16 Jul 2018
"If we want free enterprise and a market economy to survive…, we have no choice but to replace the governmental currency monopoly and national currency systems by free competition.»
Friedrich Hayek, Nobel Prize in Economics winner
Golden Currency is a project of the first fully functional private currency, convenient and efficient infrastructure with utilization of modern technologies, including blockchain.
In other words, we are talking about creating a legal and independent private analogue of the Central Banks, which uses the accumulated experience and modern technologies to ensure reliable and convenient currency.
Here are just some of the advantages that a new currency will provide:
* presence in cash (paper, anonymous) and non-cash form
* independence from the government, political or economic situation in any country, but at the same time the complete legality of its functioning
* 100% backed by gold, the storage and management of which is carried out independently of the issuer; the owners of Golden have a guaranteed opportunity to get gold in exchange for Golden
* use of modern blockchain technologies for currency infrastructure (starting from ensuring the independent and reliable storage of gold, and ending with the implementation of payments and
* convenient, fast and cheap conversion into any world fiat currencies and crypto-currencies (a link between fiat and crypto-currencies)
* familiar modern money infrastructure - ATMs, bank cards, POSterminals, online banking, mobile applications, etc.
The entire infrastructure of Golden will provide its user with such conditions that it will not matter in which currency to keep his funds in terms of functionality. And if so, taking into account the advantages of the Golden currency, it will be favourably for the user to keep money in Golden, which is not subject to national risks and inflation.
The increase of the currency use, and therefore, the maximization of its turnover and the monetization of the project, will take place on the basis of ensuring and developing its competitive
Golden is a fully functional currency, but with additional advantages.
If you live, for example, in the US - for you the Euro and the Turkish lira is the foreign currency, if you live in Europe - for you the Russian ruble and the Chinese yuan is the foreign currency.
Now imagine that among currencies that you can buy legally, for example, in exchange offices, there is a new currency Golden. You can exchange your national money for paper money Golden and put them in your wallet.
But, unlike having any other currencies – when carrying Golden you are assured that in fact you actually have in your wallet some fixed amount of gold which is not subject to inflation, does not depend on the political or economic situation in any country, and in addition it provides passive income by increasing the exchange value of gold.
You no longer need to monitor the political and economic situation in your country, or in the countries whose currency you want to buy. For you there is no such problem as inflation, because you know that at any particular time you can buy for your Golden in any country and at any time a certain amount of any certain product, despite possible devaluations and inflation. And if you live, for example, in Zimbabwe, with its insane inflation, then you can be sure that in a year, after you accumulated enough Golden, backed by physical gold, you can buy, for example, a car, and not throw out your savings as discounted pieces of paper.
Similarly, you can easily exchange the crypto-currency for Golden, or store your Golden in electronic form, if it is more convenient for you.
Thanks to the advantages of Golden, it becomes more competitive than other fiat and crypto currencies, it becomes more advantageous, reliable and convenient to use.
Forms of payments
Golden will exist in the form of both cash and non-cash money, providing the opportunity to implement the full range of possible money transactions.
Form 1. Cash.
Cash will be issued in the form of plastic (polymer) banknotes printed in one of the world's factories that provide printing of fiat money services for the world's largest economies.
The currency units will use the best practices in the field of counterfeit protection, including watermarks, holograms and other protection technologies. Detailed protection technologies will be presented after signing the contract with the factory and the completion of the design.
Based on the convenience of their use, various denominations of currency will be presented, One Golden is expected to be backed by gold in a volume close to USD 1 exchange value at the time of the first issuance (approximately 0.02 g of gold) (more precisely, the volume of gold in one Golden will be determined by the time of the issuance, can be changed to the moment of the first issue, but will remain unchanged in the future).
In order to determine the design of the currency after the pre-ICO a public competition will be announced.
At any moment after the currency issuance its owner will be able to exchange Golden for physical gold in the depository. The rules for such exchange (with possible minimum volumes of such exchange and other terms) will be determined at the issuance.
