Jul 21, 2020 10:50 UTC
Jul 22, 2020 at 15:45 UTC
Worlds First Cryptocurrency with Perpetual Growth in Value
Modern society relies on governments, the central banking system, and financial institutions to enforce the myth of money, which perpetuates literally every level of our daily lives. That was until Bitcoin (BTC) burst into the scene with an entirely new system, which threatened the power the state and other parties have had over our money.
One of the unlikely outcomes of the last decade was the idea that Bitcoin could rise to perform similar to gold; even go as far as being valued more than gold. The first-born cryptocurrency has accelerated its maturity to become the digital version of gold.
However, Bitcoin has had some less than favorable light cast on it from mainstream media. The short-term shading of value makes the comparison between Bitcoin and gold invalid. To be fair, BTC has only been in existence for ten years, compared to 5000 years of gold.
If shiny is better, then there must exist a way we can benefit from both assets. This is what stablecoins are created to do. Unlike Bitcoin and other cryptocurrencies, for that matter, stablecoins are fundamentally designed to decrease volatility and achieve stability. These assets leverage the benefits of Bitcoin, namely decentralization, privacy, and scalability, and those of gold.
Most stablecoins fall into this box; however, some go the extra mile to offer dividends on the gold equivalent of coins owned. The Gold Secured Currency (GSX), for instance, integrates the asset backing feature of stablecoins and the merits of owning cryptocurrencies to offer holders the added advantage of receiving a dividend on the underlying asset, gold. Essentially, coin holders act like company shareholders, regularly receiving a profit from the assets they hold.
How Does GSX Differ from Other Gold-Backed Coins?
Based on a new and advanced blockchain, called the Apollo Blockchain, GSX is not only backed by gold reserves, but by the company’s mines and gold-rich lands.
Apollo Fintech is the company that developed Apollo Blockchain, the first blockchain to integrate Database Sharding and is working towards achieving real blockchain sustainability. The company was also the first to create and sell a complete e-Government platform and National Currency Platform, which allows for developing and issuing national currencies.
Yearly Dividends and True Ownership
Apollo Fintech backs coins from its 3,000+ acre platinum and gold mines, and as the mines and refineries make more gold, 50% of the gold resulting from the mining will be used to back the GSX coin, thus consistently raising its value more and more. The rest of the 50% will be given to GSX holders in the form of dividends.
GSX will initially have a price of .046 cents, but as time goes on, its value will increase. In the crypto world, when a new token is launched, there is no way of knowing for sure if its price will appreciate at all, and investors always fear to lose their money if the value goes down. The volatility of cryptocurrencies is susceptible to many external, unpredictable factors, such as media news or speculation.
But a gold-backed crypto always follows the price of gold, and there is no need to worry about sharp price fluctuations that might put in jeopardy investments. GSX is thus the first coin to keep a stable minimum asset value, which perpetually grows in price.
The company will burn 50% of the 10 billion that is left unsold in the CDE, and the value of those coins will be allocated to the remaining GSX coins. Burning coins is a common practice in the crypto world, as many projects do so in order to reduce the supply and drive coin price up through the scarcity effect.
GSX will certainly increase in value after burning, as the gold from the burned coins will be delivered to the rest of the cryptos.
To secure the value of its coin, Apollo Fintech will invest in new lands with gold, open a refinery, and enlarge its mining operations. The company will also be launching this year one of the most expansive social networks in the world, which is called Stratus.
By receiving dividends, holders become trust beneficiaries and legal owners of the company, mines and all equipment and buildings, the future refinery, lands, and gold. With other coins, even though they offer some form of rewards for holding the asset, they do not have true ownership over the company, its properties or resources.
This ownership is established by the trust set up by the company in which 50% of mining operations will be deposited. Based on this trust, GSX holders will enrich their balances with yearly dividends.
A common issue with fiat or gold-backed coins is the validity of the reserves used for the backing. This is why the company of GSX will conduct regular third-party audits to prove they have the necessary reserves.
GSX coin can be easily redeemed for its gold value, allowing users to reap the rewards of their investment easily and without having to go to various exchanges to make the trade.
Gold Secured Currency merges the best elements from a stable coin, cryptocurrency, and investment coin to provide a new investment asset that is not only stable but a sure way of receiving profit.
GSX is adding much more gold-rich land in the near future, so the value is expected to increase. It is worth mentioning that GSX successfully combines all the best elements of cryptocurrency in a single trust secured coin.