The evolution of blockchain technology and its attendant innovations bordering on cryptocurrencies were designed to bring equitable wealth distribution to humanity. Based on its unique mission, Bitcoin (BTC), the flagship digital currency has achieved this aim and has birthed a wide array of new cryptocurrencies collectively called altcoins.
However, the cryptocurrency ecosystem to a large extent has deviated from its original design. Today, price manipulation, unbridled accumulation, and cybercrime now reign to deprive many of the benefits of the new digital currency era as designed from the beginning. This situation thus begs the need for the emergence of a system that works for all. Herein is why the CryptoG project was birthed.
The CryptoG Mission, Vision, and Business Model
CryptoG is a decentralized finance-focused non-profit organization that seeks to redistribute wealth to every global citizen. The outfit has been developing its ideals since 2004, seeking among many things the best frontier to use cryptography and blockchain technology to break new grounds in the financial world. To get a clearer introduction to why CryptoG was launched, you can take a look at this short video.
CryptoG brings its wealth distribution scheme to life with its native token, the CTG, built and supported by the Stellar Blockchain Network. At its core, CTG can be used as a means of payment, directly benefiting users based on its fast speed of transaction settlement and low cost. The CTG token has a total supply of 30,000 units which helps to curb inflation, and it is backed and redeemable for pure physical gold.
The other features that make the CTG token an ideal digital currency are that it restores the original anonymity goal of cryptocurrencies and interacting with the token eliminates the need for a Know-Your-Customer (KYC) procedure on any wallet that supports it. The tokens can also be swapped with other digital currencies, stocks, and fiat currencies alike.
CryptoG has and operates one of the largest private gold mines located in SouthEast Asia. The organization has been mining this gold since 2009 and a part of the fundamental design of the CryptoG outfit is to distribute all of the gold to all its token holders when it has notably completed the mining process, slated to be completed in the next 2 years. The total future worth of the CTG tokens based on its underlying gold reserve is pegged at about $1 trillion.
Although the CryptoG ecosystem is designed to adhere to anonymity tenets, its website is replete with open information about the project, and milestone updates respectively.
CryptoG Post Gold Distribution
The mission of the CryptoG organization will not end after the distribution of the Gold Reserve. Infact, this is when the major decentralized finance offering being incubated by the startup will be unveiled.
According to its website,
The CryptoG team will launch five platforms to support its community upon the finale of the gold distribution period as noted earlier. These platforms include a DeFi CryptoG Bank to offer (CryptoG Line of Credit, CryptoG Bank Guarantee, and CryptoG Cards), CryptoG Decentralized Exchange (GDEX), CryptoG Wallet & Vaults, CryptoG Marketplace (E-commerce platform for goods and services), and CryptoG Voting Blockchain (Open voting blockchain platform).
All of these platforms are designed to usher in a better world for all.