GoldGo is a gold-backed utility token for secure and transparent ownership of gold for buyers, traders, and investors in Thailand.
What is GoldGo?
- GoldGo combines Gold – one of the most ubiquitous stores of value, and an asset class in and of itself – with the immutability and safety of blockchain technology.
- Each GOGO token is backed 1:1 with 1 gram of 23K gold held in vaults by partner goldsmiths. GOGO is minted or burned on purchase or redemption of the token respectively.
- GoldGo seeks to increase liquidity, accessibility, as well as solve the issues with solvency and legitimacy by allowing the purchase of smaller denominations of Gold, digital convenience, and a verifiable vendor respectively.
- GoldGo is built on GoldPro, a permissioned GoldGo Ethereum sidechain which allows the buying, sending, and redemption of Gold completely from the convenience of a mobile wallet.
|Token Type/Protocol||ERC20 (with permissioned GoldPro sidechain)|
|Total Token Supply||Uncapped|
|Token Creation Date||Jun 2020|
|Can it be mined?||No|
Who is behind GoldGo?
Prayuth Supawarapong heads the GoldGo team as one of four founders and the CEO. He is most well regarded for pioneering the introduction of blockchain-based payment services in Thailand, backed by experience across asset management, economics, renewable energy and business management. He is also the co-director of Broctagon Fintech Group’s Thai branch and is a Guest Speaker at the Economics Faculty of the University of the Thai Chamber of Commerce.
Don Guo serves as the CTO of the GoldGo project, and concurrently serves as the CEO and founder of Broctagon Fintech Group which specializes in providing multi-asset liquidity and brokerage services as well as blockchain development. Under his vision, Broctagon has climbed to become one of the leading EU-regulated liquidity providers.
Dr. Wisara Chokedeetaweeanan – the CMO – comes from a background in the gold industry, with his family owning Chokedee Yaowarad, a member of the Thai Gold Association and requisite owners of various chains of goldsmith shops in Thailand. He draws on his experience as a Director of Rapidz technology as well as Broctagon Fintech Group.
Last but not least is Warit Vong, as COO. Warit draws from a myriad of experiences advising businesses – running the gamut from project management to business implementation – in order to help various startups achieve commercial success. Apart from being an Innovation Service Provider at the National Innovation Agency, he also helped to codesign and automate robot trade for the Stock Exchange of Thailand.
What is the purpose of GoldGo?
GoldGo seeks to bring Gold – one of the oldest stores of value in the world – to the blockchain. By having every token issued backed 1:1 with 1g of 23K gold, users can diversify their portfolio into gold without having to store any actual gold, purchase fractional amounts smaller than 1g, as well as transfer or even redeem physical gold in real life in a hassle-free manner.
- 1g of physical 23K gold is purchased from GoldGo partnered goldsmiths whenever a GOGO token is minted in a 1:1 ratio. Conversely, 1 GOGO token is burned when a token is redeemed for physical gold. All of this is automated through smart contracts.
- GoldGo is secured on the Ethereum blockchain, but has the permissioned GoldPro sidechain for processing various other transactions (such as transferring GOGO tokens between users) at lower fees than the main ETH chain.
- The GoldGo app requires ID verification for any and all investors in order to ensure strict Know Your Customer (KYC) and Anti Money Laundering (AML) compliance.
- GoldGo currently has plans to open over 50 redemption points all over Thailand, as well as interchangeability with other gold tokens and Gold-backed futures and contracts on its roadmap, to bring greater functionality to their app, and blockchain.
- 0.1% of all transactions is charged as a fee to maintain blockchain integrity, while 1% of all holdings is charged as a custodial fee for the storage and security of vaulted gold (which backs the token 1:1).
- While gold outperformed the S&P 500 over a 10-year period from 2002-2012 (with a price appreciation of 441.5% and 58% respectively), gold more recently has underperformed over the past 5 years with approximately half the returns of the S&P.
News and Updates
- Gold rallies for second consecutive week in a row
- Vanguard releases research article on the efficacy of commodities as hedges against inflation
Community & Whitepaper Links
Official Website: https://goldgo.io/
White Paper: https://goldgo.io/wp-content/uploads/2021/08/Gold-Token-Whitepaper-v1.1-270620-DX-draft-2.pdf
*As cryptocurrency and digital tokens involve high risks, investors may lose all their investment money and should study information carefully, making investments according to their own risk profile.
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