Aug 1, 2018 at 22:18
Aug 1, 2018 at 22:18 UTC
Trading Gold For Cryptocurrency Is A Possibility In The Future
BTC Wires: For long, the market has been riled up about whether or not cryptocurrency can provide any actual value to the lives of people. The Midas Touch Gold (TMTG) Project aims to answer this question positively. To that end, they have planned to establish an ecosystem via the use of blockchain where participants will be able to trade virtual currency for gold, an asset that has monetary and property value, recognized universally.
The platform has been termed Digital Gold Exchange (DGE), will offer a decentralized platform for participants to effectively trade assets without any threat to their security and in a fairly quick and efficient manner.
The DGE White Paper that has been launched claims to focus exclusively on gold. However, the platform will eventually allow the trade of other precious assets including diamonds, platinum and white gold. These assets can be changed into tokens on this platform and this process will be quick and easy. The conversion rates will be according to the official market prices listed on gold exchanges in South Korea and across the world. This platform wants to be easily accessible and understandable for customers of all age groups.
To that end, the platform signed its first contract in February with the Korea Gold Exchange 3M, South Korea’s largest gold merchant. They are currently in the process of expanding their partnerships with more companies so that the resultant ecosystem is reliable and diverse.
A utility token has been launched by the name of TMTG and can be used to purchase other digital currencies on the Digital Gold Exchange, but not gold, as of now. Another token to be offered by the platform is called MDG which can be purchased with TMGT tokens and is only limited to the platform. It is the token that has been attached to 1g of gold as a certificate, and can be traded against real gold at any time.
The platform itself is called Digital Gold Exchange, and it ties these two tokens together. The presale for these two tokens is already done and dusted, having been conducted in the months of May and June. An ICO followed the pre sale and ran from July 10-25.
This could be a significant development in bringing real value to cryptos.