ZENGOLD -The first physical gold backed crypto-asset platform

Gold has been a very invaluable asset that has been used as a store of value from times immemorial. Owing to its scarcity and specific value-add characteristics, it has become the yardstick for bartering, pricing, and bartering goods and services. This eventually led to the development of ‘Gold Standard’- a monetary system where a country’s currency or paper money has a value directly linked to gold. As valuable as it may seem, usage of Gold as a means of payment has become increasingly difficult owing to the difficulty in transferring the physical asset. While this has been a problem in the past, Viewfin has launched a blockchain based token that is backed by Gold reserves. Hence in totality, it provides mobility for Gold over blockchain through this token called ‘Zengold.’ Let’s look into how Viewfin has planned the entire ecosystem over the metaverse blockchain.

What is ZENGOLD?

Zengold (ZNG) is a digital currency developed with blockchain technology and is backed by gold reserves in Shanghai Gold Exchange vault. Users can transfer ZNG using Metaverse blockchain wallets without any particular network conditions. Just like other digital currencies, ZNG is a secure token, which generates lower transaction costs and has an ability to be used as a payment at any time. Each ZNG token represents one gram of Gold and is divisible into 0.0001 gram. 0.1% of the total value of each transaction is the fee paid by the users of the network and has a cap of 1 ZNG. In this fashion, Gold can be digitally tokenized and transferred over Blockchain. This puts an end to the traditionally existing problem of Gold when it comes to transactions and payments. You can read the full Zengold whitepaper here.

How is ZENGOLD profitable?

The network generates profits by the transaction fee imposed on each of the transactions happening over the Zengold network. ZGC represents the right for its holders to receive a share from the generated profit of the ZenGold network. By coupling the newest and most innovative medium of exchange with the oldest form of transactional value, ZenGold combines history with technology, creating a new financial reality. ZenGold tokens will enable its holders to use gold as an efficient payment mechanism and credit system while benefiting from the transactional functionalities of Blockchain technology. With this unique confluence and a precious asset backing the token value, the network looks promising and has the potential to become even more trusted medium of exchange then cryptocurrencies.

Launch dynamics of ZENGOLD and its performance

The ICO campaign for Zengold was initiated on May 26th, 2017 and ended in just under 30 minutes raising over 2,000 BTC in a record time. A recent partnership with Chinese Viewfin is enabling the OpenLedger decentralized exchange to offer an additional reserved number of tokens for investors worldwide. During the ICO a total number of 63,000,000 tokens were distributed for holders to receive profits from the network. Out of the 100 million tokens planned, 70% of ZGC would be released to the market, while 10% will be reserved for the ZenGold developing team for future operation and project development, 20% will be assigned to the ZenGold foundation to ensure sustainable growth and development of the ecosystem.

The tokens are currently being exchanged on OpenLedger DEX with each token priced at $ 0.36 at the time of writing this post.