Using the latest blockchain technology, develop a mobile digital payment system that monetizes gold to enable faster, secure and cheaper transactions.
To develop a 100% Gold Backed Digital Payment System that monetizes gold to enable liquidity, faster and cheaper transactions and commerce. Each Digital Token would be backed by One Gram of Gold.
LGC is built on the Ethereum Blockchain technology and ERC-20 compliant with both a mobile and web applications. Each LGC token is backed by One Gram of Gold. The value of gold is incontrovertible and based on international standard. This gives LGC security and reliability ensuring that all transactions are valid. As each transaction is recorded on the blockchain, LGC cannot be counterfeited.
Each LGC token is created with a transparent and unique serial number that binds it to a gold bar with the same unique serial number which is stored in a secured custodian gold vault.
LGC is a “trustless trust”. As entries in the blockchain ledger are permanent and visible with encryption technology and protocols which cannot be modified, this replaces the need for third-party intermediaries.
LGC is a payment system that can be used universally across borders in real time and at a fraction of the cost of other payment methods. The nature of LGC, its security and incontrovertible value enables peer to peer transactions.