Gold Secured Currency (GSX): Top crypto pick in 2020
Since the introduction of blockchain technology, cryptocurrency has been the leading industry of all blockchain technology use cases. The first cryptocurrency launched over a decade ago, and several other digital assets have since come up. The cryptocurrencies have revolutionized the financial technology industry by bringing more efficiency and speed in commercial transactions and secured data and asset storage.
Although the world embraces the benefits of blockchain technology and its digital assets, the volatility of cryptocurrencies has been a significant threat. Cryptocurrencies tend to shift in prices notoriously, and this scares away many traders from holding their assets in digital currencies. Stable coins came to combat this volatility, by pegging their value to a physical and stable asset such as gold, or stable fiat currency. Apollo Fintech, a blockchain company, introduced Gold Secured Currency that poses no volatility threats.
Understanding the Gold Secured Currency
Gold Secured Currency is a gold-backed digital coin that leverages the benefits of cryptocurrency and the security of a stable coin with the benefits of being a shareholder. Holders of the stable currency become Apollo Fintech company shareholders and earn yearly dividends. The company prides in over 3,000 acres of gold and platinum mines, which back GSX. The gold and asset backing ensure GSX remains a stable coin with steady growth in value as new assets are added to them.
According to Apollo Fintech's CEO Steve McCullah, a combination of the features of stable value-addition and yearly dividends makes GSX a digital asset that has not been in the market before. It is one of the first stable cryptocurrencies to reward holders with bonuses. Apollo Fintech prides in technological innovations and is even the first blockchain company to launch database sharding. Its past successes include the pioneering of an e-government platform, including infrastructure that can support a national currency, and an array of software and financial products.
The Investment with Guaranteed Returns
Price swings are unpredictable for most cryptocurrencies. GSX is a stable cryptocurrency, and investors are at least sure they will not lose their money as the coin is tied to gold. Additionally, making a profit is guaranteed if investors hold their assets for long enough.
To start with, African-based Apollo Fintech Company plans to offer 10 billion coins for sale at .046 cents, although the price will rise as more gold flows into the coin's backing reserve. The sale will probably not be 100% of the coins, so the company plans to burn half of the remaining coins. Apollo will then distribute the gold from the burned coins to back the GSX that will get into the market.
Apollo Fintech splits its income from the financial products and directs part of it towards backing GSX, although indirectly. 25% of the revenue from transaction fees will buy precious metals-rich land that is the primary element behind the gold-backed currency's growth. 50% of the platinum and gold mining after deducting expenses and growth goes to backing GSX. Therefore, as the size of the land backing GSX increases, so does the amount of extraction, which means the value of the new gold-backed stable coin will be increasing continually.
GSX Backing For Perpetual Growth
GSX stands out from other stable coins, as most of them usually have a single backing. The GSX coin has both the gold and other metal mines, and the land. Besides, no other stable digital currency has such vast support stretching to thousands of gold-rich land. Further, Apollo has plans to acquire more land and also set up a refinery, which means increasing stacks of gold and assets.
Such plans will increase the value of the coin and boost its potential for perpetual growth. GSX price will always be safe with the backing of the gold and gold mines, land rights, and platinum mines. Gold Secured Currency holders will have legal ownership of all these billion-dollar assets and will be beneficiaries if the company sells any of the assets. Further, the other 50% of platinum and gold mining is to get distributed in the form of dividends, which holders will earn yearly.
GSX Trust and Capitalization of Coins
Investors will enjoy their coin reserves at any time and in any form without signing up for different exchange platforms. Holders can quickly redeem their GSX holdings to their equivalent gold value directly through the stable coin's native platform. However, they have set a minimum redeeming value of $200,000.
Apollo Fintech seeks to establish trust in its gold secured stable coin by allowing third-party audits and publicizing reports. Geologists will carry out the checks on all the company assets regularly, and make the audit information public. That way, the company creates transparency, and investors are sure of the validity of their coin backings.
Author's Note
Stable coins are digital assets like any other cryptocurrency project, with no physical existence. Although stablecoins don't succumb to price volatility like other digital currencies, they hardly grow in value. This feature discredits them as reliable investment opportunities.
However, blockchain companies such as Apollo Fintech are out to provide solutions, and GSX seems to be the cutting edge stable coin. GSX investors will not only have the confidence of stability of value but can also earn passive income. The combination of the stable coin features, trading capabilities, and a guaranteed reward system makes investing in gold secured currency quite viable. Early investors will be able to acquire coins at a lower value and enjoy higher returns since profits increase steadily.
Source: Crypto Adventure
