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Startups

Digital Gold Exchange is Making Trading of Gold for Cryptocurrencies Easier

Every human being pursues something safe and secure. We have also endeavored to create, preserve and maintain the value of our constantly safe assets. When we first encountered Blockchain, the idea we had was “what kind of password would you like to make? It was. Even if the present currency disappears in some natural disaster, it can be safely applied.

A company based in Seoul, South Korea is establishing an ecosystem platform where users can securely store their tangible assets such as gold and trade with others for virtual currencies, more quickly, safely and without any intermediary intervention in a digital environment. The platform, known as the Digital Gold Exchange (DGE) is a blockchain based ecosystem which will allow individuals and companies to join from every part of the globe to trade with digital assets.

The gold exchange

DGE is a blockchain developer of the Ethereum-based cryptocurrency TMTG (The Midas Touch Gold). TMTG will be used to buy another cryptocurrency MDG (Midas Digital Gold), which can be exchanged with actual Gold bars. In the exchange, although gold will be a primary focus for the platform, the company eventually have plans to expand to other precious metals including diamonds, platinum and white gold. The company aims to make changing gold into tokens a fast experience, with conversion rates that are based on the official market prices listed on gold exchanges in South Korea and around the world. The exchange has officially launched their ICO in July 2018, where one Ethereum will be equal to 2,000 TMTG ( 1ETH=2000TMTG). A presale for its tokens was held in three stages throughout May and June, and this was followed by an initial coin offering which ran from July 10-25.

We thought deeply about how virtual money could bring value to the everyday lives of many people. As a result and solution to our deliberation, we focused on Gold, which is used and its value recognized worldwide as monetary and property assets.

According to DGE, one particular focus has been developing a trading system that is easy to understand, well designed and not too dissimilar from the payment processing systems commonly used on e-commerce sites – making its platform accessible and usable for customers from a range of age groups. In this system, the users will be charged with a transaction fee first and the payback rate will be determined by the conditions set by DGE. The payback will be made to users’ accounts in TMTG.70% of payback will be made in installments to all the users who hold TMTG in their accounts. The payback rate will depend on the balance of each account. 30% of the payback will be made in installments based on a referral scheme.

Because the current platform is still being developed, the actual payback rate cannot be disclosed at this point. However, the payback will be shared from the net profit

Elements of the project DGE

The project tends to form a digital trade ecosystem that allows real tangible assets, gold, to be easily traded for virtual money in a digital environment and this ecosystem will be constructed with a blockchain network. The core of TMTG Project is composed of three main elements:

  • TMTG Token: TMTG is the abbreviation for The Midas Touch Gold and its concept is based on the image of Midas from Greek Mythology and is to be issued as virtual money. TMTG coins will serve as the medium for maintaining and vitalizing the DGE. This token is not pegged to any tangible asset including gold, but only works as a means to purchase other cryptocurrencies on the DGE platform
  • MDG Tokens: MDG is a token that is only tradable on the DGE platform which is pegged to 1g of gold as a certificate. MDG token is representative of real gold so the price of the token is associated with the price of gold at the time of purchase. MDG Tokens can be purchased on the DGE Platform with TMTG Tokens.
  • DGE: Digital Gold Exchange: DGE stands for Digital Gold Exchange and it is an online exchange where TMTG tokens can be used to purchase MDG Tokens (Digital Gold) or real gold. You can access DGE anywhere with access to an online network to conduct trades or convert Digital Gold to real gold

People prefer the pursuit of things that are safe and secure. Thus, we continuously try to establish assets that are safe and to maintain and secure them.

The company is aiming for its tokens to be listed on a number of coin exchanges over the coming months, beginning with IDCM and Coinsuper Exchange during this month of August. By February 2019, it is hoped that diamond trading will also commence. DGE officials further explained that “Our payback system is more than just a promotional event. It will be set as one of our company policies. We will continue to develop policies that benefit us and the users.”

Muhmmad Furqan

Furqan is a financial markets expert. A regular trader of cryptocurrencies and hold some investments in Bitcoin, Stellar, IOTA and OST. Contributes with latest industry insights. Contact the editor at editor.opinions@blockpublisher.com

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