Physical Gold in Digital Form
After blockchain was introduced, it became clear that money can be transferred as freely as information. In the financial World, this technology is currently making a revolution similar to the one that the Internet has recently made in the information dissemination environment.
Think about how you would send mail, make purchases, learn news, get acquainted and work if there was no Internet today; you would have a different life. More than that, soon you will not be able to imagine your life without cryptocurrency and blockchain. Everything related to money will be based on this technology.
So, why is it still not happening?
This is because blockchain has not solved the problem of money protection. And while the issue of how to transfer money via the Internet has been resolved, an issue of how to ensure value and reliability of transferred money still remains open. Cryptocurrencies come and go, while their value grows and falls, which in actual fact prevents their rapid introduction into real economic relations.
KaratGold came up with a solution that turned out to be quite obvious and reliable like the blockchain itself. It has issued a cryptocurrency covered by physical gold. The main idea on which KaratCoin stands is very simple: money secured by gold is better than money secured by nothing.
In 2018, Physical Gold in Digital Form appeared.
The KaratGold Coin is a blockchain-based cryptocurrency specifically designed to be used as a generally accepted electronic payment. This coin is linked to physically deposited gold in the form of the so-called CashGold, a true gold standard. A certain number of KaratGold Coins can be exchanged for the corresponding amount of CashGold at any time.
The successfully functioning system created under this project on the basis of gold-secured cryptocurrency has provided the rapid scaling of the present solution. KaratGold Coin has developed operating mechanisms that will allow owners, retailers and governments all around the globe to use the modern blockchain-based currency covered by gold.
The blockchain-based payment system created by KaratCoin Bank is at the moment almost as convenient as a traditional system, which people are accustomed to use on a daily basis. Today, KaratCoin Bank not only provides banking services but issues payment cards, as well as works with ATMs, e-Wallets and the KaratPay system. Any transactions, payments or purchases, money savings and investment operations can these days be easily performed through KaratCoin Bank.
The existing global payment system, which is controlled by banks and governments, solves the problems of financial megastructures and the country but not its users. For users, it remains inefficient, fragmented, slow and expensive to maintain. Fiat money as the basis of this system is not secure and become the reason of financial bubbles, accumulation of global debt and inflation. To be honest, people do not control their money and the issue of its safety completely remains in hands of global financial structures.
KaratGold, together with KaratGold Ecosystem, have developed a scalable and simple solution based on the block system: a solution related to gold. Gold has a stable and generally accepted value and is one of the oldest means of payment. Everyone who is closely familiar with the modern instable financial system understands that only gold will be reliable in the future.
In a few years, quick and cheap transactions around the world will be carried out with the help of KaratGold system, and it will be hard to believe that people earlier could use money notes and trust empty promises of financial corporations. By that time blockchain will be fully based on gold.
