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GoldMint is a blockchain-based company that helps gold owners trade, loan, invest in and use their GOLD assets, that are 100% backed by physical gold, for profit.
GoldMint buys, sells and repurchases GOLD at the current market price for physical gold. The company uses exchange-traded funds (ETF) or physical gold (of 999 quality) as its security. GoldMint's gold reserves equal or exceed its mined amounts of GOLD.
GOLD is GoldMint's cryptoasset. It’s value is aligned to the current LBMA price of gold. One GOLD equals one ounce (31,1035 grams) of gold (999 quality) on the stock exchanges + 5% commission (max.)
All of GoldMint's GOLD is backed by the reserves of physical gold or ETF that GoldMint has in its reserves. If there's not enough gold in GoldMint reserves, the company buys extra gold or ETFs in Switzerland.
An ETF, or exchange-traded fund, is a marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund. Unlike mutual funds, an ETF trades like a common stock on a stock exchange. ETFs offer low-cost diversification, trading and arbitrage options. New ETFs range from several dozen to hundreds in any particular year. They can be used to back GOLD, since there is a high demand for ETFs in the gold market. Top ETFs for gold can be found on ETFDB.
GoldMint's gold is locked up in its storage reserves. The amount of gold and the ratings of this gold are confirmed by bank statements which are uploaded in the GoldMint blockchain to guarantee transparency.
The average fee for storing physical gold is 0,25% from its estimated value a year.
An auditor from an objective TOP 100 audit company checks GoldMint's accounts each month and confirms that its gold reserves tally with its accounts and with its GOLD emission. On top of that, GoldMint has its own GoldMint internal auditor check its accounts several times a month.
People who want to trade GOLD for fiat or cryptocurrency need to undergo GoldMint's KYC procedure. You can also get GOLD when you transfer your physical gold to Custody Bot or to GoldMint’s partner banks.
This will be an option in a row of states we have an official agreement with. In case it comes up to some big volumes our cooperation with Brinks.com may be a possible solution.
The price of one GOLD equals one ounce of physical gold on the LBMA. Applicants who want to trade GOLD for fiat need to undergo GoldMint's KYC procedure. If accepted, the applicant’s GOLD cryptoasset is transferred from his, or her, GoldMint wallet to a special GoldMint account and is converted to fiat. GoldMint sends this fiat to the applicant. So, the price with commissions you receive for buying GOLD is LBMA + 5%, selling - LBMA + 2%. Therefore the way fiat => GOLD => fiat will be 3%.
You can use GOLD assets for the following:
The amount of GOLD that is emitted depends on the amount of physical gold and ETF backing that GoldMint has in its reserves. The amount of GOLD in circulation can never exceed GoldMAn's reserves of physical gold.
The amount of GOLD emitted depends on (a) the validation of deal/ details stored in the blockchain and (b) on the authenticity and value of gold inspected by Custody Bot.
Most times, when a person buys GOLD for fiat, the price for GOLD will be LBMA + 5%. When they want to sell their GOLD, the price will be LBMA +3%. The commission for managing gold is 0.2-0.8% per annum, depending on gold volatility and investor traffic. After analyzing the correlation between the value of gold and the stock price of the three largest ETFs - the GLD (announced expense ratio 0.4% ), the IAU ( 0.25% ) and SGOL ( 0.39% ) - we estimate that the real backlog of ETF shares in physical gold is about 0.7% (prices are taken from COMEX on the LME ).
No. Rather, commissions and broker commissions are taken into account in calculating our commissions for GOLD.
75% of GOLD commissions are sent to miners/ MNT holders as rewards for verifying blocks. The other 25% are directed to charity and platform development.
GOLD assets are burned, or destroyed, when physical GOLD is withdrawn from the Custody Bot.
The price of GOLD is set according to the price of gold at LBMA market. GOLD has gentler volatility than cryptocurrency, so the risks of receiving less for buyback are less than had you used, say, bitcoin to make your transaction.
For the same reason as above. Generally, ICOs receive their funding in cryptocurrency which has unpredictable and dramatic volatility. GOLD, which aligns itself to LBMA, can hedge unpredictable money losses after the ICO has launched.
Initially, GOLD tokens will be traded at GoldMint website, the traders will need to pass the KYC procedure which will not take more than 30 minutes. Later on they can be traded wherever according to the terms and conditions of a particular exchange.
The gold we use to back GOLD digital assets is all insured.
Trust management occurs when investors send their GOLD to GoldMint and the company uses these assets for P2P loans or for buying physical gold (e.g., for goldfield development).
GoldMint provides investors with the following opportunities:
The amount payable to the investor is the following:
SUM = (1 + (X / 12) * T) * Q where the number X (i.e., x%) is set by GoldMint based on market conditions. T= the amount of months the gold was loaned. Q= the interest tagged to the loan.
