Meld Gold Latest Innovative Tool for Buying/Selling Gold Digitally
Scroll DownMeld Gold is an Australian startup that is preparing to launch a block-chain based platform during the third quarter of 2020 that will be used for tokenized gold trading. Meld Gold sees this platform as a digital tool for the buying and selling of physical gold. They see it as being more efficient in offering transparency than traditional gold markets. Traditional gold backed tokens are backed up by issuers who have stashes of gold in their custody. Meld Gold is offering tokens that represent one gram of gold being held by a variety of companies within their network. This included the Melbourne Mint. Meld Gold built their original prototype platform using Ethereum back in the middle of 2019. However, the version that will be presented to the public between July and August of 202 will be built with Algorand (ALGO). Meld Gold’s general manager, AJ Milne, said that they have already formed tentative partnerships with businesses that supply gold. These businesses will use the platform once they launch it. Milne explained that tokens are backed by a gram of gold. However, it’s a decentralized industry, so they will hold the gold across different companies in the supply chain. There will not be a central point of failure because, although independent vaults and refineries will still store the gold they receive, no entity will house all the gold. Gold tokens will be recorded and minted at various points through the supply chain. The tokens will not have a fixed supply. They will be burned and minted based on the market demand for the supply, which is based on traditional gold markets and digital gold markets. Meld Gold will play the role of the marketer in the system. This platform will not have storage or transaction fees. From a security standpoint, Milne emphasizes that the entire system will be independently audited. Any bad actors will receive strong penalties. There will be a strict vetting process for any entity wanting to join the network. After its Australian launch, Milne says they will spend the rest of 2020 improving the company’s wallet application and growing its local partner network. By 2021, the company wants to establish partnerships in Europe, North America, and Asia.
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