MELECOIN - Asset-backed Cryptocurrency

MELECOIN - Asset-backed Cryptocurrency

Cryptocurrency is digital money, otherwise known as e-currency. That simply means, there is no physical coin or bill, its all online. You can easily transfer cryptocurrency to someone online without a go-between, like a bank. The most populous cryptocurrencies are Bitcoin and Ethereum, though, new cryptocurrencies continue to be created. Cryptocurrencies might be used by people to make quick payments and avoid transaction fees. Some might even take it as an investment, hoping the values goes up in the nearest future. Cryptocurrencies can be bought with a credit card, on an exchange, p2p, and sometimes via a process called “mining.” Cryptocurrency is stored in a digital wallet, either online, computer or on other hardware. This makes it easy to store assets with no risk of lost of funds. 

Its no secret that Cryptocurrencies are now popular around the whole world. However, asset-backed Cryptocurrency is a new concept that most people failed to understand. The pioneer Cryptocurrencies have been accused of being extrinsic. Because of this, most people are skeptical to venture into Cryptocurrencies. For example, the high volatility and unpredictability of Cryptocurrencies makes it dangerous for people to use it as a medium of exchange. Most investors also feel it can’t be stored as an investment. Asset-backed Cryptos are virtually different from the pioneer Cryptos as they feature liquidity, security, and stability. 

Just as the name suggests, asset-backed Cryptos are coins that are linked to an object with economic value. Asset-based Cryptocurrencies are used to digitize an assets where it’s record is stored on a blockchain. Assets includes, gold, Fiat currencies – USD, EUR, YEN, etc., real estate and so on. Literally, Cryptos can be backed by assets. Asset-backed cryptos has a lot of advantages which includes but not limited to; provision of stability, easy road to mass adoption, tokenization of any asset, and subdivision of investment. 

Gold-backed Cryptocurrency

Gold-backed Cryptocurrencies is another group of asset-backed Cryptocurrencies that is really gaining grounds in the crypto world. Just as the name suggests, they are digital currencies whose price is tied to the value of a real world gold. The gold is stored by a trusted party and digital exchange is used to trade the gold. Gold that are tokenized is much more easier to trace when compared to physical gold, as it is stored on the blockchain where assets are transparent, immutable, and secured. Aside that, the owner of the gold enjoys liquidity as it can be traded on different digital exchanges. There are few gold-backed Cryptocurrencies namely; Onegram, Ekon, Digix Gold. These gold-backed Cryptocurrencies have some flaws or the other which is needed to be rectified. There is need to create a gold-backed Cryptocurrency which is going to revolutionize the crypto world. 

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Introduction to MELECOIN

MELECOIN is an asset-backed crypto that combines physical gold, blockchain token and debit card on a digital platform. MELECOIN was created to allow individuals wanting to secure their fiats with physical gold and can easily transfer physical gold and cash in a blockchain environment. With the help of bkockchain and smart contract technology, this would easily be achievable. MELECOIN had also entered into an agreement with a LBMA accredited gold refinery which will produce 30 metric ton per year available for MELECOIN for the MELECOIN Token System digital platform. 

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MELECOIN Token 

MELECOIN Token is a hard asset stablecoin which is backed by a tangible asset – Gold. This would obviously eliminate the problem of volatility which is connected to other cryptos that are not backed by a tangible assets. MELECOIN holders becomes a direct owners of a pure physical gold with the help of MELECOIN token. Additionally, the price of MELECOIN token will depend on the daily fixing of ‘one Troy ounce gold.’ Blockchain creates that transparency, as transactions made is traceable. Also, there is no need of intermediaries which exist in normal gold vendors. This would create easy peer-to-peer transactions between investors and users. The token would also be tradeable on verified crypto exchange platforms which will enable physical gold mobility and liquidity for investors. MELECOIN Token is an ERC compatible token. It can be stored in a wallet connected online, or in a cold wallet offline. 

Advantages of MELECOIN Token

Advantages of MELECOIN Token includes the following;

  • It makes it easier for investors or users to own a physical gold relieving them of headache related to its storage, exchange, or transfer from one individual to another. With MELECOIN token, users would be able to hold physical gold and convert it to their native currencies. 
  • Using blockchain and Debit Card technology, investors can easily and securely trade physical gold across the whole world as far as they are complied with KYC and AML procedures. 
  • With MELECOIN Token all issues relating to storage, authenticity, security, traceability, proof of existence, counterfeiting and exchange have been monitored and resolved. 

MELECOIN Debit Card

MELECOIN will create a pre-paid Debit Card issued to the investors supported by a MELECOIN Token backed by digital entitlement of physical gold. MELECOIN Debit Card will be made from 24 karat gold which weighs one troy ounce and will be manufactured in Japan with a complementary, carbon fibre card which will be used in ATM machines. MELECOIN Debit Card will allow members to receive 5% of the transaction fee, distributed evenly among members when a member uses their Debit Card to make purchases. Consequently, the more the members use their cards, the more gold other members receive via transaction fees. 

MELECOIN Ecosystem

MELECOIN platform will create an ecosystem which would catapult financial markets into a greater heights. MELECOIN platform will feature - E-commerce, Banking, Real Estate, gaming, mining and loyalty program.

Team

MELECOIN Investment Limited Company is based in Riyadh, Saudi Arabia and incorporated in 2015. The team behind this project is well experienced in Cryptocurrency, marketing, blockchain technology, trading, and economically oriented. 

Conclusion

The historical inflation of gold hedge has rallied by 27% this year and analysts at Goldman Sachs expect price to surge further to $2,300 in the next 12 months after it had recently reached $2,075 in the past months. Gold is an asset that has had enduring value from generation to generation. A lot of investors had found it hard to venture into Gold business due to its storage, trading and ownership problems. With MELECOIN, each Ethereum-based token has the legal title to an ounce of physical gold produced and stored in LBMA accredited gold refinery. MELECOIN will offer its users an easy and safe medium to gain exposure to real and regulated gold. MELECOIN will offer new opportunities for financial markets. 

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Written by Jerryco (bitcointalk username) 

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Ether address — 0xeB7bd52BC7dC5aB0C634Ac499635322396830ADe

POA


Salome Amao

Community Moderator and Manager, Crypto Content Writer and Crypto Educator

3 年

Great project from Melecoin

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Paul Owoeye

Professional Web3 copywriter ??, CEO E-Forex, Crypto Inclined ????

3 年

..nice write-ups

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