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Restoring Precious Metals to the Monetary System
Mishaps, Miscues, and Mistakes
It is indisputable that gold and silver have rightfully shown themselves as true and honest money. To many, they are the holy grails of safe havens, having proved their worth for thousands of years throughout human history.
Is it any wonder then, that with the rise of decentralized assets, many have rallied around the cry for a return for precious metals to the monetary system? At first glance, this seems like a simple idea. However, the reality of what it takes to build and maintain a global infrastructure for asset-backed money is far more sophisticated than any could have imagined.
This is perhaps the real defining difference between LODE and its competitors. While many so-called gold- or silver-backed blockchain assets exist, almost none have ventured beyond replicating what already exists in traditional financial markets. By just putting the metals on a blockchain, these projects have reduced them to a cheap novelty rather than a full-fledged solution that takes advantage of what decentralized technology can actually offer the global community.
To illustrate this, I present a competitive analysis that outlines the many reasons why LODE is the only solution to date that is introducing not just digital assets, but a comprehensive economic system with precious metals as its bedrock.
Love it or hate it, traditional financial institutions and regulators are not going away. It does not have to be a zero-sum game when it comes to new currencies and regulators. The only projects that have any chance at lasting are the ones that can integrate and adapt to the ever-shifting regulatory landscape.
Although gold and silver are commodities, cryptographic assets – regardless of their backing – are almost all inherently considered securities from a legal perspective. In part, this is why so many asset-backed projects have struggled to list on high-ranking exchanges. It takes considerable corporate structure and legal cooperation to be considered a “stablecoin” – something that LODE has spent much time accomplishing. By doing so, LODE has protected its gold (AUX) and silver (AGX) digital currencies from the regulatory backlash other projects have faced, such as Kinesis, Jinbi, Silver Token, One Gram, and most notoriously, Karatbars.
Karatbars, in particular, has shown itself as a spectacular failure in the credibility department. Its inability to work with regulators has led to many investigations and suits in the United States, South Africa and Germany, with warnings being issued by other nations like Canada that are labelling the project as a “Ponzi Scheme.” This lack of compliance and cooperation will ensure that Karatbars is unlikely to be listed on any reputable exchange.
If there is one thing that history has shown us, it is that the centralization of power almost always results in abuse of power that ultimately hurts the masses. It is this fact, in part, that drove much of the innovation around what we now call blockchain. The concept of decentralization is much easier to execute when it’s pure technology. But when you throw metals into the mix, it becomes inherently more complicated.
Another substantial differentiator between LODE and its competitors is that it has committed itself to be a truly global entity, sourcing and establishing vaulting centers across the world to accommodate its diverse community. LODE has even introduced a novel concept when it comes to its organizational structure. Behind the curtain lies a truly decentralized, global alliance of “Service Providers” working together on the many facets that make up the LODE Ecosystem. A group of like-minded experts working towards a common goal: to unlock financial freedom for everyone.
Beyond its team, LODE’s unique relay feature – developed on the permissioned Hyperledger network – enables its community to easily transfer assets from permissioned to permissionless (decentralized) systems. By doing so, its users can move assets to and from any blockchain network, making these digital tokens truly decentralized and borderless – a feat no other metals-backed project has attempted to address.
Built for Real Life
For many, Gold and Silver are investment vehicles, assets for people looking to maintain their wealth. For others, these are speculations and simply a way to “play” the changes in terms of currency fluctuations. It’s no surprise then that most competitors are focused on this speculative component rather than addressing how people can reintegrate these assets back into their day-to-day lives. But to make these metals practical and not merely speculative assets requires foresight, which is why LODE has committed countless hours to integrating with traditional institutions.
It is not enough to be traded on financial markets. Instead, LODE has enabled direct spending through its Debit and Credit program, exchange listings, merchant POS terminals, and e-Commerce integrations. Early on, LODE understood that to truly achieve its mission, people must experience Gold and Silver with the same ease, real-time speed, and convenience as fiat currency.
Speaking of real-time transitioning, another drawback of many of LODE’s competitors is their marriage to the ERC20 token. While Ethereum smart contracts hold much value for expanded functions beyond buy and sell on a blockchain, their slow transaction time makes them impractical for day-to-day use. Can you imagine waiting for 6 minutes (possibly longer) at a local coffee shop before taking another sale? Because Ethereum is one of the easiest to access blockchain platforms, the likelihood of saturating the network is that much higher (as we saw with the “crypto-kitties” incident in 2018). Even with upcoming Eth2.0 in the wings, it is likely that the Ethereum network will continue to saturate to the point of congestion as more businesses adopt it. This is why LODE took the practical approach of using the same technology that leading crypto exchange Binance uses — with the Syscoin platform for their BUSD asset — to enable lightning-fast transactions built for real life. Speed that remains unmatched by other blockchains.
The Spending Experience
Other benefits such as credit and debit card programs unlock the system fully, allowing members to use their gold and silver as cash effectively anywhere, anytime. Beyond just the asset itself – the LODE Ecosystem proprietary wallet app, the LODEPay Wallet, is built to maximize the customer experience by giving people a mobile solution that offers the same advantages as traditional accounts with bank-grade security. Accessible on almost all smartphones today, the LODEPay Wallet provides users with an unparalleled gateway into the digital money of the future.
For the reasons outlined here today, I became — and have been for several years now – a LODE Ambassador. I truly believe in this project’s mission and envision its widespread success across the globe. I’ve been a precious metals’ advocate throughout my career, and this is the first time I have encountered a project that provides a viable solution that seems destined to last.
LODE is truly driving a return to Sound Money – a feat tried, and failed, by many – providing an all-encompassing solution to a timeless problem. Real Money for Real People and a way to save, spend, and transact with others in a substantive way.
By addressing the many hurdles that have prevented gold and silver’s return as money, LODE has found a feasible way to restore metals to their rightful place as the only money that has proven to be accepted for thousands of years, while over the same period, fiat currencies have destroyed lives.
At this time, LODE is the clear winner in my studied view. Yes, there is some bias because I put real silver into the initial project and also converted fiat to silver to increase my position as LODE secured the funding required to truly make this the go-to solution for today’s modern money.
The single driving force pushing LODE’s success – and what gives me more confidence in this project – is its mission to provide people with the tools they need to preserve wealth and maintain control over their money and empower others to do the same. Because if money is power and we return the money back to the people, then we truly have accomplished my biggest wish: power to the masses.
For more information go to https://ag.lode.one
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