Introduction

Gold is a precious metal considered a safe value, particularly appreciated during times of uncertainty. Its value has grown over the years, with its purchasing power becoming increasingly stronger compared to the USD. However, traditional methods of buying and possessing gold come with disadvantages, such as a lack of transferability. To address these constraints, this project innovatively tackles the strategic challenges of fractionalization, fungibility, and collateralization in a gold-backed stablecoin.

One of the key benefits of the Gold project is the direct ownership of gold it offers to token holders. Unlike traditional gold investments, the tokens allow for immediate and direct ownership without the need for intermediaries like banks. This direct ownership model is enhanced by the physical storage of gold in secure vaults in Switzerland, ensuring safety and reliability. Furthermore, the token is redeemable, meaning that holders can easily convert their digital assets back into physical gold, offering a tangible and trustworthy investment option.

Blockchain technology has gained significant interest and success in recent years, thanks to its transaction speed, transparency, and, in some cases, decentralization. It enables the ownership and exchange of information or tokens without intermediaries. Leveraging the potential of this innovative technology, and in symbiosis with the Internet Computer Protocol (ICP) and ORIGYN protocol, the Gold project was launched. This initiative introduces a stablecoin fully backed by physical gold and directly addresses skepticism in traditional finance and banking sectors. The project has successfully shown that the challenges of transferring and consistently redeeming a gold-linked currency, once deemed unfeasible, can indeed be overcome.

Sequential Phases of the Gold Project: Phase 1 introduces Gold NFTs tied to Swiss-stored gold, Phase 2 allows exchanging these NFTs for Gold Tokens, and Phase 3 establishes a USD-pegged stablecoin backed by these tokens. Each phase strategically builds upon the previous, illustrating the project’s methodical approach to integrating gold with blockchain technology to create a stable and transferable digital asset.

The Gold project consists of different phases executed sequentially, with products coupled to each phase, as illustrated in the figure above. The first phase involves the initiation of the project and the release of technology to certify physical gold stored in vaults and issue NFTs that grant ownership rights to the physical gold - GLDNFT. The second phase consists of a fungible token that is issued at a ratio of 100:1g upon locking GLDNFT into a smart contract - GLDT, starting on ICP and then bridged to other blockchains. The third phase brings ultimate utility to the broad ecosystem by issuing a USD-pegged stablecoin that is fully backed by physical gold through the chain of tokens mentioned before - USDG. These tokens will first be introduced on ICP, bringing their value to the ecosystem, and then bridged to other chains using the ICP infrastructure to release their full potential.

This whitepaper will shed light on the details of the Gold project and how each individual component contributes to the overall goal of revolutionizing the stablecoin industry.