Gold has existed as a medium of exchange for many centuries, if not millennia. Even in the distant, ancient times, people used gold as a valuable asset and produced symbols of status and power of this precious metal. Much time has passed, but little has changed in terms of appreciating gold as a rare, scarce resource with considerable monetary and symbolic value.
That’s why gold continues to represent much interest and appeal to investors around the world. As the national currencies and even the international standard of transactions – USD – continue to weaken, people are resorting to more stable and predictable assets to secure their belongings. Gold is regaining momentum as a medium of exchange and an asset with inherent value.
So, with the advent of blockchain and a global trend for currency digitization, gold also couldn’t escape the attention of forward-looking blockchain enthusiasts. That focus gave rise to digitized gold, and Clinq.Gold is one of the promising projects offering a digital analog of gold for widespread adoption and use in the expanding blockchain system.
Clinq.Gold and Its New Digital Gold Currency
Since owning physical gold is a project with many bottlenecks and barriers, digitized gold has taken the cryptocurrency industry by storm. By buying digital gold currencies (DGCs), investors can acquire a tiny fraction of gold without excessive paperwork or bank-related hassle. Thus, digital gold gives access to gold investments to a much wider variety of investors and makes it possible to own small fractions of gold even with small investment budgets.
Clinq.Gold follows the same model of DGC by offering tokens pegged in value to bullion gold, backing the pool of CGT tokens in circulation. This means that any owner of CGT tokens can exchange them for physical gold at any moment or resell their belongings at the real-time cost of physical gold. Such features make CGT a currency with multiple use cases, from currency-like use for transactions to a store of value. As Clinq.Gold grows and expands, the founding team expects many other economic use cases to emerge for CGT, from transfer facilitation to use in trade and economic development.
Focus on Africa
The African continent is in the focus of Clinq.Gold founders’ attention as an exciting potential area for the digitized gold application. The reason for such emphasis is the untapped economic potential of African countries, where the banking system and organization of payments are far from mature or established. Along with the long-standing economic stagnation and political uncertainty, national currencies enjoy little support and trust on the part of the local populations.
That’s why it is critical to equip African users with a technically superior, transparent, and safe payment system that would empower a large number of unbanked and underbanked people for peer-to-peer transactions, remittances, and investments. The founders of Clinq.Gold offer a brand-new way to enable trade, efficient governance, and economic stability in the African continent by offering new, multi-use currencies with a robust underlying technology.
Starting Steps
To implement the ambitious vision of the Clinq.Gold project into reality, the team behind the CGT token is currently occupied with engaging Issuing Authorities (IAs) and integrating them into the CLINQ ecosystem. Next comes the pilot phase in which the trusted network of IAs will conduct a trial run of the system, followed by troubleshooting and optimization.
Once all the technical issues are tested in the pilot launch, a gradual rollout will be done to ensure a smooth integration of the CLINQ system across a variety of economic sectors in the partnering countries, with scaling contributing to full economic integration.
What’s Ahead?
We see a grand role for the Clinq.Gold project in the implementation of the “smart Africa” plan, which presupposes linking a number of African countries into a single, interconnected digital market. Our tokenized gold can serve as a technically efficient and compatible currency in that digital revolution, thus contributing to the formation of an inclusive, transparent, and secure payments ecosystem across Africa.
Once the digitization project in Africa is successfully accomplished, we see a bright future and multiple use cases for CGT across many more countries. Our next goal is CGT integration in the financial ecosystems of BRICS countries, which also offers enormous potential for economic development, connectivity, efficient and fair trade, as well as financial inclusion.
CEO & Founder at Clinq.Gold, Bank of Bullion | Keynote Speaker