CRYPTOKID: A gold-backed cryptocurrency with an innovative approach

The main problem of cryptocurrency is their lack of physical assets. Because of this, there are big risks in using cryptocurrency as cumulative funds and constant currency for transactions between big companies under long-term contracts.

Of course, this can not continue permanently and is already beginning to appear cryptocurrency backed by precious metals. Gold-backed cryptocurrencies are special forms of stablecoins, the value of which are pegged to that of gold. Combining the innovative capabilities of the blockchain technology with gold offers a convenient solution to the highly volatile cryptocurrency market.

Tipbot LTD. through "Troy Gold Token" proposes to solve this problem in an innovative way. Namely, allowing to store and exchange Troy Gold native token for gold from real gold mines.

The goal of the project is establishing an decentralized ecosystem where users can securely store their digital assets and trade with a real asset “quickly, safely, and without intermediary intervention.”

It is designing a blockchain-based ecosystem which it hopes will allow individuals and companies to join – trading without borders wherever they are in the world.

The company aims to make changing tokens into gold a fast experience, with conversion rates that are based on the official market prices listed on gold exchanges around the world. At the same time, they aims aims to secure Troy's Gold Token and other cryptocurrencies in highly security vault.

Partnerships established

Troy Gold says it has established partnerships with recognizable brands – and these agreements will result in a “stable and reliable ecosystem.”

According to the company, its first exclusive contract was signed in 2019 with the Australia's mining company, Bullseye Mining Limited, with a deal for 20,000 oz of gold to come straight from their mining facility.

However, the first Gold Products for Troy customers will become available in 18 -24 months from Troy's ITO completion.

The team behind the project says it is optimistic that this business model will add some stability, without removing the potential to earn.

The elements of the ecosystem

There are three main elements to its project. The first is an ERC-223 compliant cryptocurrency token known as GOLD.

Although this token is not pegged to tangible assets such as gold, it can be used for purchasing real world Gold Products in exchange for Gold Products provided by TROY, and exchange with another cryptocurrency once it listed in cryptocurrency exchanges.

The ecosystem is also going to offer Gold Products. As it mentioned above, Troy Gold will provide a stable cryptocurrency to its costumer by allowing them to exchange GOLD token for Gold Products they purchased from real gold mine.

Finally, the platform is also offering Troy Gold vault which is considered as the most secure cryptocurrency wallet ever existed. It provides 3 optional layers of biosecurity, customers can combine or use separately facial, retinal, thumb print or password as the access key to their Vaults.

Initial Token Offering (ITO)

Currently, Troy Gold token sale in on the private sale stage. According to the roadmap the token sale will "relaunch" on Q3 of 2019. For your information, back in 2018, Tipbot has already conducted a token sale and soon paused for restructuring after private investment.

You can join the GOLD token sale by register account on troy website here.