Gold-backed Stable Coin Use Cases for Gold Mining Company

Overview

The project describes the creation of a coin which has some stable value and can be traded around the globe. The client is from Malaysia gold mining company.

Problem

The client owns a gold mining company in Malaysia. They were potential sellers to the global market. They exported a lot. They want to digitize their process into a digital one. So they planned to bring their entire system in blockchain. First we developed a token with which we can use for the transaction inside their community. Later we were to develop a currency which will be having the value of the gold so it can be traded worldwide and the buyers can reserve the gold in a digital form and send it across.

Their Idea

The idea is to provide the rewards as the gold coins which we will develop as well the owners who need to purchase the gold, first need to purchase the tokens and they can checkout when they just needed. Until then it will be stored in a secured wallet. As well the company agreed to check out the physical gold anywhere on the globe. So it's attracting the buyers because of the mobility and saving on the transportation fees.

Solution

Digital Currencies promise to radically change how we do banking by removing artificial barriers caused by legacy financial institutions and allowing for:

• True peer-to-peer payments anywhere in the world.
• Minimal transaction fees and processing time compared to traditional banking.
• Payments between pseudonymous parties ensuring financial privacy.
• Non-reversible transactions preventing charge-backs and fraud.

Things which we did

We created the cryptocurrency in SHA 256 algorithm which is Proof of Work consensus same like Bitcoin and the miners need to verify each transaction. We chose the consensus for stability as well as for decentralization as ownership is always changing and it's highly tradeable. And we created a platform to track the record of each and every transaction. We developed a way that a total of 7.82 percent of the coin will be distributed to the miners and the rest will be distributed to the whole world. Then only it will have much impose on network and there will be no more loss for the investors as they don’t need to pay much to the miners who are maintaining the network

Future Idea

The future idea is to develop the distributed ledger and supply chain management for the whole transportation process. So that the distributors can have the track on product delivery