The Gold-Backed Crypto Revolution and E-Gold
E-gold was the world’s first temporarily successful, private digital currency. Douglas Jackson established the currency in 1996, about 13 years before bitcoin came about. As the name implies, it was 100% backed by gold. Within a few years, e-gold became the world’s second-most popular online payment system, just behind PayPal.
Anyone in the world could anonymously open an e-gold account. From there, users could instantly transfer grams of gold to other users and merchants. At first, Jackson stored e-gold’s precious metals in safety deposit boxes in Florida. As the company grew, he moved the bullion into secured vaults in London and Dubai. At its peak, e-gold had over five million customer accounts, spanning 165 countries. A thousand new accounts were opened daily.
But of cousrse all this had a predicatble ending of SWAT teams. If the government can shut things down, they will shut things down. But we are seeing stable coins emerging like CARBON and we have multiple attempts at digital precious metal crypto including bitGOLD. The future isn't the brightest. But it certainly is better.
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The Quint is another generation of that. I don't think it has the anonymity that Egold had but it is a gold back-based cryptocurrency.
Add DigixDAO to the list: https://medium.com/@Digix/audit-2-digixs-gold-holdings-independently-audited-100-accounted-for-on-19-october-2018-437b886220c1
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