Tired: Fiat stablecoins. Wired: Gold on the blockchain. You just have to ask Novem, a blockchain company that plans to create a stable coin linked to an existing gold treasure in Germany and allow token holders to buy and exchange ounces with the ease of an encrypted wallet.
As with all stable notes, we must accept these demands with a few pounds of salt or at least a few pounds of gold. That said, the concept is worth the detour.
The stablecoin, called 999.9, is a security token that represents .01 gram of gold. When you buy or sell a piece, the team will send you a certificate for your little guy.
"Novem is a better way to buy gold: all purchases are verified by third parties at the time of purchase, secure storage with an audit by third parties and at the time of sale . The differentiation from other gold-backed coins lies in 100% certification of liquidity and "old economy" certifications in the precious metals industry, "said a spokesman for Novem.
"At this point, more than $ 1,035,000 in NVM [999.9] tokens were purchased at private sales. The project has generated considerable interest in the precious metals and blockchain communities. "
The team keeps a gold reserve in its German safe and based company in Liechtenstein. The purported treasure allows the team to link existing tokens to real gold with tokens to spare. Again, until we are able to verify this information, we must be careful when making assumptions about the company. But bless them for trying.
"At the beginning of 2019, more than 30 kg of gold, valued at nearly $ 1.5 million, were stocked at Loomis and subject to regular audits by third parties," the spokesman said. "The amount of physical gold stored securely should more than double with a corresponding number of NNN gold chips struck before the public sale, which will begin in 3 weeks."
Do you have to buy some of this 999.9 token? The token is running on the failed server NEO blockchain, a red flag for those who plan to buy a few. In addition, there is little evidence that the treasure is extant.
Created by old dealers in precious metals Wolfgang Schmid and Mario Schober as well as the marketing guru and former parkour athlete Andreas Kalte. Schmid and Schober have extensive experience in buying and selling gold and Kalte, which seems to be very good at climbing walls, offers a bit of pizazz marketing. It's not clear if this will result in chain-block chops and it remains to be decided if elves are involved in protecting this treasure.