Sudan Gold Coin — An Innovation In Crypto
It is quite possible that crypto currency trading is past its prime time. Depreciation and swings in value have added to a sense of instability in crypto currency market. Yet, there are some new and promising ICOs in the market which appear as a beacon at the end of a dark tunnel. The ICO brought by Sudan Gold Coin seems to be one of those. It offers an opportunity for crypto traders to hedge the risk of crypto trading. The lure of physical gold has been aptly capitalized by this ICO. It may just be your once-in-a-lifetime opportunity to make it big in crypto contribution. The unique thing about this ICO is that if offers a kind of guarantee without explicitly mentioning the same.
The mute point of this ICO is that it has conceived a unique platform. It is a blockchain-in-mining platform that can make the life of mining companies easier. It can vastly increase security and transparency in weighing and accounting process of minerals. The subscribers can purchase gold through this platform and the gold for that purpose will also be mined by the company. They have not only conceived a gold mining plant, but have even got the land for the plant from the Sudan government for that purpose through a concession agreement.
As investors subscribe to the project, they are issued with tokens. Through some time they will have the ability to exchange these tokens for a real gold or to use them for certain platforms’ priveleges. The built-in system ensures that the amount of gold is mined, accounted and reserved for each SGC token holders’ account and kept in a vault in Dubai. As more and more subscribers decides to support the project, the demand for tokens is slated to increase. This will definitely pull up the price of the tokens. As the price of tokens increases there is an automatic need for mining more gold against each token. As more gold and mineral is mined, part of it is proportionally distributed to the number of tokens in their possession. Blockchain technology will help the project keep a tab on the entire mining and distribution process. Such distribution will take place quarterly.
Subscribers can hoard their tokens, use them for premium functionality, exchange them for gold or sell them on cryptocurrency exchanges. It is entirely the choice of subscribers. The project is also drawing up plans for a Minerals Coin Chart. The legal team has spelt out that this chart should be incorporated in the ICO process itself. Through this chart subscribers can also get general news about mining, mineral price charts and other information that will help them decide about hoarding, selling or exchanging tokens.
Present Status
• The founders aim to get the FINMA green light for the project. FINMA is the Swiss Financial Market Supervisor Authority which regulates the financial market. Getting the FINMA go ahead involves a lot of legal dwellings. So the founders are now busy in implementing the opinions spelt out by legal audit to meet FINMA standards.
• The legal audit has spelt out some changes in the project description and distribution. Even after implementing the terms spelt out by the legal team this is still a project involving gold as its basic asset. So, basically there is no change in the terms of investment or security.
• Each token holder can exchange his gold for gold at prevailing gold-to-token rate. However, he has to go through a KYC procedure for this. The token is one utility coin for gold storing, trading as well as exchanging.
• To implement all the terms spelt out by the legal audit, the project founders have pushed back the closing date of the ICO to January 31, 2019. The time is needed to meet all the legal requirements before closing the ICO. It also needs to create a prototype platform, contact various exchanges and make agreements with them and have a complete project to abide by FINMA regulation.
• The security for the project is ensured by a Swiss company, Netarc AG. All the funds and resources are placed with this company in Switzerland whereas the gold mined in Sudan and is stored in Dubai. It ensures going by FINMA regulations as well as security both of the funds and gold.
The Project is on the cusp of bringing an innovation in crypto market in particular and financial operations in general. The plan, the approach and the execution deserves respect.
