The Real ‘Asset-backed-token’ — GMM Pioneer the Mining Industry

Place/Date: - May 22nd, 2020 at 9:48 am UTC · 3 min read
Source: Gold Mining Members

In 2015, the Economist magazine published an article about Bitcoin and blockchain technology titled as “The Trust Machine”. It pictured a bright future that the “value of real asset” can be record in the unmodifiable blockchain database, therefore to create a digital asset backed by real asset. Today, we will introduce a blockchain project called Gold Mining Members (GMM), which applied the same theory.

According to Africa Intelligence’s report “Who are the pioneers heading into the country’s mines?” in December 24, 2019, despite being relatively unknown in the mining industry, most of the five firms awarded blocks in Equatorial Guinea’s first ever mining licensing round EG Ronda 2019 Mining (AMI 448) have African mining veterans aboard. Two foundation members of GMM project, the MMI were in the list and signed contract with Equatorial Guinea’s government regarding the gold mining project in the country. This gold mining contract was also supported by Mr. Gabriel Obiang Lima, the minister who leads the country’s oil, mining, and other related business in total.

Furthermore, SH Group, also one of the founders of GMM project, has taken a foothold in several African countries. It won a road construction contract in Sierra Leone, signed a solar power plant agreement in Burkina Faso and is in talks with the Ivorian state for various power and water treatment contracts and one to rehabilitate a stadium in preparation of the 2023 African Cup of Nations.

The aforementioned corporations with African countries shows a strong credibility and mining industry resources of GMM’s foundation companies. It also proves that the GMM project is able to endorse its token value with true mingling business. However, the ambition of GMM is far beyond this.

In GMM’s road map, it aims to build an e-platform integrated games, digital finance applications and e-commerce functions. To ensure the value of the GMM token, the company promise to use total 25% profit from gold mining business to repurchase its token while use another 25% profit from the e-platform to burn GMM token. With all this measures, it makes GMM token a real “asset-backed-token” which is more stable and profitable by its nature. The GMM token price increased 500% after listing has also proved the feasibility of this successful token economy model. In addition, members of the GMM finance team have wall street background and abundance experience in the finance management industry.

Besides the “asset-plus” model, GMM also has strong influence in the game industry. Currently, its blockchain game platform has launched more than 20 games while people can earn GMM token by playing. It will continue to expand its business and token into more industries to maximize the profit and minimize the risk. With the diversified business and multiple application scenes, we can expect a better performance of GMM in the short future!