The Tether Gold platform is a specialized cryptocurrency similar to the Bitcoin, and Ripple network but has its value backed by pure gold, giving its users the token stability that is so sought after in the world of cryptocurrencies. Tether Gold is essentially a digital asset system provided by TG Commodities Limited. According to the operations of the network, one Tether Gold token has the equivalent of a troy ounce of gold as stipulated by the London Good Delivery gold bar.
In general, the use of Good Delivery bars has become more prominent over the years because of their fame. The system is mostly used in international markets such as Sydney, Zurich, London, and Hong Kong. The Good Delivery bar system is also utilized in the gold reserves of the IMF, central banks, and government.
The Tether Gold token also holds a distinctive quality that allows it to be transferable from one user to other users regardless of the on-chain address. On the system, each troy fine ounce of gold bar that is available will ultimately be attached to the on-chain address that holds the tether gold.
Who are the Founders of Tether Gold (XAUT)?
The Tether Gold network is a creation of the Tether Operations Limited cooperation. Even though the platform’s tokens were created by a third-party entity, the founding partners and team behind it remains the same. The project is aimed at dismantling barriers preventing the general public from entering into the world of gold assets and is headed by Jl Van Der Velde who also serves as the CEO.
Velde is a learned professional who has been involved in the world of cryptocurrency and blockchain technology for quite some time. He is a product of the National Taiwan University, after which he went to work in a couple of startups before landing the managing director position at Amos Ltd. 4 years later, he went on to co-found a technological development company called Tuxia GmbH.
The operations of the Tether corporation offer outstanding customer care services as they are constantly available to answer queries that customers have either via email or any other avenues. This helps keep the platform ahead in the world of blockchain solutions.
What is Tether Gold (XAUT) used for?
According to the details from the Tether Gold white paper, ownership of one Tether Gold token has an equivalent value to one ounce of gold in the real world. As such, people that own Tether Gold tokens have exclusive rights of ownership to the equivalent hold in the reserves. These specific gold bars can be identified with a specific serial number, as well as the weight and purity of the gold. The holder can easily verify the details of the gold bars which are linked to a specific address at any time they please.
These owners are also presented with another advantage, courtesy of the Tether Gold network. Due to the nature of cryptocurrencies, users who hold XAUT tokens can easily swap their tokens for another cryptocurrency such as DAI in the form of a trade and take home the profits from the transaction.
What Is the Unique Point of Tether Gold (XAUT)?
The use and application case of the Tether Gold token avails the network participants several advantages that distinguish it from other platforms. Starting the list of advantages is the convenience provided by its gold backing. Due to the facilitation of the Tether network, users can now own actual gold through the purchase of XAUT tokens. This propels them into the world of trading in gold, potentially providing endless possibilities to make more profit. The Gold provided by the platform also follows an individual allocation protocol. This means that each unit of the Tether Gold token is essentially a representation of an ounce of real gold and it is made for each individual via the address system used in purchasing the token. As such, no two tokens can have the same address, thus limiting the ownership of the gold bar to just one individual.
In addition to the vast provisions of the network, it also holds a couple of redemption options. The network provides an avenue whereby holders of XAUT tokens who have completed the required verifications and have a specific amount of XAUT assets can have the physical gold delivered to wherever they want.
How many Tether Gold (XAUT) coins are in circulation?
Tether Gold is very different from most of the tokens on the market currently he is because each XAUT token is linked to a specific real gold bar. As a result, TG Commodities issues tokens to consumers who want to buy. In the early days of creating the Tether Gold platform, the total supply of the token released was pegged at 145,759 and since the time it’s become mainstream, all the tokens have entered into circulation.
Is the Tether Gold (XAUT) Network secured?
Presently in the world of blockchain technology, the Ethereum network is one of the largest and safe cryptocurrency platforms in existence. This same blockchain is where the Tether Gold network is hosted and by extension, the Ethereum ecosystem is responsible for its protection. Ethereum makes use of decentralized nodes all through its network, and these nodes are saddled with the responsibility of working together to uphold the security of the platform.
However, Ethereum’s security system, even with its level of advancement has been breached in the past and because of this, the Tether Gold network decided to add an extra layer of security. The system uses a hashing function to ensure the highest level of discretion. As such, all sensitive details of the parties involved are completely concealed.
How do I buy Tether Gold (XAUT)
Apart from the provision of a stable cryptocurrency, the Tether Gold network also opens the participants on its platform to profit-making avenues. As a result of this, its tokens have become more mainstream and are readily available across several exchanges. Currently, XAUT has been listed on several exchanges and can be easily acquired 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 XAUT through your trading account.
Which Cryptocurrency Wallet Supports Tether Gold (XAUT)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Tether Gold (XAUT) tokens. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Tether Gold wallet because offers a simple and interactive interface making it easy for people to navigate its system.