DAO.Link has launched the innovative Gold DAO project. The goal of the project is to digitize and democratize the value of gold using blockchain technology.
The project is being implemented to combine the appeal of gold as a safe haven asset with an innovative tool that allows safe and profitable trading of physical gold outside the traditional banking system, according to Cryptoslate.
Gold remains the most popular metal for investment. Its rarity increases its value and symbolizes its enduring worth, while it is currently impractical to invest in it as a physical object.
Thanks to blockchain and Web 3.0 technology, new investment opportunities are opening up, and existing solutions are being modernized. In fact, blockchain can be used to digitize gold into tokens that are convenient and easy to transfer while maintaining the attractiveness and value of gold. Investors are particularly attracted to the possibilities of decentralization while ensuring transparency and security of transactions.
This is the role of the Gold DAO. The project created by DAO.Link is based on a protocol developed by ORIGYN and Yumi. Their joint efforts unify and expand the role of gold in the digital and financial worlds beyond the banking system.
DAO.LINK has involved technology companies and cryptocurrency service providers such as Yumi Marketplace, ORIGYN Protocol, Bity, Metalor, Loomis, DFINITY Foundation, KPMG, and Quantum Agency in the project. These are the most skilled developers who intend to transform gold transaction capabilities in international markets, increasing the availability of gold while improving the reliability and security of transfers.
The introduction of the Gold DAO will create a secure and market-compliant commodity based on physical gold, which will be transformed into a blockchain, allowing it to be used as a liquid medium of exchange with all the advantages of gold while eliminating its main disadvantage: the inconvenience of transmission.
The Gold DAO will also allow the security of gold to be used to create a GLDT stablecoin pegged to the U.S. dollar and backed by digital gold. There are also plans to develop a GLD-NFT.
Gold DAO SNS holders will receive management tokens (GLDGov) that will allow them to participate in the management of the project and receive a share of the revenues. Ownership of GLDGov tokens provides indirect access to digital gold assets, the value of which may increase with the success of the Gold DAO project.
The most important fundamental characteristics of the Gold DAO are security, compliance, and being cross-chain.
"We offer buy-sell security. The gold can be physically insured and stored in Switzerland, and it is audited quarterly by KPMG on site. The gold has a refining quality of 99.99%. Using unique Internet Computer Protocol (ICP) technology, a service nervous system (SNS) is created that is the sole holder of the private key. At the same time, decentralization, transparency, and security of the project are ensured, which prevents fraudsters from influencing the project for their own interests," according to DAO.Link.
Gold DAO SNS owners will receive management tokens (GLDGov), which will allow them to participate in the management of the project and receive a share of the project revenues generated by The Gold DAO.
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