Golden can be a means of payment in those countries in which it will be permitted by law. The activities of the project company will be aimed at maximizing the number of such countries in which Golden owners will be able to make any transactions without restrictions, even within the conditions of underdevelopment of the payment infrastructure. Cash also provides a good opportunity to make anonymous payments, which is almost impossible to achieve when making electronic payments, including crypto-currencies. Cash can be purchased initially at the stage of its issuance, further at Golden banks and their ATMs. Ultimately, they may be purchased at the currency exchange offices, other banks, retail chains, from individuals, and through other traders of Golden.
Form 2. Non-cash money
It is planned to create a worldwide branch banking network. Users will be able to open accounts with Golden banks, load these accounts, get bank cards linked to these accounts, withdraw money from them, convert between accounts in different currencies, including national, pay with them in shops, make transfers and transactions via the Internet, and conduct other
ordinary banking operations in all countries of the world. Golden users will be not only individuals, but also legal entities.
It will be possible to open multi-currency accounts. Golden system conversions will happen at a favorable rate with minimal losses, whenever payments are made in another country, with a different currency. This avoids paying commissions through the increased rates and multiple conversions.
When making a payment by a bank card in a country in which the national currency differ from Golden, and settlements are allowed only in national currency, the transaction will be as follows: the amount of payment will be automatically requested for conversion to the currency of payment at the Golden Exchange at the best market price, corresponding amount of the payment currency will be transferred to its account and payment will be made directly from it, again without the need for costly conversions.
Form 3. Crypto-currency. Link with fiat money
Golden Exchange will be registered as a fully legal crypto exchange in which user will be able to convert fiat and crypto-currency. Owner of a bank account in Golden Bank automatically gets access to trading on the exchange. In the online bank and mobile application the user will be able to purchase any crypto asset traded on the exchange at the exchange price. Information on all crypto assets and currency accounts will be available in one place.
A wide range of advanced tools will allow a user to have analytical support of operations on the currency exchange and monitor existing trends.
User can set an automatic conversion from the crypto account to the payment currency account when making a payment by a bank card. In such a case payment will actually come from such crypto accounts.
Thus, the user will simultaneously be able to invest in crypto-currencies and conveniently use crypto-currency as a means of payment.
Crypto-fiat currency exchange. Golden Exchange
The competitive advantages of the Golden currency and Golden Bank will be based, among others, on fast, reliable, cheap and advantageous currency exchange, it will be implemented at the Golden Exchange cryptofiat currency exchange.
The entire infrastructure of Golden will provide its user with such full functionality that it will not matter in which currency funds are kept. And it will be favourable for the user to keep money in Golden, which is not subject to national risks and inflation.
Golden Exchange will be an important part of this infrastructure. Golden Exchange will be officially registered, and obtain all necessary licenses as an exchange, authorizing trade of fiat and crypto-currencies. Golden Exchange users can easily conduct exchange transactions Golden-Fiat, Fiat-Fiat, Golden-Crypto, and Crypto-Crypto.
The basic use of Golden Exchange is through integration with Golden Bank. When opening an account with a bank, the user gets access to the exchange, without the need for additional registration. Within an Internetbank or mobile App, users can open an account in any available fiat or crypto-currency.
For example, a user wants to trade Euro, Golden and Bitcoin, and the money in the Golden bank is in US Dollars account. The user opens all additional accounts (Euro, Golden and Bitcoin) in the web interface. He can find all the analytics there on the rates, volumes, dynamics of currency trading. Based on such analytics or any other information, the user applies for a transfer from one account (Dollar) to another (for example, Euro) of the amount that he wants to exchange. He can choose a transaction at the current market price for instant exchange, or set the price of such a conversion, so that the conversion will occur only when that price level is reached. The system automatically applies to the Golden Exchange, where the conversion (exchange of currencies with other users in counter orders) takes place and the amount of the purchased currency is transferred to the corresponding user account in the bank. Amd likewise for all other currencies.
The Golden Exchange will be a decentralized exchange in which the assets themselves (money) will not be stored in any way by third parties (the exchange), but will be transferred directly from one user's account to the account of another user.
The exchange will link users’ requests and perform instant exchanges from one user's account to another's account, the system will not store private user keys, will not conduct physical assets through it, providing a reliable, transparent exchange model based on blockchain.
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