Could OneGram Supply Fiat Money?
It is almost 10 years the world-known and biggest cryptocurrency Bitcoin was designed. Its story was and still is very inspirational for us, who are behind the OneGram project. But this inspiration does not mean blind imitativeness.
We in OneGram have been always trying to bring people something new, something extraordinary and first of all something useful. However, among almost 2.000 cryptocurrencies all around the world there is first and only one designed the way it is backed by physical gold, Shari’ah compliant and based on sophisticated blockchain technology. It is called OneGram (OG). What does it mean?
Each OneGram coin is backed by 1 gram of physical gold stored in the vault in Dubai and audited by the PwC authority. Moreover, the OG follows very strict regulations of Islamic law called Shari’ah. So unlike the rest of cryptocurrencies, the OG is inherently regulated by the Islamic civilization rules and principles which mean any speculations are maximally prohibited in favour of fair business.
Nowadays, authorities call more and more for regulating the crypto market. Even though the cryptocurrencies were invented as an opposition to fiat money and deregulation is their essential feature, we can say we got ahead any competition again. Since OG is Shari’ah compliant digital asset, a set of strict rules determine and regulate its function under the authority of Al Maali Consulting Group specialized in providing consultancy and training services to financial institutions and professionals in the Islamic finance and banking industry. Those rules are the real guidance of the OneGram business architecture. Hence, from such a point of view the volatility connected with the cryptocurrencies appears to be an advantage in case of OG, since it generates natural profit for the holders, because any speculation leading to unfair and imbalanced business is banned. Due to the gold-backed model OG can never drop deeper than is the spot price of (one gram) gold. The OGC holders can exchange their OGCs for the corresponding volume of gold. So the liquidity of OGC is very high, indeed.
Islamic financial sector used to be labelled as too conservative, not innovative. Could it be still true, when you take into account the fact the first gold backed and Shari’ah compliant cryptocurrency based on the high-tech solutions was launched in Dubai last summer? Moreover, it is successful in each aspect!
The role of money
Although there is no universal definition of money, three substantial characteristics are common denominator of most of them. According to them money is:
· mean of exchange
· unit of account
· store of value
Considering OG, we can say it fulfils all three characteristics. Since it is backed by gold and hence it stores valuable asset — gold, it meets the third feature. Moreover, holders of OGCs soon will have the opportunity to change our tokens/coins for other cryptocurrencies, fiat money, or other products and services (gold, real estates, etc.), therefore OG meets also the first condition. The word currency is etymologically derived from the Latin currere, which means to run, proceed, move… At the beginning of our project we prepared the project OneGram as a useful means of exchange between the holders with the aim the OGC will supply classical fiat money as a unit of account. Now we would like to inform you we have met also the last definition, since OG has become real supply of fiat money in its second form as a legal tender. Why?
In December 2017 MAG, one of the biggest corporations in the Middle East and North Africa region, signed an affiliate agreement to accept the Shari’ah-compliant cryptocurrency — OneGram Coin (OGC). It has been agreed that any of MAG’s existing and future development projects can be purchased using OneGram! The significance of this affiliation is considered a game changer in the crypto industry as currently the only digital token to ever has reached the real-world usage has been Bitcoin. Since OneGram is still in the development phase and will not be live until June 2018, this agreement represents major confidence in OG in what some experts believe could rival Bitcoin.
The fourth basic feature of the OGC project — and an icing on the cake — is the unique transactions model based on our own delegated proof-of-stake blockchain platform. Its architecture is revolutionary from the point of efficiency and fairness, i.e. it does not need complicated maths, it is able to deal with huge load and the rewards are distributed fairly. Moreover, it is ecologically friendly and follows social decision making customs. Shortly, it is designed the way it should be a leader among alt coins blockchains.
To sum up, here are the key features of OG you cannot meet anywhere else. OG is:
· gold backed
· Shari’ah compliant
· inherently regulated
· based on unique delegated proof-of-stake blockchain technology
which makes it the real supply of fiat money. Only the worldwide occurence limits it not to be a full-blooded fiat money replacement.
Richard Cedzo, Head of Communication, 01CryptoHouse