Custody Bot

IS A DEVICE CONNECTED
TO BLOCKCHAIN
FOR STORING AND ASSESSING
GOLD VALUABLES

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Technology

What is Custody Bot

What is Custody Bot What is Custody Bot
What is Custody Bot 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

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Development plan
  • Spectrometer and
    weight system

  • Computer with
    linux os

  • Transfer
    mechanism

Key features

  • Security

    Security

  • Transparency

    Transparency

  • Speed

    Speed

  • Autonomity

    Autonomity

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):

  • 1
    A lock to selectively let in the owner and exсlude third parties;
  • 2
    A back door to let in the creditor;
  • 3a
    Creditor back door switched on only upon nonpayment for a certain period of time; and
  • 3b
    The final electronic payment permanently switches off the back door.
GoldMing Custody Bot

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:

  • 1
    The Custody Bot assesses and checks the gold valueables offered by the user;
  • 2
    The user sees the result and the sum being advanced;
  • 3
    The Custody Bot sends a transaction to the Ethereum network for a contractual obligation to store the valuables and attaches a log file of the assessment;
  • 4
    The user returns the money;
  • 5
    The Custody Bot reassesses the valuables and compares the result with the original inspection;
  • 6
    The user gets his valuables back, the Custody Bot sends a transaction to the Ethereum network about a discharge of obligations.
  • 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.