GoldMint is a blockchain asset trading platform 100% backed by ETF/Entity Gold. MNTP is a custom token of GoldMint, runs on the GoldMint custom blockchain.

GoldMint launches digital gold and gold robot storage

GoldMint provides an alternative
In 2017, Russian and Singaporean company GoldMint launched a gold cryptocurrency called GOLD, providing cash alternatives to pawn shops and making them easier to obtain financing. Unlike other blockchain initiatives, GoldMint uses a unique proof consensus solution.
In addition to launching GOLD cryptocurrency, GoldMint has also developed a robotized gold storage machine called Custody Bot that can weigh and evaluate gold items and store assets in a proprietary blockchain.
Inspections, deposits and withdrawal details are stored in the blockchain and are accessible anytime, anywhere. The Custody Bot can also generate a cryptocurrency wallet for customers in case they don't have it.
GoldMint cooperates with blockchain service provider Sumus to develop blockchain. GoldMint describes Sumus' consensus algorithm designed for the larger blockchain network in the blog.
Assets supported by physical gold or futures
Gold assets are entirely supported by physical gold or delivery futures.
The tokens are traded on the Chicago Mercantile Exchange and Singapore Precious Metals Exchange, and trading futures are provided by Wedbush Securities, a cryptocurrency-compliant investment bank and brokerage firm. One GOLD has the same gold value as the Chicago Mercantile Exchange.
The gold itself is stored in upcoming futures for Federal Reserve Bank, SGPMX in Singapore or Brinks. GoldMint's gold reserves may support more than the amount of gold assets in circulation.
GoldMint purchases GOLD, publishes transaction documents on its website, and conducts regular third-party audits of its assets to ensure transparency and reliability of all GoldMint activities. GoldMint acquires GOLD based on current prices on the Chicago Mercantile Exchange.
Easy to convert to fiat currency
Customers can sell their GOLD assets and convert them into fiat currencies in exchanges or Custody Bots that are usually found in pawn shops. Gold assets originally came from GoldMint or from investors who earn interest on financing gold mortgage loans.
If the borrower wants to receive gold for the gold project, the assets will be transferred to his cryptocurrency wallet. If the borrower needs cash, Custody Bot will create a unique wallet and then transfer the assets to that wallet, in which case the wallet is used as a exchange point. The borrower then receives the equivalent currency of the required currency. In this case, the mortgaged property remains in the custodian's custodian and the pawnshop receives a GOLD that can be used for refinancing.
Individuals will be able to participate in peer credits and obtain passive income from GOLD, while pawn shops can realize their borrower's GOLD assets at any time.
GOLD will provide liquidity to those with significant gold and will lower loan interest rates by attracting private investors and investing directly in GOLD.
Transaction confirmation is on the blockchain
GoldMint's private blockchain confirms GOLD transactions. Utility token MNTP confirms transactions on the blockchain. To start a master node on this blockchain, Minter must have at least 10,000 MNTP tokens. Minters receives a 75% commission at GOLD and receives special terms for GOLD operations.
GoldMint blockchain uses consensus algorithm to mine GOLD. GoldMint released a report that describes how the algorithm works.
GoldMint will make it easier for people to use gold-backed investments as reliable collateral, make gold easier to trade and allow investors to get higher gold returns when gold prices rise.

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