Legal Information Transparency

Custody Bot

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

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Technology

What is Custody Bot

Similar to a save box, witha minimum 2nd of protection, looks like a coffe vending machine. Measurements: 1.5 meters high, 0.65 meters dee and, 0.8 meters wide.

On the front side there is a receiving tray, similar to the CD tray for CD-ROM. The size of the tray is 15x20 cm. Next to it is a small touch screen and numeric keypad, like ATM.

Что такое Custody Bot? Что такое Custody Bot?
Что такое Custody Bot? Что такое Custody Bot?

custody bot contains:

  1. 1. The mechanism of transporting gold inside the device.
  2. 2. Gold testing equipment - spectrometer and scales.
  3. 3. Individual safe deposid boxes - up to 40 pcs.
  4. 4. Linux based computer.
  5. 5. The front side of the box looks and opens like a regular safe.

Custody bot key elements

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Development plan

Key features

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):

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.