KaratBank- a fusion of gold and cryptocurrency
Globally, customers on the one side and merchants and services on the other side rely on the value of gold. Earlier gold was a direct payment means, particularly in the form of gold coins. However, Gold has continuously been replaced by bank notes, which nowadays are not, or only to a marginal percentage, backed by state-owned gold. Therefore, the value of the bank notes issued by the different countries rely on the trust that the respective country can pay its bills, only this is less sure than in former times. Especially in less developed countries, the trustworthiness of legal tender moves towards zero.
KaratBank is the solution for it. It perfectly meets worldwide needs because it is a kind of cryptonyms gold. Each coin represents an imaginary certain weight of gold whereby a certain quantity of KaratBank Coins can be exchanged for physical gold in the form of CashGold. Furthermore, it will be made exchangeable for all fiat currencies and cryptocurrencies worldwide in the future.
What is the concept of?
The KaratBank Coin is a blockchain-based cryptocurrency that is linked to physically deposited gold in the form of the so-called CashGold. A certain number of KaratBank Coins can be exchanged for the appropriate amount of CashGold at any time.
The KaratBank Coin is designed to be used as a generally accepted electronic payment means for all who consider gold as a traditional, true, secure and value-stable medium.
The new alternative is the CashGold. It is reliable, globally available, secure, practical to use, and compatible with other payment means. The idea behind CashGold is to implement small gold bars on a specific paper which partially looks like a bank note. However, instead of mentioning a specific currency amount, the weight of the implemented gold bar is displayed.
There are four different tamper-proof CashGold notes available, which carry between 1 and 6 small gold bars with a 0.1-gram weight each. The gold bars used for CashGold consist of 24-carat pure gold, which is 99.9% gold. They are produced by an LBMA certified refinery. Therefore, quality, origin, and reputation are absolutely perfect.
Bonus details coming soon!!
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Well it seems very promising that gold deposits will be kept for karatbank coin. But how will it be done and how this system works? Can you elaborate? It will be a nice information for everybody.