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Golden Currency

ICO details

Token namePre-ICO Golden Currency Token
TickerPGCT
StatusAwaiting ICO
Funding Cap$ 5,000,000
ICO startsSep 1, 2018
ICO endsOct 15, 2018
Token namePre-ICO Golden Currency Token
KYC/AMLNot Required

About

Golden Currency will create a gold-backed currency for cash and online payments, and will also include a global network bank, ATMs, exchanges for both ... Read more

Visit Website Read the whitepaper

Our Review of Golden Currency

Rating
33

Golden Currency appears a misguided attempt at bringing back the gold standard. The project intends to issue gold-backed crypto tokens and physical cash. The team, consisting of 2 co-founders, 3 advisors, and 11 "country managers", look to take in 13% of proceeds off of a $250M hard cap, and no vesting periods are stated.

  • Concept

    Concept Rating
    12 /30

    Golden Currency is another attempt at creating a gold-backed currency on the blockchain. The project intends to introduce their currency into the real-world by printing their own notes to go along with their digital tokens. Given they admit that governments won't allow foreign currencies to be exchanged for goods in shops, it's unclear the purpose of this. The primary argument for using Golden Currency brought forth by the team is to avoid inflationary forces imposed onto governmental currencies. However, it's important to remember that gold is subject to its own inflation, since gold is constantly being mined, and that even if holders of Golden Currency were able to find a service provider willing to accept the token, they would still be paying in equivalent USD terms. If the gold reserves are not transparently monitored there is a risk that Golden Currency may overstate their gold holdings or issue more tokens than they can afford to back with gold. The Golden Currency bank hopes to issue money in Q1 2019.

  • Team

    Team Rating
    9 /25

    The Golden Currency team consists of two founders, three advisors, and a variety of country managers, presumably responsible for marketing the token in certain locations. The founders were both former directors at investment banks. The team lacks experience with monetary economics, gold custodianship, and compliance for the sake of managing currency. The presentation of the Golden Currency team does little to inspire confidence in the project's chances of success.

  • Competition

    Competition Rating
    7 /20

    Similar gold-backed tokens include E-Gold, GoldMineCoin, AgAu, and Digix, which is the most popular of the bunch at present. Stablecoins could be seen as the most direct competition to Golden Currency, in which Basis (raised $133 million) and USDC (Circle's stablecoin) dominate the market already. Stellar is working with IBM to release a stablecoin likely to make stablecoins mainstream. Only a handful of gold-backed tokens that have survived among the many, many attempts, and even the survivors appear too centralised to belong to the token economy and fail to act as an actual currency.

  • Economics

    Economics Rating
    3 /15

    The pre-ICO will have a total supply of 7.6 million tokens, each token valued at $1. Allowing for up to 35% bonuses, the hard cap of the pre-ICO totals $5M. The main ICO will have a total supply/hard cap of 250M/$250M. It appears that all unpurchased tokens will be burned, and no additional token issuances will occur. The team and advisors will claim 13% of total received funds, a massive amount given the simplicity of the project. No vesting period is noted, which is likely to raise red flags for many investors.

  • Presence

    Presence Rating
    2 /10

    The whitepaper presentation is extremely amateurish and fails to include many key details. The website comes across as shady and unprofessional. Facebook, Twitter, and Telegram each have 7k followers. The uniformity in follower counts combined with the 100-page bounty program thread on BitcoinTalk suggests these are largely bounty hunters.

Real Time Updates for Golden Currency

Similar Projects

Name Golden Currency Crowdstart Capital Adelphoi Thrive
Token Name Pre-ICO Golden Currency Token CrowdstartCoin ADELPHOI Token Thrive Token
ICO Start Date Sep 1, 2018 Feb 1, 2018 May 1, 2017 Mar 15, 2018
ICO End Date Oct 15, 2018 Mar 31, 2018 May 31, 2017 Apr 5, 2018
Funding Goal - - - -
Funding Cap $ 5,000,000 - - € 25,000,000
Industry Banking, Business services, Cryptocurrency, Finance, Trading & Investing Business services, Platform, Trading & Investing Business services, Platform, Trading & Investing Business services, Commerce & Advertising
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