zinc or aluminum there.
If we go deeper into that question, we find a lot of other nuances. Therefore, now we are not interested in other commodity assets tokenization.
We’ll see what will happen in the next years. If banks and institutional investors massively come to crypto markets, it will be possible to create such assets. The banks can use such tokens for hedging, loans, and other financial operations.
Regards,
Support Team @ Digital Gold
https://gold.storage