Example: As of August 2017, the parameters would be X = 10%, Y = 28% per annum, and T = 1 year. This means that GoldMint receives 28% per year, an annual 10% of which goes to the investor.
Custody Bot is GoldMint's unique device. It is programmed for temporary holding, inspection, long-term storing and conveying of gold jewelry, coins or gold.
Custody Bot stores the user’s GOLD and/ or gold jewellery, coins and other other gold items as collateral and simply to protect them. It also serves as the conduit for inspecting the gold, therefore determining how much GOLD the user receives.
After you’ve done the KYC process, you enter your gold commodities in the Custody Bot, which inspects the items and determines how much fiat or crypto currency you get. You can, also, receive a credit card through a partner bank. The limit of that card will correspond to the value of your stored gold.
You need to undergo the KYC procedure. You use your GOLD or gold valuables as collateral.
The limit of the loan depends on the GOLD or the value of the gold that is used as a collateral.
GoldMint loan applicants transfer their GOLD as collateral to a certain GoldMint application. The rate of the loan is established at the time of giving and remains fixed through the loan period. Applicants needs to consent to GoldMint loan terms to receive the loan.Applicant is given various options for repaying loan amount and for mode of repayment. If the borrower defaults, his GOLD cryptoassets are transferred to GoldMint.
All members who have GOLD receive GoldMint Partner banks credit cards that are aligned with VISA and MasterCard systems. GoldMint plans to create a special bank card called Bogatstvo for prominent pawnshops like Blago and Fianit.
If the borrower defaults, his GOLD cryptoassets are transferred to GoldMint.
Custody Bot uses the technologies of spectral analysis and hydrostatic weighing to inspect the value of the gold. In the absence of a single standard, a specialist also manually inspects the jewelry before Custody Bot conducts spectral analysis.
Gold jewelry, small ingots (up to 100 grams) and coins.
Custody Bot can replace pawnshops as it is more transparent and almost totally automated.
Manual inspection is needed each time gold jewelry undergoes inspection, as there is no common standard for this type of commodity.
The details of both inspections - i.e., the data results of the spectral analysis and the hydrostatic weighing - are stored in GoldMint's blockchain. The timestamps on the valuable’s acceptance and withdrawal are also stored in blockchain. Custody Bot will be distributed in pawnshops and trade centres.
When physical gold is withdrawn from Custody Bot, the corresponding number of GOLD assets are destroyed.
Spectrometer = $5,000-6,000
Scales = $200-300
Internal manipulator = $2,000-5,000
Built-in PC, touch screen, keyboard = $1,000-1,500
Armored box = $2,000-7,000
Installation, adjustment and commissioning = $500-1,500
Total: $10,700 - 21,300
MNTP tokens are launched on Ethereum blockchain and are offered for sale during ICO. Later they will migrate to MNT tokens (GoldMint blockchain) to verify GOLD transactions.
MNT is GoldMint's internal token, used to confirm GOLD cryptoasset transactions.
MNT is used as a stake within the PoS (Proof-of-Stake) consensus algorithm. Namely, the more MNT the miner holds, the more blocks he can validate and add to the chain.
According to the amount of MNTs the miner has.
The miner can buy more from from other miners on the network.
MNTP is initially released via ICO, after which MNTP tokens will migrate to the GoldMint blockchain, using a 1/1 fork. Then they will receive an MNT ticker.
MNTP will first be found on Ethereum and produced via its ERC20 interface. Once Graphene is installed, MNTP will be conveyed there and will have MNT name.
MNT token does not imply rights to participate in company management of GoldMint and is not a share.
MNT tokens holders are allowed to vote on GoldMint’s platform in proportion to their number of tokens. This means that when changes are made to GoldMint’s platform, MNT token-holders vote on whether or not to accept these changes. They also have a right to validate blocks and get rewards in GOLD.
The advantages of Graphene compared to Ethereum include the following. It is:
Graphene is cheaper, there is no charge for ether commissions. Graphene, too, is optimized for GOLD transactions therefore its executes its blocks faster and more effectively and it’s safer in that it uses its own coins rather than turing-complete smart contracts.
Graphene also allows its users other platforms that include:
Details of the miner rotation, miners’ rewards and incentives as well as details related to Custody Bot operations (e.g., assessment, weight, when allocated and withdrawn). Also stored on Graphene are all details related to GoldMInt’s GOLD transactions.
Graphene hosts the Graphene blockchain, API and a crypto exchange for GOLD trade.
The Application Programming Interface (API) regulates the GOLD, distributing these tokens to the following entities:
The API also regulates the GOLD that is used as escrow for bank accounts and as financial guarantees.