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Discover the seamless experience of holding, transferring, and converting your gold into crypto assets. Here, everyone gets a chance to own a piece of this timeless luxury.
Case study
GOLDeX
GOLDeX is a true game-changer in the world of cryptocurrencies. It stands apart from the crowd by being 100% backed by physical gold. Each GOLDeX token you hold represents a share in a physical gold reserve, securely stored in vaults across the globe. This means that the value of GOLDeX is directly tied to the intrinsic worth of gold, offering you the stability and security that other cryptocurrencies simply can't match.
GOLDeX's technical foundation is rooted in the efficient Polygon Proof of Stake (PoS) network, a strategic choice for its high throughput and low fees, in contrast to energy-intensive Proof of Work (PoW) mechanisms. Within the Polygon ecosystem, it utilizes side chains for transaction processing, enhancing scalability and reducing on-chain fees. Polygon is fully compatible with Ethereum, making it a preferred protocol for DeFi and NFT applications. Security is paramount, with rigorous internal audits to identify and rectify vulnerabilities. Smart contracts are the backbone, offering a user-friendly interface for managing gold investments. Users can buy GOLDeX tokens with fiat currencies and stablecoins, creating a direct link between digital assets and physical gold. Selling GOLDeX tokens is a straightforward process. Token minting and redemption maintain balance between digital and physical assets. A transparent referral program rewards users who refer new members based on transaction value. The fee structure is designed to be flexible and cost-effective for various transaction sizes, with infrequent adjustments.
Industry
Blockchain
Status
Ongoing
Country
UAE
Scope
Tokenization
Company size
Start-up
Nextrope made the Blockchain service available guaranteeing the quality consistent with the quality standard contained in the contract
Tomasz Sienicki
Blockchain Strategy Manager, Alior Bank
Looking for an execeptional FinTech & Blockchain developers for your project?
Estimate your projectChallenges
The challenges surrounding physical gold trading are multifaceted, including the stringent security measures required for safeguarding tangible gold assets, the inherent dormancy of gold as an investment, the impracticality of using gold in daily transactions in our increasingly fast-paced digital age, and the intricate complexities related to the transportation and transfer of physical gold, especially when dealing with substantial quantities or cross-border movements.
Moreover, existing gold-backed digital currencies, conceptualized as remedies to the limitations of physical gold, have introduced their own set of complications. Usability barriers on many platforms tend to cater predominantly to seasoned crypto enthusiasts, leaving the average user bewildered by complex interfaces and intricate procedures. High minimum thresholds for purchasing and redeeming gold-backed tokens often act as barriers for casual investors or those seeking to diversify their portfolios in smaller portions. The restricted functionality of these digital currencies in everyday transactions, as compared to fiat or mainstream cryptocurrencies, further limits their practicality. Additionally, the opacity and lack of transparency in some digital gold platforms when it comes to verifying the physical gold reserves backing their tokens can foster distrust among potential investors.
Requirements for the project and the technology partner
- A team of the best experts in the Tokenization in the CEE
- Security Expertise
- Service availability and scalability
- Delivery time
- Communication fit
- User-Friendly Interface
Why did GOLDeX selected Nextrope as its technological partner?
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Buying and Selling Gold
GOLDeX offers seamless transactions, enabling users to purchase or liquidate gold holdings with real-time market-driven pricing. An integrated wallet ensures a transparent and user-friendly experience. -
Maintaining Gold Investments
GOLDeX provides digital representation of physical gold through tokens, securely stored in high-security vaults. Users can monitor their gold investments in real-time with an intuitive dashboard. -
Spending Gold
GOLDeX allows peer-to-peer transfers of gold tokens and offers global acceptance for transactions, transcending borders. The upcoming Gold Card integration will make gold spending as effortless as using a traditional credit card. -
Comprehensive Solution
GOLDeX harmonizes the timeless appeal of gold with digital capabilities, offering a platform where gold can be seamlessly transacted and utilized, catering to the diverse needs of contemporary investors.
Technology choice
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Solidity
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React
Key takeaways about Nextrope
Nextrope is an international software development company focused on practical blockchain applications, dApps and artificial intelligence. Starting in 2015 and with clients from all over the world we are known as pioneers in the growing, decentralized ecosystem.
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