Beta testing of PoS mining in the MINT blockchain network has been launched. This became known from the words of GoldMint CEO Dmitry Pluschevskiy, who has recently posted an article describing the project’s details and disclosing the company’s future plans.
The GoldMint project is an innovative fintech project designed to issue and administer the turnover of crypto asset GOLD – tokenized pawn shop loans secured by real gold items. The project includes the following elements: crypto asset GOLD, utility token MINT (or MNT (P) token), Custody Bot robotic repository, MINT high-speed blockchain network, and machine for gold items evaluating.
The project offers various benefits: pawn shop business can get additional funding, master node owners have the opportunity to become real gold miners and invest in a gold-backed crypto asset without commissions. The price of 1 crypto asset GOLD is equal to the cost of 1 troy ounce of 24K gold on the LME London Stock Exchange. GOLD crypto asset can be easily transferred between addresses within the MINT blockchain network.
MINT is an open blockchain network based on the proof-of-stake algorithm. It works the following way: after the pawn shop Operator or Custody Bot evaluates customer’s item, the data gets recorded into the pawn shop’s database, with all the relevant information being added into the blockchain. In such a way, pawn shops either transfer the data to the blockchain from the accounting system, or a Custody Bot sends it automatically.
To reap all the benefits the network offers, pawn shops pay a commission, generous 75% of which goes into the hands of MNTP tokens holders for storing data and participating in transaction verification. The reward for MNTP holders is paid in GOLD crypto asset. All pawn shops using a Custody Bot require MNTP tokens to record information about pledges in the blockchain.
The GoldMint company guarantees buy-out of GOLD crypto assets at the spot price of 999 rate gold on the LME from any user who has undergone the KYC/AML procedure. The whole procedure is done on company’s website being calculated based on the current price of gold without any additional fees.
GoldMint seems to have quite tight schedule for the next year, as it plans to choose the jurisdiction to start sales of the GOLD crypto, launch the MINT blockchain network with mining in open beta mode, and connect new pawn shop networks to the blockchain. Also, GoldMint finishes developing next-generation Custody Bot and ready to test it on retail.