The Gold DAO Project
The Gold DAO, initiated by DAO.Link, is a groundbreaking project aiming to digitize and democratize the value of gold through blockchain technology. This initiative merges the timeless allure of gold with an innovative method for people worldwide to securely and fairly trade physical gold, bypassing traditional banking systems.
The Importance of Gold in Human History
For over 5,000 years, gold has been deeply connected with humanity. It’s not just a metal; it’s timeless, corrosion-resistant, and highly malleable for artisans. Its rarity from deep within the earth adds to its desirability, historically associated with wealth, prestige, and royalty.
Gold symbolizes enduring value and craftsmanship in our collective history. However, its impractical physical weight led to the abandonment of gold as a physical currency.
Web 3.0 and blockchain technology can address this issue and ameliorate the existing solutions. In effect, Gold can be digitized into blockchain-based tokens, making it highly portable and easy to transfer, while mixing the appeal and store of value characteristics of gold with the power of decentralization, transparency, transferability and the security of blockchain technology — a long-anticipated wedding.
That’s where the Gold DAO role takes place.
Collaborative Project with Industry Leaders
The Gold DAO, initiated by DAO.Link, builds upon the achievements of the ORIGYN Protocol and Yumi. Leveraging the Internet Computer Protocol(ICP), this collaborative project aims to revolutionize gold’s role in the digital and financial world.
DAO.LINK has collaborated with innovative companies and digital gold pioneers, including the ORIGYN Protocol, Yumi Marketplace, DFINITY Foundation, Bity, Metalor, Loomis, KPMG, and Quantum Agency along with highly skilled individuals. Together, they’re reshaping how we can transact with gold worldwide, making it more accessible and secure for everyone.
Three Phases of the Gold DAO Project
- Phase 1: The primary phase has already been completed by ORIGYN and Yumi. A digital commodity representing secure and audited physical gold in Switzerland. This involves the creation and issuance of GLD-NFTs; NFTs linked to physical gold bars held in a top security storage and identified by a serial number. Technically, these NFTs rely on the ORIGYN protocol, a Real World Assets (RWA) and a next-generation NFT protocol. GLD-NFTs are indexed on the 2nd fixing of London and can represent 1g, 10g, 100g, or 1 kg of gold.
- Phase 2: This phase aims to introduce fungibility to GLD-NFTs, creating a liquid digital gold token known as GLDT. A lack of fungibility and divisibility has hindered the broader use of gold-based NFTs as a medium of exchange, similar to the limitations of pure commodities. The SNS will hold the private key, allowing to push code and update the smart contract operating the GLD-NFTs to GLDT swap, transforming them from non-fungible to fungible assets.
- Phase 3: In this final phase, the nature of gold as a commodity becomes crucial as it paves the way for the creation of a gold-backed stable-coin pegged to the US dollar — initially, the USDG, gold-backed stable-coins will not only be limited to USD currency in later stages. SNS-collected funds will finance the development of this stablecoin. Phase 3 is the starting point of revenue generation.
The whitepaper and the tokenomics will be released very soon on all of our platforms. We welcome questions and comments and are always looking for constructive and intelligent engagement from the community. A special bounty will be dedicated to valuable contributors.
- If you are interested, please get in touch with us with your details here: info@gold-dao.org
- A link to all of our platforms: linktr.ee/golddao
- Follow Gold DAO on Twitter: twitter.com/gldrwa
- Join Gold DAO on Telegram: t.me/TheGoldDAO
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