The Pax Gold cryptocurrency platform is a token that has its backing in the gold reserve. The platform was created by Paxos, a profit company based in New York. According to the platform’s white paper, it was created to enable investors from all over the globe access to purchase small amounts of gold in the form of cryptocurrency. As such, the exercise completely removes the imposition of minimum but limits on the token commodity.
On the platform, each unit of the PAXG token is equal and can be redeemed for one Troy fine ounce of gold secured in the vaults of the Paxos company and its partners. This way, the network can mirror its asset to hold the value of the gold assets in its reserves. To ensure the longevity of the platform, the system maintains its reserves by carrying out monthly audits to ensure the amount of PAXG tokens in circulation is a match to the amount of gold in their reserves. The reason for this is to ensure participants are open to converting their assets into gold wherever they require.
Who are the Founders of Pax Gold (PAXG)?
The Pax Gold platform was founded by Charles Cascarilla and Rich Teo in 2012. Charles Cascarilla serves as the chief executive officer of both Paxos Standard cooperation and Pax Gold. While Pax Gold is a dedicated cryptocurrency platform, Paxos is a company that specializes in the building and development of infrastructural platforms for the facilitation of cryptocurrency exchanges.
The founder of the company, Charles Cascarilla is a well-respected individual in the world of blockchain development and management as a whole. He holds a degree in finance from the University of Notre Dame and also holds a CFA certificate. Apart from being one of the founding members of the Association of Digital Asset Markets, he also holds executive positions in several charity boards and private organizations all over the world. While he is well-read in finance, Cascarilla started his career in financial management after he founded Cedar Hill Capital Partners in 2005. Shortly after, he ventured into the blockchain industry and went on the make waves.
What is Pax Gold (PAXG) used for?
The Pax Gold token does not serve a specific purpose, however, it was created to act as a stable coin through which users can preserve the value of their digital assets. The platform is operated on the Ethereum network and works according to the set-out rules on the Ethereum blockchain. On the platform, a meager fee of around 0.02% is charged for the destruction and creation of PAXG tokens. Users are also required to pay on-chain charges to move their tokens to the Ethereum blockchain.
Due to the PAXG tokens being built on the Ethereum network, the smart contract allows for them to be traded with other cryptocurrency pairs and can be secured by making use of cryptographic keys. Others may be more in the trading line and can swap their assets to make profits on the market.
What Is the Unique Point of Pax Gold (PAXG)?
Currently, the world has a constant number of ERC-20 tokens being developed, as a result, each of these tokens needs to have specific things that make them stand out in the group of available cryptocurrency assets. One of the reasons Pax Gold stands out in the bunch is that the token is backed by real gold, which is already an established commodity that inherently commands value. The goal of the platform is to make gold investments generally more accessible to the general public and using digital assets as a strategy has made this incredibly easier.
According to the platform’s official whitepaper, over $3.5 trillion of the total gold available in the world is used for a single purpose which is an investment. However, a large percentage of it is currently unavailable to small-scale investors. This is the point Pax Gold comes to the rescue. Every PAXG token is backed by a minute piece of the London Good Delivery Gold bar, which is secured in the Brink’s gold vaults, a storage facility that has been approved by the London Bullion Market Association.
Via its combination of liquidity and security provided by the blockchain-based cryptocurrency, and the already established gold market as a physical good in the world, the Pax Gold platform provides its users with a brand-new investment engine for trading. Because of their creation, other cryptocurrency developers around the world have also opted to create gold reserve-backed tokens.
How many Pax Gold (PAXG) coins are in circulation?
Upon its creation, the Pax Gold token was equipped with a one-to-one ratio gold storage backing. This implies that for each ounce of gold that has entered circulation, there is a corresponding PAXG token which is backed by Pax Gold protocol in operation.
Currently, there are around 60,161 PAXG tokens in circulation. However, the number is constantly changing as there are always new investors entering the Pax Gold network. The result of this is an increase in the available gold supply for backing.
Is the Pax Gold (PAXG) Network secured?
According to the explaining of the Pax Gold CEO, Charles Cascarilla, the Pax Gold network was entirely developed on the Ethereum network. He further stated that the network was secured by the same consensus mechanism used by the Ethereum blockchain which is the proof of work model. However, according to its whitepaper, the platform is not unconditionally tied to the Ethereum blockchain as while they were developing it, they made room for the possibility of being launched on other blockchains such as the Binance smart chain
The proof of work mechanism used here is a representation of one of the earliest protocols to cryptocurrency mining in existence with Bitcoin being the most prominent example. The Ethereum blockchain on the other hand has recently begun a slow transition to the proof of stake consensus mechanism. The aim of this is to significantly reduce the number of resources used in the mining process, among other factors.
How do I buy Pax Gold (PAXG)?
Pax Gold is utterly different from its contemporaries. Its Gold backing gives it a value that can only be matched by a few other new-generation cryptocurrencies. This makes it a secure store for wealth and that is in addition to the trading potential that comes with the token. Over the years, its backing is one of the reasons that its rate of adoption has increased. Currently, PAXG tokens are generally available across several platforms and can easily be purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy PAXG through your trading account.
Which Cryptocurrency Wallet Supports Pax Gold (PAXG)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as Pax Gold tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main Pax Gold wallet as it offers a simple and interactive interface, making it easy to navigate its system.