Feb 19, 2018
Announcing the Gramgold (GGT) Token
Executive StatementConsumers globally are selling their gold for far too little and buying it, if and when they can, at far too high a price, thanks to greedy middlemen, unfair & unscrupulous dealers and manipulated exchange markets. We are going to change all that. The GramGold project https://www.gramgold.net is a unique proposition in the world of cryptocurrency today. It’s not just an ERC20 token backed by Gold and a Global Gold Asset Trading Platform based on blockchain technology and cryptocurrency, It’s a lot more besides, as this whitepaper will show."GGT 10% Backed By Gold Limited to 20,000 GGT per purchaserWe have been asked two questions, several times, leading up to the publication of this white paper. Firstly, why we are backing our ERC20 token (GGT) with 10% Gold to begin with, (when you buy our token you get 10% extra in gold free, in a vault), and secondly why we are limiting the ICO/Token Sale to a maximum of 20,000 GGT per purchaser. Firstly, we do not believe currently that any crypto asset can be 100% backed by gold and any claims to the contrary should be examined very closely, given costs such as trading & exchange fees, storage costs commissions etc. Even more relevant is the fact Cryptocurrency is far less stable at the moment than Gold. We are currently offering 10% backed by gold, but in the future, we hope to be offering 50% and then up to 95% backed by gold. It all depends on the strength of our token after sale. It is not possible nor feasible to start at 100% backed by gold. Our token would enable the global consumer to buy and store physical gold with us from anywhere that is allowed in the world. This might not be a big issue for affluent people with large disposable income and access to gold exchanges and bullion vaults in their locality BUT for those that can only buy gold at a ridiculous premium or not at all, due to lack of facilities etc. we have just the answer. It is to these consumers that we wish to appeal, which is why, to answer the second question, we have limited the supply of GGT Tokens to 20,000 per purchaser. We do not want whales. We want the person in the street to benefit, not the centralized powers. Isn't that partly what blockchain should be about? GramGold The Bigger PictureBut Gramgold is far more than just a token. There are several serious and pervasive problems to be addressed in the global marketplace for gold and precious metals and the GramGold token GGT helps to solve them all. 90% of the recycled supply of gold comes from the consumer (not industrial scrap) i.e. when the consumer sells their jewellery/scrap. We have proof that from this $50 billion industry the consumer, through overlong supply chains filled with many rogue middlemen, gets short-changed to the tune of some $33 billion (see appendix 2) taking money from the pockets of those who need it and away from the local economy, having an impact on local revenue and employment. The second issue is one we have just touched upon. Purchasers all over the world are often paying far too much for gold bullion bars and coins. We can estimate that consumers waste over $2 billion per annum of their assets either through paying too much for their gold bars and coins or through getting scammed as well as being physically mugged etc. The third issue is one of Gold markets. Current Precious metals exchanges also cause consumer losses with often-cited accusations of fraud and manipulation. Even the Federal reserve and large Banks have been accused of manipulating prices. SolutionsWe have outlined the problems faced. We have four solutions to these issues.The GramGold Token GGTThe GramGold token (GGT) is a custom token developed on the Ethereum blockchain as an ERC-20 Token. This has a twofold function. The first is that it can be bought at any time and is 10% backed by Gold, via the Augram scheme. It can then be used to buy gold at preferential rates. The second function of the Gramgold token is to fund the other 3 initiatives we intend to launch to combat the problems we all face when we buy and sell gold and precious metals.
The Augram SchemeThe Augram scheme Initially will facilitate the ownership of gold to our purchasers at correct, not over-inflated market prices but ultimately will enable consumers globally to buy, sell & store gold using a basket of cryptocurrency leading to the creation of a blockchain backed precious metals exchange to eliminate fraud leveraging and gold market manipulation in current exchanges. Not only will it provide the small purchaser with the ability to buy and secure gold at the right price and store it online securely, it will enable them to trade gold and other precious metals in a non-manipulated decentralized exchange via a basket of cryptocurrencies.By setting up our own decentralised precious metals market exchange platform we would re-move the risk of market manipulation from purchasers/consumers. We will eliminate fraud lever-aging and market manipulation by having a decentralised exchange being fed and aggregating live global market prices.
The GramGold ATMWe are developing the GramGold ATM to ensure the customer gets the right price when selling physical Gold for recycling i.e. jewellery & scrap. The ATM will also allow for purchases of gold bullion via our Augram scheme either via bank account transfer, cryptocurrency or the swap of scrap for bullion.The GramGold FoundationThe GramGold Foundation (The GGF) will not only promote the GramGold ATM and good buying/selling practices globally, it will also provide training, and support to candidates selected to maintain the GramGold ATM.Please consider this consumer project which we believe will revolutionize not only the gold & precious metals recycling industries but also current trading platforms.
TOKEN SALE BEGINS 18/02/2018
TOKEN SALE ENDS 01/04/2018
We have set our token sale at a level to reflect these aims.
Total token supply: 1,000,000,000 GramGold Tokens
50% of the tokens will be distributed to ICO participants10% of the tokens will be allocated for the Team, 35% Reserve Fund 5% Bounty
The price for the GramGold token will be logically set at 1% of the live price of pure gold as at 01/02/2018 0700 hours GMT ($43.12) This equals $0.4312. This equates to 0.000375 eth (at coinmarketcap’s price at the same date and time)
10% Pure Gold Free to All Direct Purchaser of the GGT
Current ICO trends have been to declare both soft and hard caps. We have considered both carefully but have decided that this token sale is to be uncapped for the following reasons;
As we are buying and storing gold on behalf of investors at the token sale stage and as we will be undertaking all developments as outlined in this white paper anyway a soft cap is simply redundant in this case. How far we get with our projects will be up to investors.
We have no hard cap. Here is why:- Re. GramGold ATM and the GramGold Foundation The global market for high-value gold recycling is worth $50 billion and our target is to reduce the $23 billion lost to consumers. If we set that as a hard cap it would be laughable. That is why we are not setting a hard cap.The token sale will begin on the 18/02/2018Our deadline for the Token Sale to end will be 31/03/18.Token Limits = maximum 20,000 per investor to ensure that we have global coverage to raise our profile to the consumer wherever they may be.
The GramGold TokenGramGold token (GGT) is a custom token developed on the Etherium blockchain as an ERC-20 Token. Besides being a tradeable asset it is 10% backed by Gold & will be used to fund The AuGram Scheme, the GramGold ATM and the GramGold Foundation. this percrentqage will increase in the future to 50% and 95% depending on the success of the GGT
AuGram Scheme & AudexAuGram Scheme & AudexThe AuGram scheme initially will facilitate the ownership of gold to our investors at correct, not over-inflated market prices & will enable consumers globally to buy, sell & store gold using cryptocurrency The main future aim is the creation of a blockchain backed precious metals exchange to eliminate manipulated markets ie The Audex
The GramGold ATMThe GramGold ATMWe are developing the GramGold ATM to ensure the customer receives the right price when buying & selling Gold. The only way to reduce the over-long & corrupt precious metal purchse & supply chains. Any customer will also be able to buy gold through the Augram schem and Audex
The GramGold Foundation The GramGold FoundationThe GramGold Foundation (The GGF) will not only promote all Gramgold schemes, including the Augram scheme, the Audex and the ATMs together with good buying/selling practices globally, ie to consumers and local economies alike, it will also provide training, & support to candidates selected to maintain the GramGold ATM. .
Attention. There is a risk that unverified members are not actually members of the team
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