Blockchain-based trading platform for Gold is launched by Australian Startup Meld Gold
2020’s beginning of this year is very crucial and challenging to the whole world. Across the whole world COVID-19 affecting human lives and World Economy both.
A Global Outbreak of Coronavirus shut downs industries and markets across the world.
At this stage, it’s difficult to describe the challenges ahead this year.
Gold price and cryptocurrency are fluctuating.
Both are not the first choice of investors.
In many nations, Gold is not used as an investment.
For such investors Australian Meld Gold is introducing a ‘ Digital Asset Gold ‘ using the blockchain-based platform, Tokenized Gold Trading in 2020’s third quarter, reported on 01 April 2020.
It is a digital solution for investors to ” Think Digital Buy Digital “, users can sell and buy physical gold, instead of the traditional market it is more convenient, safe and transparent.
This platform uses a minimum of 1 gram gold token to represent one gram, including Melbourne Mint and other companies across the network. No need to store gold in a metal form which can be a risk.
Algorand Platform
In mid -2019 – Ethereum(ETH) based prototype platform was launched. A new final version is introduced in July or August in partnership with Algorand(ALGO).
Supply Chain
Each token represents one gram of gold said Milne but ” as a decentralized industry token, gold will be held across the supply chain.”
“Independent vaults will still hold gold, as will refineries as they receive gold. At each of these points in the supply chain, gold tokens can be minted and recorded. No single entity will hold all of the gold (no central point of failure).”
There is no fixed asset or production, supply depends on demand, it means it works as a ” Demand and Supply ” policy.
A good combination of the Traditional Gold Market and Digital Asset.
Meld would become a market maker company.
This solution to users for trading, transitions are allowed without any fee or charges and storage is also chargeless.
Transparency
The gold audit will be held separately and especially to avoid any misuse of any bad activity is held strong penalties are added for strict discipline.
A very careful entry process for new joinings.
The CEO, bullion dealer Melbourne Mint, Peter August said: ” Many companies have tried to create their own version of gold-backed tokens, but what Meld is doing is new: they’re using blockchain technology to not just emulate but improve the actual gold market.”
International Expansion
For the rest of 2020, Meld planned the expansion of the local partner network and its Wallet app.
The company is planning partnerships with North America, Asia, and Europe next year.
Recently, The Deadline extension For Mt Gox bitcoin exchange rehabilitation plan is approved by the Tokyo court
