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Gold DAO Collaborates to Digitize Gold Through Blockchain

Gold DAO Collaborates to Digitize Gold Through Blockchain
Gold DAO Collaborates to Digitize Gold Through Blockchain

The Gold DAO, is a groundbreaking initiative spearheaded by DAO.Link, is set to revolutionize the value of gold by leveraging blockchain technology. With the aim of digitizing and democratizing gold, this project merges the timeless allure of the precious metal with the security and transparency of blockchain, allowing for secure and fair trading of physical gold.

In collaboration with industry pioneers in digital gold, the Gold DAO aims to create a secure and compliant commodity based on physical gold on the blockchain. This will be achieved through the Internet Computer Protocol (ICP), which will play a pivotal role in transforming gold’s role in the digital and financial world.

Furthermore, the Gold DAO has an additional goal of leveraging the security of gold to create a USD-pegged stablecoin. This stablecoin, known as USDG, will provide stability to the digital asset ecosystem, offering users a reliable and secure digital representation of the US dollar.

The Gold DAO incorporates a Service Nervous System (SNS) to ensure decentralisation, transparency, and project security. This system allows for participation in project governance and revenue sharing through governance tokens called GLDGov. SNS holders of GLDGov will enjoy advantages such as revenue sharing and decision-making power in governance processes, providing a sense of ownership and involvement in the project.

The Gold DAO’s vision is divided into three distinct phases. The first phase involves the creation of GLD-NFTs, which will represent physical gold bars securely stored in dedicated facilities. These GLD-NFTs will provide a unique and verifiable digital representation of the underlying physical gold.

The second phase focuses on introducing fungibility to the digital gold ecosystem. The SNS holds the private key for the GLD-NFTs to GLDT swap, facilitating the creation of fungible digital gold tokens known as GLDT. This will allow for seamless trading and liquidity within the digital gold ecosystem.

Finally, the third phase centres around the development of a gold-backed stablecoin, USDG. By pegging the stablecoin to the US dollar, the Gold DAO aims to provide stability and reliability, making it an attractive option for users seeking a digital asset tied to a trusted fiat currency.

In a show of support for the Gold DAO project, the ORIGYN Foundation has donated 500 million $OGY tokens. These tokens will be staked for a period of five years and will provide rewards to SNS GLDGov holders, further incentivizing participation and engagement with the project.

The Gold DAO project is set to release its whitepaper and tokenomics soon, providing further insights into the technical and economic aspects of this innovative venture.