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Blockchain

Gold Backed KaratGold Coin (KBC) Brings Up Blockchain-Based Smartphone

KaratGold Coin, the crypto that is backed by actual gold is bringing a more secure way to receive payments in KBC and other cryptocurrencies for the merchants who wish to integrate crypto transactions with their online businesses. This is not another app but a fully fledged smartphone which is based on blockchain. Even the calls, through Voice Over Blockchain Protocol (VOBP), and messages in this smartphone are encrypted and cannot be tampered or tracked.

Bitcoin and other cryptocurrencies are decentralized and have no physical asset it could be converted to, like gold. Gold has been used as a safe asset against which world currencies are valued. This is due to the high value and demand for gold in the global market. But since cryptocurrencies have no such gold or anything for that matter, it is sometimes deemed useless by some big investors.

All this could be changed if someone comes up with the idea of backing their blockchain based cryptocurrency with solid gold. The only thing they would need is a tonne amount of Gold as a resource. Luckily, someone just like that is making that happen soon. Karatbars International, a company based in Germany is building their own cryptocurrency called KaratGold Coin (KBC) which will be underpinned with gold.

A Background of the Company

Karatbars has been trying to make small distributable pieces of gold that can be used as a means of the transaction just like it was used all those years ago and they plan to do this by making currencies convert to these small pieces of gold and being delivered through gold ATMs around the world.

The collaboration with the Blockchain technology makes things even more interesting as it shows that the company is not just looking years into the past but also has a firm foot in the future. By using blockchain technology to build their own cryptocurrency, they have managed to attract the modern investors and money men, and with backing that crypto with actual gold, they would become the only crypto providers to do that, making them a little more preferable to the investors than others.

Considering this to be a safe bet, we can only assume that Karatbars, with the right direction from its founder Dr. Harald Seiz, will make the crypto industry more secure than it already is and make stability possible. All those investors who thought that “cryptocurrencies do nothing but sit there” will now be looking interestingly at this new player, KBC. And it also remains to be seen if this knowledge could lead to other, following a similar model to come up with more such cryptocurrencies.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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