A Gold Backed Stable Coin
truegold
Truegold

The truegold smart contract is a blockchain utility token based on the ERC20 Ethereum protocol. The token is the digital representation of the real world contract its owner signs to purchase a 1+ swiss bullion 1 ounce 999.9/1000 AU coin and its secure storage service in a Swiss vault. Think of it like the token you receive when you check your coat at the theatre. It represents the storage contract you entered into with the concierge.

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Overview

  • Helvetic Blockchain Management is domiciled in Switzerland
  • The producer of the coin, swiss bullion corp, is domiciled in Switzerland
  • The secure storage service is domiciled in Switzerland
  • The coin was designed by Swiss artist René Pfund
  • The coins are minted in Switzerland

Workflow Diagram

Workflow Diagram
How this Application Works
When user purchases the token they have the following choice:
  • The user can request secure delivery over the internet into their Ethereum compatible e-wallet. – Create their e-wallet now. (link to wallet creation site)
  • Or, if the user is fearful of hacking, the user can request the conversion of their token into an air-gapped hardcopy printed code, which is mailed to the user by registered mail.
As a owner of the token user can:
  • Request redemption of user coin at any time. Simply notify us, and upon presentation of the token, a user can pick-up their coin in Geneva free of charge, or trueGold will deliver their coin to a user via secured courier at their expense, after which their token expires.
  • Request redemption of their coin and sell it back to us. Upon presentation of the token, we will remove their coin from storage and purchase it from user for 105% of the gold price at the day of sale. The funds will be transferred to user, their token expires.
  • Transfer the token freely to any third party, be it as a gift, or as part of a sale.
Components we use
  • Solidity
    Solidity
  • Metamask
    Metamask
  • Infura
    Infura
  • Truffle
    Truffle
  • Web3JS
    Web3JS
  • Apache and PHP
    Apache and PHP
  • IPFS
    IPFS
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