IS A DEVICE CONNECTED
FOR STORING AND ASSESSING
What is Custody Bot
Custody Bot is a device intended to receive, appraise, store and deliver physical gold.
It is additionally suitable to receive evaluate and appraise gold jewelry, coins or gold in an automated mode.
This device is necessary to verify the gold assets of small banks, non-credit financial institutions and private individuals. It also helps to implement loamint scenarios with GOLD digital assets and implement a credit system secured by gold.
Custody Bot is connected to the public blockchain and sends the appraisal. values to it.
Custody bot key elements
Goldmint Custody bot
In 1997 Nick Szabo published a paper called «Smart Contracts: Formalizing and Securing Relationships on Public Networks», which many consider the first
text to mention “smart contracts” such as though implemented today in the Ethereum protocol.
In his article Szabo gives an example of a vending machine working on a “smart contract” between buyers and the machine’s owner (creditor):
1A lock to selectively let in the owner and exсlude third parties;
2A back door to let in the creditor;
3aCreditor back door switched on only upon nonpayment for a certain period of time; and
3bThe final electronic payment permanently switches off the back door.
For the “smart” vending gold storage of GoldMint
The Custody Bot is GoldMint’s partnership project with AIRA AIRA to demonstrate the next step in the evolution of “smart contracts.” In our scenario a “smart contract” to issue a loan in exchange
for storage of gold will be made between a user and the machine itself.
For this AIRA will teach the device to work in the Ethereum network, where the robot can enter into a contractual relationship with a human customer.
The process will be as follows:
Towards “smart cities”
Working an autonomous economic agent and able to enter into a contract for a certain obligation, the Custody Bot is a model for any number of vending machines that could serve customers in “smart cities” of the future.