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Physical gold backed crypto asset platform ZenGold sells out ICO in 30 minutes

ZenGold (ZGC), a smart asset system backed by physical gold based on the Metaverse blockchain launched its ICO campaign on May 26 at 3 pm (GMT) and sold out within 30 minutes, raising over 2,000 BTC. A recent partnership with Chinese Viewfin is making it possible for the OpenLedger decentralized exchange to offer an additional reserved number of tokens for investors worldwide.

ZenGold creates crypto assets that are backed by physical gold enabling investors to instantly buy and transfer gold, in any quantity, anywhere in the world. The total number of 63,000,000 ZGC tokens (representing the right for its holders to receive a share from the generated profit of the ZenGold network) will be distributed.

An estimated amount of 9.3 million tokens will be made available on OpenLedger and offered in selected markets in the form of the asset ZENGOLD. A new crypto gateway OPEN.ZGC will be made available and all ZENGOLD native tokens on OpenLedger will be offered to be converted to the OPEN.ZGC 1:1 which investors could then withdraw to an official ZenGold wallet as they would with any other crypto.

BTC, ETH, The Metaverse cryptocurrency ETP, the BitShares BTS, and the BitShares StableCoins BitCNY and BitUSD, will be the crypto accepted on Openledger during the ICO campaign which will last for another 14 days, with the closing date set for Friday, June 9, 2017, 3:00 PM (GMT+8).

The gold-backed tokens (ZNGs) will enable its holders to use gold as an effective payment mechanism and credit system while benefiting from the transactional functionalities of blockchain technology. They will be minted into existence only by the purchase of actual gold. 1 ZNG token represents the ownership of 1 gram of the physical gold, securely stored in the Shanghai Gold Exchange.

The ZENGOLD markets include:

  • Bitcoin (BTC): https://bitshares.openledger.info/market/OPEN.BTC_ZENGOLD
  • ETH: https://bitshares.openledger.info/market/OPEN.ETH_ZENGOLD
  • Entropy (ETP): https://bitshares.openledger.info/market/OPEN.ETP_ZENGOLD
  • BitShares (BTS) https://bitshares.openledger.info/market/BTS_ZENGOLD
  • SmartCoin bitUSD: https://bitshares.openledger.info/market/USD_ZENGOLD
  • SmartCoin bitCNY: https://bitshares.openledger.info/market/CNY_ZENGOLD

By coupling the newest and most innovative medium of exchange with the oldest form of transactional value, ZenGold combines history with technology, creating a new reality. ZenGold tokens will enable its holders to use gold as an effective payment mechanism and credit system while benefiting from the transactional functionalities of Blockchain technology.

Ronny Boesing, CEO of OpenLedger

The investors throughout the history saw gold as a safe-haven asset during turbulent financial periods. At the same time, the possibilities behind Blockchain technology and cryptocurrencies have never been more promising. ZenGold acknowledges both trends and aims at providing the best of both worlds to the investors around the world. By coupling the newest and innovative medium of exchange with the oldest form of value, ZenGold plans to combine history with the technology and reshape the financial industry.

Eric Gu, CEO of Viewfin

ZENGOLD TOKENS EXPLAINED

ZenGold (ZNG)

ZNG is a digital currency developed with blockchain technology and is backed by gold reserves in Shanghai Gold Exchange vault. Users may transfer ZNG using Metaverse blockchain wallets without any special network conditions. Just like other digital currencies, ZNG is crypto-tech secured token, which generates lower transaction costs and has an ability to be used as a payment at any time. Each ZNG token represents one gram of Gold and is divisible into 0.0001 gram. 0.1% of the total value of each transaction is the fee paid by the users of the network and has a cap of 1 ZNG. For instance, User A sends a transaction worth 10 ZNG to user B, A would need to pay extra 0.01 ZNG as the transaction fee.

ZenGold Coin (ZGC)

ZGC represents the right for its holders to receive a share from the generated profit of the ZenGold network. The profit of the network is generated by the users transacting with ZGC and paying a transaction fee.

Initially, 100,000,000 tokens of ZGC will be issued. No inflation rate will be applied. 70% of ZGC would be released to the market, while 10% will be reserved for the ZenGold developing team for future operation and project development, 20% will be assigned to the ZenGold foundation in order to ensure sustainable growth and development of the ecosystem.

More information is available in ZenGold’s Whitepaper.


Source: CryptoNinjas.net

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