Gold is defiantly old school. Stored in vaults, dug at great expense from the Earth, gold seems to have nothing to do with modern money and investment. In the age of digital assets like cryptocurrencies, you’d be forgiven for thinking that gold had been left behind forever.
You’d be forgiven, but you’d be wrong. Gold, through scarcity and various industrial use cases, will always have value. But enterprising technologists have finally found a way to make it into a useful asset in digital spaces. They’ve done so through KaratGold Coin (KBC), a cryptocurrency offered up last year through Karatbars International. The KaratGold Coin is an Ethereum-based asset exchangeable for real gold. In essence, it is tokenized gold. The visionary behind the idea is Mr. Harald Konstantin Seiz, a German entrepreneur, founder and owner of several companies, author of books and founder of Karatbars International, based in Stuttgart, Germany.Let’s explain how this interesting digital/analog relationship works.
Karatbars got into the gold business in 2011. The company was founded by Dr. Harald Seiz, who still operates it to this day. Dr. Seiz knew that gold would always have value, but understood why it had fallen out of use as a currency. Among other reasons, gold was simply too valuable to be of use in the form of coins and bars. To be used as money once more, gold had to be broken up into tiny quantities, and these packaged into products that would be useful for the average consumer. Since 2011, the company has been focusing on distributing small portions of gold, which can be as little as a gram, to be used as a form of payment – just like hundreds of years ago. Today Karatbars has a reputation of one of the world’s leading retailers of tiny gold items. Gold is available through Karatbars in a number of forms, but none are more useful than CashGold. CashGold mimics the appearance and form factor of bills like Dollars and Euros. Unlike these paper-cloth fiat notes, however, CashGold bills have tiny bars of gold built into their structure. The gold weighs only 0.1 gram, today worth roughly $4. This quantity of gold is useful as cash, for everyday purchases, and the currency note form factor makes it practical to keep in the wallet.
However, CashGold still couldn’t be spent online without great effort on the part of the holder. So Karatbars created KaratGold Coin in 2018, a cryptocurrency pegged to the value of a specific quantity of CashGold. Starting from 4 July 2019, as a part of Karatbars International’s marketing campaign, the Gold Independence Days, users will be able to swap out their KBC for CashGold at participating ATMs, thus completing the physical-to-digital gold cycle for the first time in history.
Many users will wish to keep their gold in the form of KBC, though, because KBC has several use cases that gold does not. For one, KBC can pay for all operations on the IMpulse K1 Phone – ablockchain smartphonewhere calls and text messages are not transmitted through conventional ways, but instead, they are encrypted and broadcasted by a newly created Voice Over Blockchain Protocol (VOBP). It uses peer-to-peer encryption that cannot be hacked or manipulated. Data stored on the device, such as images or documents, are saved and enciphered through the IFPS platform, which is a decentralized storage medium based on blockchain technology.
It can also be spent just like regular money through the K-Merchant app. K-Merchant is Karatbars’ e-commerce solution, integrated already with thousands of retailers online. Through this ecosystem, KBC is tradable with Bitcoin, Ethereum, and numerous fiat currencies, making the gold (upon which its value is based) into an agile digital currency.
Whether you’re interested in owning gold (without necessarily having to possess it) or simply in owning a digital asset with stable value based on gold, KBC is a compelling digital asset for digital age. Try it for yourself to enjoy stability other cryptocurrencies in your portfolio lack, and to invest in gold in a way you’ve never had access to before.