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Hey — We’re doing an ICO about gold!!!

or the golden elephants in the vault.

Elephant Number One — a private blockchain.

  • Cost: a simple ethereum transaction now costs about US$ 0.50
    If your transaction carries a value of, say, US$ 5,000 the fee may be trivial but when you allow a customer to buy as little as RM1 ($0.23) the value transfer would be swamped by the transaction fees.
  • Privacy: tokens and crypto currencies are, by the nature of the blockchain, traceable. Once you can trace them you can find out the amount sitting in somebody’s account.
    If all I had to do was to make a gift of, say, 0.1g of gold to somebody in order to find out their balance, it would not go down well with data protection laws to start with and the consumer community in general.
  • Competing parties: The argument against private blockchains is that the central party can rewrite history. More accurately they can delete history because they still cannot forge records without the requisite private keys. Competing parties make a blockchain’s consensus mechanism honest.
    We have a group of businesses involved, all with competing interests, all needing to keep everybody else honest as a result, a private blockchain should not really be an issue.

Elephant Number Two — Digix Global and the other Gold Coins.



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Dave Appleton

HelloGold's blockchain lead and Senior Advisor at Akomba Labs; a technology anachronism who codes, teaches, mentors and consumes far too much caffeine.