1/ Watching #btc volatility & thinking about current use cases, I finally appreciate why @VitalikButerin says it's important to make a StableCoin. Ppl should be able to store value w/o taking on all this currency risk.
Show this thread
-
Check out
@Goldmint_io. They're building technology to store and transfer gold on blockchain. Their$GOLD token will be backed 100% by gold.
Yes, it's easy to create a pegged currency with 100% reserve...but that requires trusting the issuer. The question is how to create a decentralized stable currency without that counterparty risk.
-
-
2.) They're plan is to have these Custody Bots all over the world. Once the gold is withdrawn from the machine, an equal amount of tokens is removed from the blockchain.
-
That's cool, but it's not a trustless digital asset. How do you keep the bots from being stolen? Put them in banks? But then how is it different from the bank just issuing gold-backed tokens? Also, I feel like the assaying system would be vulnerable to fraud.
-
2.) The assaying system is internal to the vault-like machine, so I'm not sure how it would be vulnerable.
-
The assaying system measures physical properties, using tools like a mass spectrometer, to determine the amount of gold. It seems quite likely that there will be a way to spoof it (and immediately withdraw real gold elsewhere).
-
It also will using a hydrostatic weighing system. I know that gold-plated tungsten can be used to fool rudimentary hydrostatic weighing, but I'm not aware of any metal that could pass HS and MS checks. I'll have to look more into it.
End of conversation
New conversation -
-
-
5.) So, it's basically decentralized physical gold. Go read their white paper. It's very ambitious, but would be a game changer if they can pull it off. /end
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
4.) I could buy a
$GOLD token on an exchange, then withdraw physical gold from the Custody Bot.Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
3.) This is great, bc I can deposit my gold in the US, travel to another country, then remove that same amount of physical gold from another Custody Bot.
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
1.) No one is issuing it. They're building a machine called a Custody Bot, in which physical gold is deposited in a machine, analyzed for weight and purity, then the data it stored in blockchain.
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.