New Gold Backed Stablecoin Rises in Value Forever

Fast-forward a decade following the advent of Bitcoin (BTC), and the world does not seem to have gotten enough of cryptocurrencies.

Everywhere you look, it seems to be a startup touting its ideas for generating stellar returns for people who allocate investment dollars. Most of the serious money players are jumping on this bandwagon and putting their money into cryptocurrencies backed by gold, which aim to leverage its great tenure compared to Bitcoin’s.

This promising category of cryptocurrencies is what industry veterans and pundits call stablecoins. These assets are designed to be uniquely positioned for success at curbing price volatility by pegging price to the value of a real-world asset. You really do not have to stretch your imagination to see the intrinsic value here.

Stablecoins have adopted different approaches for solving volatility; for instance, Tether (USDT) value is tied to one USD for each coin. Other high profile attempts include Facebook’s Libra project, which will be pegged to a basket of short-term government-backed securities. While the two are excellent examples of harnessing the potential of blockchain for the benefit of everyone, gold-backed cryptocurrencies remain, obviously, the best choice.

Historically, gold has always been regarded as the ultimate haven for safeguarding capital. When Bitcoin prices rose to the point of doubling the value of gold, so did the interest in gold-backed cryptocurrencies. The obvious reason for this surge in interest is because governments keep gold in reserve, since in some extreme situations, government promises are worthless. However, there are a lot of weird things that make it hard for people to invest in gold; another reason to invest in gold-backed cryptocurrencies.

The rush to create a cryptocurrency that integrates the innovative features of Bitcoin while standing out from the rest is on. At the forefront is the Gold Secured Currency (GSX), which not only has its value tied to gold but also promises an increase in value. GSX combines real-world asset-backing, advantages of cryptocurrencies and dividends generated from the underlying investment asset.

For money managers, it is clear that GSX is the safe bet because it turns holders into shareholders, regularly offering returns for the assets they own. However, GSX is not the first cryptocurrency to come up promising to capitalize on the inefficiencies of the existing market. For starters, GSX is backed by existing mines and gold-rich lands alongside the gold. Unlike other gold-backed coins, GSX is based on a new, highly-innovative and advanced blockchain by Apollo Blockchain.

It is worth mentioning that Apollo Blockchain was developed by Apollo Fintech as the first blockchain integrating database sharding. The project is also regarded for achieving real-blockchain sustainability. Other accomplishments of the company include creating and selling a complete e-Government platform and National Currency Platform. The platform made possible the development and issuance of national currencies.

Truth be told, we have seen such startups before promising and creating the perception of being different from previous offerings. But we have never witnessed one that backs coins to over three thousand acres of land rich in platinum and gold deposits. As the gold is mined, 50% is used to back the GSX coin, thereby increasing and sustaining its value. What happens to the other 50%? Well, the company sets aside this portion to go back to GSX holders in the form of a dividend.

At the start, GSX coins will go on sale for .046 cents with gradual value growth expected. However, as a rule of thumb, the price will remain susceptible to multiple external factors. Despite that, the value of the coin will be plastered on gold, thereby rising and falling with the price of gold. As such, GSX becomes the first coin that promises stable value with perpetual price increases.

After the sale, the company is expected to burn 50% of the 10 billion coins, which will remain unsold. Burning coins in the cryptocurrency world is a common practice that seeks to reduce the supply of the coins and artificially drive up the price. As such, the value of GSX coin is expected to go up right after the sale as the gold from the burned coins is delivered to the other coin.

Apollo Fintech will be investing in new gold-rich land, a refinery, and mining operations to secure the value of GSX coins. The company will also launch what they say will be the most expansive social network in the world, later this year. The holders will become the beneficiaries and legal owners of the mines, equipment, buildings, refinery, land and gold. Unlike other coins that only promise sweet returns, none offer true ownership of the company and its assets.

One becomes an owner of the company through 50% of mining operations, which are set aside as deposit. In this way, GSX holders can enrich themselves by earning passive income from the balance through yearly dividends. To further establish trust, the company of GSX will conduct third-party audits of its reserves. Besides, holders can also redeem their coins for gold value without going through several exchanges to reap these rewards.

All in all, this is the Gold Secured Currency agenda to some degree. They merge the best elements of stablecoins and cryptocurrencies to create an investment vehicle that guarantees stability and consistent growth. In the future, GSX looks to increase its holdings of gold-rich lands. In turn, they will be increasing the value of their single trust secured coin.