As we’ve seen happen here in the past few days, the cryptocurrency market has completely taken a collective nosedive. It’s no secret that the cryptocurrency market is prone to being chaotic and volatile, and this is definitely a barrier to entry in regards to mainstream adoption, and widespread use. And despite the widespread belief that Bitcoin is the crypto markets “digital gold,” its proven to be much less stable than it’s real world, shiny brethren.
Although gold has always been a steadfast friend of fiat currencies dating back to the Byzantine empire, gold has always been difficult to actually use as a form of currency. You’re not going to walk into Starbucks and slam down a brick of gold, nor would you really want to lug bricks of gold around (unless of course, you happen to be a leprechaun).
With all of the above in mind, Puregold is looking to combat the volatile nature of cryptocurrencies by taking a trip down memory lane. By that, I mean they’re the first payment gateway to use gold-backed tokens, creating a crypto-gold standard of sorts! Puregold has paired the best parts of gold (it’s stability and predictability) with two types of digital assets that will run on independent ledgers: the PGG token, which will be directly tied to the price of physical gold at a rate of 1 PGG per 1 gram of gold, and their utility PGT token, which will be used to pay or offset transaction fees on their Gold-Commerce platform.
Established in Singapore in 2010, Puregold is aiming to shift their successful retail, e-commerce and gold ATM business on to the Ethereum blockchain, allowing their PGG gold-backed cryptocurrency to be used as a guard against cryptocurrency volatility. In 2017 they launched Asia’s first Gold ATM (yes, it dispenses actual gold), and are considered to be Singapore’s best private mint.
Puregold is also creating a dedicated mobile app, by which they “anticipate in the near future that Gold currency will be instantaneously transferred into any local fiat currency anywhere in the world.”
Functions of the Puregold mobile commerce app are:
- Gold currency exchange
- Transaction history
- Manage payment details
- Filter by currencies, payment time, shopping methods etc.
- New store connections
- Customised loyalty and cashback programs
Backed by a team that has many years of experience building fintech online applications, e-commerce, and mobile payment solutions, Puregold is on the way to making transacting in true digital gold a reality. Their main marketing partner is CryptoProfile.com.
Their currently in the tail end of their ICO sale, which wraps up on March 12th. One ETH is equivalent to 700 PGT.
You can read more about the project in their whitepaper.