Immutable digital tokens representing real-world gold, aka “tokenized gold”, are a big part of the new financial infrastructure of the blockchain. Digital gold is accessible, safe, and frictionless. Tokenized gold is one of the necessary tools for individual liberty as economic freedom spreads to more people around the world.
As will soon become clear, the existence of tokenized gold helps to fight back against all kinds of economic problems. Hyperinflation, over-centralization, and even inconvenience are all solvable in this way.
The shift to global money
Gold may be the closest thing to a ‘world currency’ that exists today. In any society where you can spend money, gold has some value. This has been true for thousands of years. For a long time, gold was valuable to keep on hand because you might not know what other forms of currency a person would accept.
Now, it’s easier to transact. Rather than every town and state has their own form of money, a few currencies like the US Dollar, the Euro, and the Chinese Yuan are accepted by billions of people. With a little bit of preparation, it’s easy to get one’s hands on any kind of currency.
New technologies are building more bridges between currencies. One example is payment processors like PayPal and Venmo, which often automatically translate between currencies for users who hold different kinds of money.
Another example is the country of Ecuador, who gave up on their former national currency, “the Sucre,” after severe hyperinflation in 1999 and 2000. Now Ecuador is using the US Dollar.
Blockchain-powered currencies, with their decentralized and (in many cases) deflationary nature, are a better solution to the old problems of fiat currency. Rather than shifting to the US Dollar, individuals will turn to tokenized gold and other decentralised options to keep their money safe.
Fighting hyperinflation
Hyperinflation is a tragedy where the economic decisions of a small group of people can bankrupt an entire nation. If a national currency loses 50+% of its value in a year, many people’s savings can be wiped out.
It is true that people in advanced economies can diversify their assets. A well-to-do person living in any first world country can easily diversify and stay safe even from major economic fluctuations.
For those who are living in poverty, even if they are dutifully saving some money with each paycheck, hyperinflation can undo years of financial progress.
Tokenized gold adds a new alternative to inflationary currencies, giving people the chance to hold their money where it will not lose value. Anybody with internet access can convert a few dollars at a time into secure digital gold, safe from any fiat problems.
Convenience and mobile transactions
Most of the world is passing by desktop or laptop computers. As new communities come online, many people are thinking of a phone as the only “personal computer” they need.
Blockchain transactions can be instant and reliable even on a smartphone. It’s already possible to transact in many major cryptocurrencies, like bitcoin and ethereum — simply by using a phone. More apps are on the way for other tokens, with new announcements happening daily in the blockchain space.
Financial empowerment
Money cuts across all cultures and lifestyles. Without adequate control over one’s financial situation, it is impossible to have true freedom or empowerment.
Making tokenized gold available to transact via a smartphone means that billions of people will have access to secure and instant transactions of gold. It’s all the convenience of fiat money with all the security of real gold. People can have greater flexibility and security in how they store and spend their money, starting today.
By creating this new financial infrastructure, Novem is ushering in the future of gold and is doing it better than any other gold token with certified secure storage, market rates, third-party auditing — and is adhering to world recognised gold standards — making it even safer than buying jewellery or gold bullion.
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