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Sunday, May 12, 2019

Gold Backed Cryptos that Let You Hodl Gold on the Blockchain

By: Wes Messamore

It’s a decade now since Bitcoin ushered in the era of cryptocurrency. While Satoshi Nakamoto designed a sophisticated network architecture to digitally and economically simulate the properties of gold, there are now many gold backed cryptos that use the blockchain, maintained by a peer-to-peer network, to account for actual reserves of literal gold. In fact there are dozens of extant, mid-ICO, pre-ICO, and already defunct gold backed digital assets and stablecoins pegged to the price of gold.

One strange thing about this sub-sector within the cryptocurrency industry: A disconcertingly large number of gold backed cryptos all claim to be the very first ever gold backed crypto. Many of them make other sensational and dubious claims (like being the most regulated cryptocurrency in the world- odd thing to brag about). Most 100% gold backed tokens are simply ERC-20 tokens executing Ethereum smart contracts to record the purchase and ownership of gold on the Ethereum blockchain.

Read more at Hacked.

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