The Austrian company “Standard in Gold“, based in Vienna, has developed the Gold Smart Chain, the world’s first gold-backed blockchain. This innovative technology combines the traditional value of gold with modern blockchain technology and offers several advantages over fiat-backed blockchains.

The Gold Smart Chain is based on the Proof-of-Stake consensus mechanism. Unlike the energy intensive Proof-of-Work used by Bitcoin and some other cryptocurrencies, Proof-of-Stake is more efficient and environmentally friendly, making the Gold Smart Chain more attractive to
environmentally conscious investors.

User experience is another focus of “Standard in Gold”. A user-friendly dashboard allows users to easily track and manage their transactions and investments. Additionally, no KYC (Know Your Customer) processes are required for individual purchases under €9,999, making the purchase process much easier as gold trading laws are applied.

The Gold Smart Chain is not only user-friendly but also transparent and secure. Regular Proof of Funds letters are provided to ensure security and transparency. The gold backing the blockchain is stored securely in Liechtenstein and Singapore.

The main currency of the Gold Smart Chain is the STAND Coin. The value of STAND increases through supply and demand based on the equation X*Y=K. There is also the stablecoin called SOLID, which is always worth 0.1 grams of gold. This offers a stable alternative to the volatile prices of other cryptocurrencies.

Users can use their coins on the blockchain, have the gold delivered to them, or instruct “Standard in Gold” to sell the gold and have the proceeds paid out to a fiat money account. Additionally, only established and strictly selected precious metal dealers will be allowed to offer tokens in the future, providing further protection against fraud.

For 2024, “Standard in Gold” plans to introduce a POS system that will make it easier to use STAND and SOLID in everyday life.
The advantages of a gold-backed blockchain over fiat-backed blockchains are many:

1. Stability: Gold is a proven store of value and is less volatile than fiat currencies, resulting in a more stable cryptocurrency.
2. Inflation Protection: Because gold typically holds its value better than fiat money, a gold-backed blockchain offers protection against inflation, which is missing from fiat-backed blockchains.
3. Security and Trust: Gold is physically and globally recognized, which leads to greater trust. In addition, regular Proof of Funds letters ensure transparency and security.
4. Independence from government currencies: A gold-backed blockchain is independent of the economic and political developments that can influence the values of fiat currencies.
5. Sustainability: The Gold Smart Chain uses the Proof-of-Stake consensus mechanism, which uses less energy than the Proof-of-Work mechanism used in many fiat-backed blockchains.
6. Accessibility and Simplicity: Combining gold with blockchain technology creates an easy-to-use, accessible product that appeals to both traditional and modern investors.

In summary, with the Gold Smart Chain, “Standard in Gold” has created a revolutionary combination of traditional gold trading and modern blockchain technology. With its focus on ease of use, transparency, and security, the Gold Smart Chain offers an attractive alternative for investors looking for a stable, sustainable, and secure form of investment.

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