The world’s first virtual currency that meets the ERC-20 standard algorithm and has the backing of gold is Sudan Gold Coin (SGC). The project is for gold mining operations that are socially responsible.
Indeed, the developers of the token gave a presentation recently in Boston in an event tagged Token Fest. Token Fest was the first of its kind for blockchain-oriented businesses.
First off, Sudan Gold Coin is a subsidiary of NetArc AG. Actually, NetArc AG is a Switzerland-based company that addresses the current limitations of commodity trading. To this end, NetArc AG is enabling traditional mineral mining with the speed, transparency and security of blockchain technology. Each SGC token has real world asset-backing. In addition to that, a legal framework and transparent process verify it.
This component is critical and it involves a lot of other things. These include formal government approvals (such as MOU) with local government and land concession agreement. These agreements are made with mine owners across Africa, but will be offered to the rest of the world. This project complies with FINMA regulations. Also, SGC will hold the gold that has been mined in a Dubai-based gold facility. From the facility, SGC token holders can redeem them.
SGC Team Is Currently Promoting the Project
Reports say that the Sudan Gold Coin (SGC) team is currently in Boston to promote the project. While promoting the project, the team will meet with prospective investors, partners and community members. In fact, the purpose of the meeting is to enlighten its participants, focusing on the use of blockchain to access gold mining profits. Also, the team will speak on the role that socially responsible gold mining is playing to better the lives of locals in gold-rich African nations.
Official of Sudan Gold Coin (SGC) Speaks
Sudan Gold Coin (SGC) is delighted to finally interface with members of the cryptocurrency community, says co-founder Dmytro Shuval. “What’s even amazing is that they are welcoming and supporting our goal,” Shuval observed.
He stated that their community has grown to 50,000 members overnight. Shuval spoke to the media during a roadshow launch, expressing his excitement at the warm reception of their team.
Basically, Sudan Gold Coin (SGC) is the first blockchain-based investment project that is raising funds for socially responsible gold mining operations in Africa. Apart from being ERC-20 compliant, each token has an initial 0.05 grams of real gold backing. As more gold is mined in the projects in Africa, the value will go up in the industry.
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